CPC predicts a 12% increase in oil exports by 2025

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• Sources say that the CPC's disruption of loading has slowed down the recovery of Tengiz oil production in Kazakhstan.

  Two industry sources have confirmed that the Tengiz oilfield in Kazakhstan is recovering more slowly than expected due to a disruption of loading at the marine terminal operated by?Caspian Pipeline Consortium near Novorossiysk (Russia) caused by bad weather conditions and 'drone alerts. Kazakhstan is experiencing a perfect storm in its oil sector, due to Ukrainian drone attacks on CPC, the company that pumps 80% of?its exports. A power outage also halted Tengiz production, which accounted for 40% of Kazakhstan’s output. Kazakhstan is restoring production in the supergiant oil fields, the deepest oil field producing oil in the world. However, the CPC that pumps oil into the Black Sea has been constrained. According to two sources, who requested anonymity because of the sensitive nature of the situation?the oil production at Tengiz rose to 790,000. barrels per day on February 24. This is up from the 660,000 bpd of the previous day. Sources said that this was still below the planned 950,000 bpd level. Calculations show that the current production level at Tengiz is 17% lower than the forecast. TCO's Press Service did not respond immediately to the request for a comment. CPC's Press Service declined to comment. Tengiz, located in western Kazakhstan, along the Caspian Sea shore, and the Korolev fields are estimated to contain recoverable crude oil of around 11.5 billion barrels. TENGIZ Tengizchevroil, a US-based company led by Tengizchevroil, said last week that production at the field is being ramped-up in stages. According to one source, Tengiz is technically capable of meeting this deadline. However, oil intake to the CPC system has been restricted because tanker loading delays at the consortium's Black Sea Terminal in Yuzhnaya Ozereyevka close to Novorossiysk. The source stated that the schedule for shipments in Yuzhnaya Ozereyevka had been delayed by five days. There was not enough storage space to compensate for the delays, so oil intake was restricted. According to a source from the exporter of the grade, the CPC terminal remained closed last week for at least three full days. He added that recent loadings were regularly disrupted by weather alerts or drone warnings. Another?industry?source' said that stormy weather hampered the mooring of tankers and their loading at the CPC terminal as well as the underwater vessel inspections which will be mandatory in Russian ports by 2025. Reports indicate that the discount for the February CPC blend against Brent was the largest since late 2022, as buyers turned their backs on the market due to export instabilities. CPC limited oil transshipment after a Ukrainian drone struck damaged one of its berths in December. Full capacity was restored only by the end January. Tengiz production was stopped?on 18 January following a power failure and returned to normal gradually on 31 January. TCO exports the majority of its crude oil via the CPC, but some volumes are also sent via alternative routes such as the Baku-Tbilisi Ceyhan (BTC), and via the Druzhba Pipeline to Germany. (Reporting by ; editing by Guy Faulconbridge, Alexandra Hudson)

• Venezuela prepares larger oil cargoes to export, targets India

  Sources and data indicate that trading houses and buyers of Venezuelan oil chartered the very large crude carriers to export from the South American nation since the Caracas-Washington deal was signed. This is expected to increase shipments to India and speed up the process starting in March. Trading firms Vitol & Trafigura export Venezuelan crude oil & fuels since January. This is part of the $2 billion deal that the U.S. & Venezuela signed after the capture of President Nicolas Maduro. According to data on vessel movements, the 'lion's share' of exports has been made by Panamax and Aframax tanks to U.S. refining facilities, while Suezmaxes are being shipped to Caribbean terminals such as Curacao and St. Lucia. Hire supertankers with a capacity of up to two million barrels can speed up deliveries to Venezuela's main oil export terminal Jose. This is run by the state-owned energy firm PDVSA, which handles 70% of all crude shipments. PDVSA and Vitol?did not reply to requests for comment. Trafigura refused to comment. Reporting by Marianna Pararaga, Shariq Khan, Arathy Sommesekhar, and Georgina Mcartney. Julia Symmes Cobb edited the story.

• New sanctions against Russia's Transneft on Ukraine War Anniversary target Transneft

  The United Kingdom sanctioned the oil pipeline operator Transneft as part of its package of almost 300 measures on Tuesday. It announced its "largest" set of sanctions to coincide with 'the fourth anniversary of Russia invading Ukraine. The Russian government claimed that Transneft was a major pipeline company in the world and transported more than 80% the crude oil exported by Russia. The goal was to cut further into Moscow's revenues from energy. The West has imposed thousands of sanctions against Russia, including on its oil sector. However, this has not resulted in a significant reduction of Russian oil exports. China, India, and Turkey continue to buy Russian oil. "The UK has today taken decisive action" "The UK?has today taken decisive action to? Disrupt the vital?financing?, military equipment?and revenues streams that sustain Russia’s aggression," Foreign Minister Yvette Cooper stated in a statement. UK'S LARGEST SANCTIONS PACKAGE With the new measures, more than 3,000 people, companies and vessels are now sanctioned as part of Britain's Russia sanctions. The package of measures announced on Tuesday included?48 oil tanks identified as part efforts to curb Russia's'shadow fleet'. The latest sanctions package was the largest Britain has imposed since Russia invaded Ukraine in 2022. It included subsidiaries of Rosatom, Russia's state-owned nuclear agency, for their role in supporting Moscow's export of nuclear energy. Rosatom declined comment. Britain also designated Gazprom SPG Portovaya LLC which they said was involved with Russia's liquid natural gas shipments and a group of Russian banks. Gazprom's sanctions were imposed in January 2025, in coordination with the United States. Sanctions have also been imposed on two Georgian television channels that the British government has accused of deliberately spreading false information about the conflict. Both channels' representatives criticised the sanctions. MOSCOW REVENUES ARE SQUEEZED London claimed that its sanctions increased pressure on Russian president Vladimir Putin. Some British lawmakers, however, say that it's unclear if sanctions will lead to tighter controls over re-exports or other forms of circumvention. Analysts and traders expect Russian oil to start declining this year, after the U.S. imposed new sanctions against top Russian oil firms Lukoil and Rosneft as well as multiple tankers. However, data has not yet shown a decline. The Centre for Research on Energy and Clean Air, a nonprofit organization, found that Russia had earned 193 billion euros ($227billion) in oil, coal, and refined product exports during the year ending February 24, 2026. This is a 27% decrease from the period prior to the invasion. Russia's oil exports are not affected by sanctions, but its gas exports have declined since 2022. They have instead?pushed Moscow to lower the price of crude oil. Russia has also diverted crude to China and India, using a shadow fleet of uninsured, old tankers. Western governments have targeted these tankers, and Britain has said that "deterring and disrupting them" remains a priority. In the package of sanctions imposed by the British government on Tuesday against what it called Russia's dark web oil networks, sanctions have been imposed on the?175 Dubai-based 2Rivers Group, which is said to be one of the largest shadow fleet operators in the world and a major Russian crude trader. 2Rivers didn't immediately respond to an?ask for comment. U.S. president Donald Trump pushed India to?shift away from Russian crude in order to secure a trade deal. The EU is also debating an broader ban of business that supports Russia's seaborne oil trade. A dispute over oil supply led to the EU failing to agree on a new package of sanctions against Russia as well as a massive loan for Ukraine on Monday. (Reporting from Sam Tabahriti in London and Sarah Young, with additional reporting from Lucy Papachristou at the Tbilisi bureau and Moscow bureau. Editing by Kate Holton & Sharon Singleton.)

• Zelenskiy: Druzhba Pipeline repairs 'not so fast'

  Ukraine's president?Volodymyr?Zelenskiy stated on Wednesday that despite the requests of the?European Union? and the protests from Hungary, repairs to the Druzhba Pipeline, which transports Russian oil to Eastern Europe?cannot be completed quickly. Since January 27, Ukraine has said that a Russian strike on pipeline equipment in western Ukraine was responsible for the suspension of Russian oil shipments to Hungary and Slovakia. Slovakia and Hungary blame Ukraine for the extended outage. Zelenskiy, a reporter, said that the Russians had destroyed the pipeline connecting the Black Sea port Odesa to Druzhba. "This isn't their first strike. They continue to attack the energy sector." The European Commission's Ursula von der Leyen stated that during her visit to Kyiv to mark the fourth anniversary since the beginning of the conflict between Russia and Ukraine, the EU is asking Ukraine to accelerate repairs. Zelenskiy stated, "They tell us to fix it but they know there has already been an attack on Druzhba." "Our people were hurt so that the system would work." ORBAN'S ACCUSATIONS Ukraine has continued to ship Russian oil across its borders despite the war. However, it stopped the transit of Russian Gas at the beginning of last year. Hungary accused Kyiv of intentionally delaying the restarting of the pipeline. The main route used to deliver Russian oil from Russia to Hungary and Slovakia has been since the 1960s. Hungarian Prime Minster Viktor Orban stated on Wednesday that the suspension was only political and Ukraine "prepared further actions". He said, "The Ukrainian government is exerting pressure on Hungary and Slovakia through an oil blockade." Ukraine did not respond immediately to his remarks. Orban and the EU have been at odds for many years over Ukraine. Orban has always maintained cordial relations with Moscow and refused to send arms to Ukraine. He also says that Kyiv shouldn't join the 27-nation EU. Attacks on NAFTOGAZ In recent months, Russia has intensified its attacks against Ukrainian power plants and the gas sector, causing severe power shortages. It also deprived Ukraine of nearly half its gas production capacity, forcing it to increase its imports from Europe. Hungary and Slovakia have threatened to stop emergency electricity exports into Ukraine due to the Druzhba conflict. On the request of U.S. president Donald Trump earlier this month, Russia agreed to take a temporary pause from its attacks. Zelenskiy stated that "Hungarians should appeal to Russians for an energy truce". Kyiv has repeatedly targeted Russian oil installations, including the Druzhba Pipeline section that runs through Russian territory. But it has also proposed a energy truce to Moscow. Ukraine's Naftogaz, the national oil and natural gas company, said on Wednesday that?60 Russian drones attacked its facilities to the north and east. Naftogaz released a statement saying that the strikes against gas storage and production facilities have been ongoing for two days. (Reporting and editing by Daniel Flynn and Aidan Lewis; Additional reporting by Anita Komuves, Budapest)

• Hungary accuses Ukraine of disrupting energy system in an effort to escalate a dispute over oil

  Hungary's prime minister Viktor Orban on Wednesday accused Ukraine of planning to disrupt Hungary's?energy system and dispatched soldiers to safeguard infrastructure. This escalated a dispute that has undermined Europe’s pro-Ukraine majority. Hungary and Slovakia's leaders, who are the only ones in the EU to maintain relations with Moscow, have blamed Kyiv for a failure of the Druzhba pipeline, which supplies their refineries through Ukraine with Russian crude. Kyiv claims that a Russian drone attacked the pipeline in January, and they are fixing it as quickly as possible. Orban repeated in a video on Facebook that the Druzhba shut down was due to "political reasons, not technical ones". Orban stated: "I can see that Ukraine has prepared further actions in order to disrupt the Hungarian Energy System." "Therefore I have ordered the strengthening of protection for vital energy infrastructure." We will therefore deploy the soldiers and equipment needed to repel an attack?near energy facilities." Other measures include increased police patrols, and the ban of drone flights in certain areas. The Ukrainian Foreign Ministry didn't immediately respond to an inquiry for comment. SLOVAKIA?READY FOR MORE ACTIONS Hungary and Slovakia disagree with European Union members over the?military assistance for Ukraine which, they claim,?extends fighting. Both countries have fought with Ukraine about the transit of Russian fuel supplies, and they are opposing EU efforts to eliminate fossil fuel imports by the end 2027. Robert Fico, the Slovakian Prime Minister, said that based on available information it was possible for the Druzhba Pipeline to be operational. He blamed Ukraine President Volodymyr Zelenskiy's delays. The latest information from Kyiv is that the pipeline will not be operational until March 3, Fico said. Fico stated that "the Ukrainian president is probably mistaken in believing?that he could do whatever he wanted, but he's very, very wrong." Slovakia has stopped providing emergency electricity to Ukraine and said that it is ready to reciprocate. Kyiv is dependent on emergency electricity supplied by EU countries due to Russian attacks on the grid. Hungary maintained its veto over new EU sanctions against Russia, and also a massive loan to Ukraine. Orban's skepticism about support for Kyiv is a major theme in his campaign during the tight-fought election on April 12. He argues that his opponents will drag Hungary into conflict. UKRAINE SAYS: REPAIRS? NOT SO FAST Hungary and Slovakia had to release emergency reserve to supply their refineries due to the Druzhba Outage. MOL, the energy company of Hungary, operates refineries in Hungary and Slovakia. Adriatic pipeline from Croatia The company has ordered a number of tankers Saudi, Norwegian and Kazakh oil could be delivered in the coming weeks. A spokesperson for the EU said on Wednesday Ukraine is ready to accelerate repairs on Druzhba. But Zelenskiy, in Comments to reporters on Wednesday The work was not completed in such a short time. Reporting by Anita Komuves in Kyiv and Jason Hovet, Prague. Editing by Alexandra Hudson, Peter Graff

• Venezuela prepares larger oil cargoes to export and targets India

  Four sources and shipping data indicate that buyers and trading houses of Venezuelan oil chartered the very large crude carriers to export the South American nation?since the Caracas-Washington deal was signed. This move will boost deliveries to India. The use of larger vessels that can hold up to 2,000,000 barrels each is expected to reduce transportation costs for buyers and traders, relieve a shortage in smaller tankers, and speed up deliveries beginning next month. This could help to drain the millions barrels stored at Venezuela faster. The Nissos Kea and Nissos Kythnos, as well as the Arzanah, are at least three VLCCs that Vitol and Trafigura have chartered. They will be loading in March at Venezuela's largest oil terminal, Jose. This terminal is operated by PDVSA, a state-owned energy company, and it handles 70% of all crude exports. Sources said the tankers were bound for India. According to LSEG Ship Tracking, another supertanker Olympic Lion was signaling Venezuela this week as its destination, with an expected arrival date of late March. The charterer wasn't immediately known. Since January, most of Venezuela's crude oil exports have been transported to U.S. refining facilities in medium-sized tanks, such as Aframaxes and Panamaxes. These tankers can transport between 450,000 and 700,00 barrels of heavy oils each. According to vessel movement data, the oil was also transported on Suezmax vessels that?can transport up to one million barrels. BIGGER CARGOES - LOWER COSTS Larger cargoes may reduce the costs of trading houses, who have complained about prices that are around $15 below Brent for Venezuelan Merey heavy oil, agreed on last month, for initial purchases. According to shipping data, two sources and the U.S. oil giant Chevron, Reliance Industries in India has purchased its first cargo of Venezuelan heavy crude since December 2023. This is the first time that heavy oil has been sold in six years. The Boscan crude shipment will be transported on the Ottoman Sincerity. Reliance has also purchased a 2-million barrel cargo from Vitol, for loading in March, and is looking to purchase directly from PDVSA. Reliance didn't respond to questions outside of office hours. Vitol 'and Trafigura are trading houses that have been exporting Venezuelan Crude this year, as part of a deal worth $2 billion between the U.S.A. and Venezuela. They have also recently sold Venezuelan Heavy Crude cargoes to Indian Refiners including Indian Oil Corp, Bharat Petrol Corp, and HPCL Mittal Energy. India was the third largest buyer of Venezuelan oil before Washington imposed sanctions on 2019. As a result of the lifting of a U.S. oil blockade, Venezuela's oil exports increased to 800,000 barrels a day in January. However, this rapid increase, from 500,000 barrels a day in December, has left millions in storage that were originally meant for U.S. or European buyers. PDVSA and Vitol have not responded to our requests for comment. Trafigura refused to comment. More Cargo to the U.S. Chevron, Phillips 66, Citgo Petroleum, and other U.S. refiners are preparing to increase Venezuelan oil processing in their?refineries. This is expected to also boost exports. Two sources confirmed that Chevron, along with some U.S. refining companies, have hired dozens Aframaxes or Panamaxes. These vessels are mostly on time-charter agreements for Venezuela. This means they will only transport Venezuelan oil during the contract period. Valero Phillips 66, and Citgo have not responded to requests for comment. Two sources say that the move by trading houses to larger tankers will ease the search for medium-sized vessels departing from the Caribbean. Many companies have been struggling to find them. Trafigura Vitol, and Chevron had been exporting oil from the OPEC nation under individual U.S. licences. But in late January the U.S. Treasury Department released a general license that allows oil exports. It is anticipated that the new authorization will gradually expand the number of cargo destinations and buyers. Reporting by Marianna Pararaga, Shariq KHan, Arathy SOMASEKHAR, Georgina McARTNEY and Nicole Jao. Rod Nickel, Julia Symmes Cobb and Julia Symmes Cobb edited the story.

• Sources say that Transneft, a Russian oil pipeline company, has cut off its intake of pipeline oil after a drone attack on a key pumping station.

  Two sources with knowledge of the situation on Tuesday said that Russia's monopoly oil pipeline Transneft has cut crude intake by around 250,000 barrels every day following a drone attack from Ukraine on a pumping station servicing major oil hubs and ports on Monday. This reduction in oil exports could worsen Russia's problems, as it struggles with lower shipments of its key products to India and Turkey due to stricter Western sanctions designed to force Moscow to reach a peace agreement with Ukraine. Since the end of January, Russia has also suspended its remaining oil exports to Europe. These include refineries in Hungary or Slovakia. According to Ukrainian security officials and industry sources, Ukrainian drones attacked the Kaleykino Station in the Volga Region of Tatarstan on Monday. The station serves the Druzhba Pipeline, which carries Moscow's crude oil to Eastern Europe and Russia's western ports. One source said that the Transneft cut mainly affected shipments of Tatarstan's Tatneft producer. Key Pumping Station The drone attack caused an fire at the station. It has the capacity to pump around 1 million barrels a day. It is located near Almetyevsk, in Tatarstan. This is more than 1,200 kilometers (750 miles), from the Russia-Ukraine frontier. Kaleykino, a major oil transportation hub in West Siberia, is located at this location. It was built in the 1970s and is an important junction for mixing and pumping oil. Kaleykino is a major hub for supplying western ports, including Novorossiisk, Primorsk and the Druzhba Pipeline. It is an important hub to deliver fuels to Russian refineries. Sources in the oil industry said that the extent of damage is still being assessed. However, if it is severe, this could have a negative impact on Russian oil exports including volume and quality. One of the witnesses said that two?50,000 metric-ton tanks caught fire in the attack. Transneft & Tatneft didn't?respond immediately to requests for comment. Almetyevsk's administration claimed that Russian air defences shot down drones in the district. The debris ignited a fire within an industrial area. The report did not mention any damage to the Druzhba Pipeline or provide details. The attack, which is 'the latest Ukrainian strike along the route', could increase tensions between Ukraine, Hungary, and Slovakia. Both countries have accused Kyiv for trying to "block oil flow through the pipeline" to their refineries. Since January 27, Ukraine has suspended the shipment of Russian oil into Hungary and Slovakia. This is after a Russian drone attack on pipeline equipment was reported by Kyiv. Hungary on Monday blocked EU sanctions against Moscow and a large loan for Kyiv, straining Europe’s pro-Ukrainian agreement on the eve the fourth anniversary of the war. Mark Potter edited this article.

• Source: Ukraine hasn't given a date for Druzhba resume, despite Slovakia reporting a delay

  Ukraine hasn't?made an?official announcement about resuming?oil?delivery via the Druzhba?pipeline, a Ukrainian source of energy?told, after Slovakia reported that Kyiv?had pushed?back?the resumption?of supplies to February 26, The source, who asked to remain anonymous due to the sensitive nature of the issue, said that "there was no official position on the Ukrainian side." The Slovakian economy ministry had earlier stated that Kyiv had informed Transpetrol, the operator of its oil pipeline system in Slovakia, that the resumption?of Druzhba delivery had been delayed another day until February 26. The Slovakian government announced the Druzhba Pipeline Outage on 13th February, long after Russian oil shipments via Slovakia and Hungary were stopped last month. Kyiv claimed that a Russian drone strike hit pipeline equipment in western Ukraine. Slovakia expected that flows would resume soon after the public announcement. It, along with Hungary and other countries, has blamed Ukraine. The European Commission's Ursula von der Leyen stated on Tuesday that Ukraine is being asked to speed up its repairs. She made this remark at a Kyiv briefing marking the fourth anniversary. Prime Minister Robert Fico announced on Monday that Slovakia's electricity grid operator will refuse to supply emergency electricity to Ukraine until oil flows resume through the pipeline. Ukraine has proposed "alternative transit routes" to ship oil into Europe while pipeline repairs are being carried out. The?Slovak Republic has said that blackmailing of electricity?supplies is not acceptable, and that stopping the emergency supply would have no impact on its power system. Reporting by Jason Hovet and Alan Charlish from Prague and Warsaw. Editing by Barbara Lewis and Mark Potter.

• Pentagon: US forces capture third sanctioned oil-tanker in Indian Ocean

  The Pentagon announced?on Tuesday that U.S. forces had intercepted a sanctioned tanker in the Indian Ocean, after tracing it from Caribbean waters. This was the third interception in this region. Washington has stepped up its blockade of vessels going to or from Venezuela, a South American member of OPEC, after capturing 'Venezuelan president Nicolas Maduro during a military savage last month. The U.S. Department of Defense announced in a post to X that its forces had boarded Bertha over night. The crude oil tanker was accused of trying to defy Iran sanctions. According to the Office of Foreign Assets Control of the U.S. Department of Treasury, The Bertha is a Cook Islands-flag ship that's linked to Shanghai Legendary Ship Management Company Limited. Sanctions were imposed on this vessel in January 2020. It was not possible to reach the ship management company for a comment immediately. A TANKER LEFT VENEZUELAN WAVES IN EARLY?JANUARY MarineTraffic's data shows that the vessel last reported its position via AIS tracking on February 24. It was sailing in the Indian Ocean near the Maldives. "Overnight U.S. Forces?conducted a maritime interdiction, right-of visit, and boarding of Bertha without incident within the INDOPACOM region of responsibility. The Pentagon reported that the vessel had violated President Trump's quarantine in the Caribbean, and was trying to evade it. From the Caribbean to Indian Ocean, we tracked and stopped it. The Pentagon said that "three boats fled and all three were captured." It did not provide any other details. The Bertha left Venezuelan waters in early January as part of a fleet that was almost entirely seized by the U.S. According to reports by Venezuelan state-owned company PDVSA, the ship was carrying 1.9 million barrels Merey heavy oil bound for China. In a statement made earlier this month by Defense Secretary Pete Hegseth, he said that the U.S. Military forces boarded Suezmax tanker Aquila II on the Indian Ocean. The Veronica III was seized in the same area on February 15th. The U.S. president Donald Trump ordered that the Defense Department renamed itself as the Department of War. This change will require the approval of Congress. The vessels that were taken in the past were either under U.S. sanction or part of "shadow fleets" of ships which disguised their origins for moving oil from major sanctions producers such as Iran, Russia or Venezuela. Analysis shows that U.S. forces have intercepted ten tankers in the last few months, with the most recent seizure. At least two of these were returned to the Venezuelan government. "International waters are no refuge for sanctioned agents." The Pentagon stated that our forces would find you, and bring justice to your case, whether it was by land, sea or air. (Reporting and editing by Alex Richardson, Jonathan Saul, Marianna Pararaga and Susan Heavey)

• Sources say that BlackRock, Brookfield and EIG are interested in a $7 billion pipeline deal with Kuwait's KPC.

  Kuwait Petroleum Corporation, the national oil company, has begun early talks with potential investors about a $7 billion stake in its crude oil pipelines. This follows similar actions by Gulf neighbors Saudi Arabia and United Arab Emirates. Sources said that BlackRock, Brookfield Asset Management and EIG Partners, as well as buyout group KKR, have all shown an interest. Sources said that Chinese state-owned enterprises China Silk Road Fund, China Merchants Capital as well as I Squared Capital, Macquarie Infrastructure Partners and Macquarie Infrastructure Partners are also showing interest. Three sources confirmed that the?transaction was structured so that around $1.5 billion of equity is financed and the rest by debt. Sheikh Nawaf Sabah Al-Sabah is the deputy chairman and CEO of the KPC. He leads a steering group that oversees the entire process. According to sources, the committee meets every few weeks for a close-up, hands-on review. Al-Sabah, a reporter at the time, said: "We are examining the possibility of leasing (oil pipelines) in the country." The pipelines are KPC assets and do not produce direct financial returns. "Welcome to the opportunity for additional funding through these assets," he said. BlackRock, Brookfield Macquarie, KKR EIG and I Squared refused to comment. KPC, China Silk Road Fund, and China Merchants Capital declined to comment. Two sources confirmed that KPC is currently in talks with other banks about joining HSBC to underwrite the debt portion of this deal. Two sources have said that, as was reported last month, the formal launch of the oil pipeline stake?sale may begin as early as this month. Sources say that the concession will last 25 years. It is a challenging situation. Sources said that crude oil prices hovering at $71 per barrel are affecting projected volumes and returns. Geopolitical tensions within the Gulf region also add to the complexity. This move is similar to recent deals made by Saudi Aramco and Abu Dhabi National Oil Company, as well as?Bahrain’s Bapco Energies in order to raise money from their pipeline infrastructure networks. These deals offer upfront cash in exchange for tariff payments made over time. Kuwait Petroleum Corp announced in late 2023 that it would spend $410 billion between 2023 and 2040 to implement a strategic plan to increase production to 4 million barrels per day. Kuwait's official news agency reported in September that BlackRock, who last year signed an?additional deal for Aramco Jafurah Gas Project Processing Facilities in Saudi Arabia will open a Kuwait office and Ali AlQadhi has been appointed to lead operations in Kuwait.

• Hungary blocks Russia sanctions and EU cash for Kyiv at the eve Ukraine war anniversary

  A dispute over oil supplies led to Hungary's veto of new?EU sanction on Russia as well as a massive loan for Ukraine on Monday. This was a major blow to the pro-Ukrainian consensus in Europe on the eve the fourth anniversary of the 'war. In Ukraine, Kyiv has claimed a rare "frontline" advance. However, Moscow continues to target Ukrainian cities and two people were killed in 'drone' strikes in the south. The diplomatic spotlight was in Brussels, where European Foreign Ministers failed to convince Budapest to not punish Ukraine for the delays in restarting the flow Russian oil into Hungary via an old Soviet-era pipeline. Slovakia announced that it would not supply emergency electricity to Kyiv until the Druzhba oil pipeline resumes flowing. Ukraine's drones could escalate the crisis by striking a Russian pumping facility overnight that served the pipeline. The pipeline was originally designed to transport Moscow's crude oil through Ukraine into eastern Europe. However, since January 27, shipments from Slovakia and Hungary are no longer being made. KALLAS: 'THIS ISN'T A RETROGRADE,' Kaja Kallas, EU's chief of foreign policy, told reporters that "we have not yet reached an agreement regarding the 20th package of sanctions." This is a disappointment and a message that we did not want to send, but work continues. European Council President Antonio Costa The EU has urged the Hungarian prime minister Viktor Orban, to honour an agreement for a 90-billion euro loan ($106.11 billion), to Ukraine. In a letter, he said that Ukraine was free to restart oil flow if they wanted to and added: "I cannot support any decision favourable to Ukraine until it returns to normality." Ukraine claims that oil flow stopped in January after a Russian attack against pipeline infrastructure. It is repairing the damage as quickly as possible. Slovakia and Hungary, who own the only two EU refineries still dependent on oil via Druzhba, say Ukraine is responsible for the outage. This is one of the most heated disputes between the three neighbors. Both Hungary and Slovakia have leaders that have defied the European consensus in maintaining close ties with Moscow. However, they have not blocked EU sanctions against Russia or loans to Ukraine. UKRAINE APPEALS FOR FRONTLINE GAINS The decision by Russian President Vladimir Putin to send his troops into Ukraine on the 24th of February 2022 triggered Europe's most deadly conflict since World War Two. Russian forces have destroyed Ukrainian cities and killed tens-of-thousands of civilians. On both sides, hundreds of thousands of soldiers have been killed or wounded. In the first year of the war, Ukraine pushed back the Russian offensive and took back large swathes occupied territory. A Ukrainian counteroffensive was unsuccessful the following year. Since then, Moscow has been making slow but persistent gains along a 1,200 km (750 mile) front. Oleksandr Sryskyi, commander-in chief of Ukraine's Armed Forces, announced on Monday that his forces "restored" control over 400 square kilometers of territory along the southern frontline. Moscow did not respond immediately to the report. If the claim is true, this would be the largest Ukrainian gain in months and the first since December. The U.S. tried to broker a deal between Russia Ukraine but it has not been successful. The most recent talks in Geneva, on February 17-18, did not result in a breakthrough. The chief of staff of President Volodymyr Zelenskiy told Ukrainian media that another round of talks to end the war in Ukraine may be held by the end of the week. While President Donald Trump has diverted the United States from providing military and economic support to Ukraine, European nations have increasingly stepped up. The threats of Slovakia and Hungary have put this consensus at risk. Four diplomats told us that Hungary's foreign minister?Peter Szijjarto received harsh criticism behind closed doors from EU colleagues in Brussels. Some ministers accused Orban's Government of using this issue to gain political advantage ahead of the tough?elections in April. RUSSIA HITS ODESSA Russia continues to target Ukraine's energy grid and power grid with nightly drone and rocket attacks. They claim that such infrastructure is legitimate because it aids in the war effort. Kyiv has said that Moscow is trying to break the national will of Ukrainians by freezing them in their homes. Ukraine's emergency services reported that two people died and three were injured in the latest drone strikes which hit the southern region of?Odesa. Oleksiy Kuleba, Ukraine's Minister of Infrastructure, said that Russia has attacked the port infrastructure in Odesa. According to the Russian Defence Ministry cited by RIA state news agency, Moscow's forces have successfully struck Ukrainian fuel, transport and energy infrastructure. Reporting by Lili Bayer in Brussels, Kate Abnett in London, Julia Payne in Amsterdam, Bart Meijer and Friederike Hine in Berlin; reporting by Lili Bayer in Brussels, Kate Abnett in London, Julia Payne in Moscow, Andrew Gray in Warsaw, Pawel Flikiwicz and Anna Pruchnicka at Gdansk; writing by Alan Charlish, Michael Kahn and Gareth Jones in Prague and Andrew Heavens in Warsaw.

• Slovakia will stop emergency power supply to Ukraine due to oil dispute, says PM

  Robert Fico, the Slovak prime minister, said that his country's electricity grid operator will refuse any Ukrainian requests for an emergency supply of electricity from Monday onwards until oil flows resume through the Druzhba Pipeline. This escalates a dispute over?the crude. The announcement comes after European Ministers in Brussels failed to convince Slovakia and Hungary to drop their threats to punish Ukraine over the delay in restarting the flow. Since January 27, Ukraine has cut off the flow of Russian oil into Slovakia and Hungary. Ukraine claims that a Russian drone struck pipeline equipment in Western Ukraine. Ukraine has said that it will repair the damage to the pipeline as quickly as possible. The pipeline still transports Russian oil across Ukrainian territory into Europe. Slovakia and Hungary - NATO members that have the EU's two remaining refineries that rely on oil via Druzhba, say Ukraine is responsible for the extended outage. This is one of the most heated disputes between Ukraine and both its neighbours. Fico made a statement saying that "from today, the Ukrainian side will not receive any assistance from Slovakia in stabilizing its energy network." Fico announced that the measure would be canceled after oil transit to Slovakia resumes. Fico stated that "this is the first reciprocal action the Slovak Government?is authorized to take?without violating any international laws and obligations". The Slovak Government will reconsider its earlier positive stance towards Ukraine's EU membership and take 'further steps' if the Ukrainian side continues harming 'Slovakia’s interests' in the supply chain of strategic raw materials. According to ExPro, a Kyiv-based consulting firm, Hungary and Slovakia accounted for 68%?of Ukraine's import?power in this month. This figure was not immediately known if it included emergency supplies. (Reporting and editing by Andrew Heavens, Alan Charlish, Jason Hovet)