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May 5, 2026

Daily (05.05.2026): Oil prices surged on Monday following Hormuz attacks and damage to a key UAE energy hub.

Crude prices climbed on Monday as geopolitical risks in the Middle East increased. Iran reported hitting a U.S. vessel, while the UAE confirmed intercepting Iranian attacks that triggered a fire at the Fujairah energy hub. Hence, Brent crude soared by nearly 6% to $114.44 per barrel, and WTI crude advanced by 4.4% to $106.42 pe...

May 5, 2026

Pipeline construction begins on Romania's largest offshore gas project in the Black Sea.

Work has commenced on the pipeline for Romania's Neptun Deep Black Sea gas project, which is one of the European Union's most significant energy reserves, with an estimated 100 billion cubic meters of recoverable gas. Once production begins in 2027, Neptun Deep is expected to double Romania's gas output and potentially make the country a net expo...

May 5, 2026

The EU will provide industries with additional free CO2 permits.

The European Commission has proposed plans to allocate more free emissions permits to industries over the next few years, potentially saving companies 4 billion euros ($4.68 billion) in CO2 expenses, according to an internal EU document reviewed by Reuters on Monday. The EU's carbon market is the primary mechanism for managing CO2 emissions, requi...

May 5, 2026

German Offshore Wind Sector Demands Clear Policies

The German Offshore Wind Energy Association (BWO) has urged for definitive political promises and a binding plan to facilitate the growth of offshore wind energy. BWO made this statement prior to the National Maritime Conference held from April 29 to 30 in Emden. "The National Maritime Conference presents a crucial opportunity to establish clear ...

May 5, 2026

Oil Prices Rise Due to Attacks in the Middle East

Oil prices surged after vital energy infrastructure and tankers in the Middle East were attacked, signaling a major escalation in US-Iran tensions and threatening a month-old ceasefire. Brent futures jumped 5.8% to over $114 a barrel following an Iranian drone strike that ignited a fire in a crucial oil area in Fujairah. The UAE issued multiple mi...

May 5, 2026

EU countries could improve their strategies to reduce energy prices.

European Economic Commissioner Valdis Dombrovskis stated in a press conference on Monday that EU governments could improve their approach in directing measures to reduce energy prices toward the most vulnerable sectors of the economy. Many EU countries have implemented measures such as cutting excise or VAT taxes on fuel, which benefit all consume...

May 5, 2026

Premier Energy is establishing one of the largest battery systems in Southeastern Europe.

Premier Energy Group has commenced the construction of a 200 MW / 400 MWh battery energy storage system (BESS) in eastern Romania. This facility is expected to rank among the largest standalone ones in the country and in Southeastern Europe. Shortly after agreeing to acquire Evryo Group, which includes the power distribution operator Distribuție E...

May 5, 2026

TTF futures shift from loss to profit after Iran turns down Trump's Hormuz proposal.

European benchmark natural gas prices recovered from an initial 3% decline at Monday's opening, gaining 1.3% in morning trading in Amsterdam, as commodity markets remain wary of the escalating tensions between the U.S. and Iran in the Strait of Hormuz. On Monday, the front-month contract for Dutch TTF Natural Gas Futures, serving as Europe's gas t...

May 5, 2026

Qatar Prolongs Force Majeure on LNG Deliveries

State producer QatarEnergy has extended its force majeure on liquefied natural gas supply until mid-June, according to sources familiar with the situation, as tanker traffic in the Strait of Hormuz remains largely restricted. Customers of QatarEnergy received this notification, as stated by individuals who requested anonymity due to lack of author...

May 5, 2026

50Hertz collaborates with partners to establish a 120 MW power-to-heat facility in Germany.

German energy company BEW Berliner Energie und Waerme, along with local grid operators 50Hertz and Stromnetz Berlin, has begun the construction of a 120-MW power-to-heat plant in Berlin. The aim is to make use of surplus renewable energy and alleviate strain on the power transmission network. On Monday, 50Hertz announced it would allocate up to EU...

May 5, 2026

Kazakhstan's oil and gas condensate production increased by 16% in April compared to March.

Kazakhstan, responsible for over 2% of the world's oil production, increased its oil and gas condensate output by 16% in April compared to March, as major fields ramped up production, according to a knowledgeable source on Monday. Total output rose to 2.17 million barrels per day in April from 1.87 million bpd in March, the source reported. This r...

May 5, 2026

UAE Exits OAPEC

The United Arab Emirates (UAE) has formally withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC) after its significant decision to leave OPEC and the wider OPEC+ group. OAPEC acknowledged the UAE's contributions during its membership and expressed its ongoing commitment to enhance cooperation among member countries in adva...

May 5, 2026

Blykalla and ABB strengthen their partnership.

Swedish lead-cooled small modular reactor technology developer Blykalla and global engineering firm ABB have entered into a Joint Development Agreement, representing a crucial advancement in their collaboration and formalizing their partnership. In October 2024, Blykalla and ABB signed a memorandum of understanding (MoU) to evaluate how ABB's auto...

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