03 Jun As reported energy price, news & commentary 03/06/26
(Oilandgaspress) Oil prices steadied on Tuesday after surging more than 5 per cent the previous day, pulled back by US president Donald Trump’s claim that he had brokered a halt to Israeli military action in Lebanon and that US-Iran negotiations were still on track. But as of this morning prices are rising once again. One has to wonder why the markets continue to react to everything posted by one man who continually rants and raves impulsively without justification.
Davide Rubini, Vitol’s Head of Regulatory Affairs for Gas, Power & Environmental Products in EMEA, has called on EU Member States ahead of the European Council meeting scheduled for 18 and 19 June, to ask the European Commission to put forward a legislative proposal freezing the current deadline for importer obligations under the EU Methane Regulation and to open a structured process to establish a fully developed regulatory framework.
For the Regulation to work as intended, importers need a clear, consistent and practical route to compliance across the EU. As currently structured, the Regulation includes enforcement provisions and potential penalties for non-compliance, but it does not yet provide a complete pan-European mechanism through which obligated parties can demonstrate compliance in a consistent way. A compliance market needs both elements: a route that enables obligated parties to comply with the rules, and a clear set of enforcement provisions for cases of non-compliance. Related News
Vitol’s top executive in the Middle East said that many Western governments still aren’t reckoning with the oil supply crunch that’s rippling around the world due to the blockade of the Strait of Hormuz.
“In Europe and I think in the U.S., everyone is kind of asleep at the wheel and just carrying on life as normal,” Tom Baker, a board member at Vitol, said at S&P Global’s Middle East Petroleum & Gas Conference in London.
While crude has risen near $100 a barrel, prices and volatility of oil products such as gasoline, diesel and jet fuel have seen bigger spikes. That’s led to a drop in demand in a number of developing countries, particularly in Asia and parts of Africa.
Vitol estimates global demand destruction at around 4 MMbpd, with countries delaying purchases in the hope that a resolution to the Iran war will bring down prices.
So far, consumption has dropped less in richer countries, where the loss of supply from the Middle East is being replaced to some extent by strategic stockpiles. Related News
Petrovietnam and Vitol exchanged views on the implementation of the Memorandum of Understanding signed by the parties in Singapore; and reviewed cooperation orientations for the coming period, focusing on areas aligned with the strengths and needs of each party, including crude oil, petroleum products, LNG, strategic storage, and other related areas.
Also at the working session, as authorized by Petrovietnam, Nghi Son Petroleum Products Distribution Branch – Petrovietnam (PVNDB) signed a crude oil sale and purchase agreement with Vitol Asia Pte. Ltd. (Vitol) for the supply of one crude oil cargo to Nghi Son Refinery and Petrochemical LLC (NSRP) in the coming period.
The signing ceremony was witnessed by Dr. Le Manh Hung, Minister of Industry and Trade; Mr. Le Manh Cuong, President and CEO of Petrovietnam; and representatives of Vitol’s leadership. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $95.78 | Up |
| Crude Oil (Brent) | US$/bbl | $97.92 | Up |
| Bonny Light 29/05/26 CBN | US$/bbl | $98.44 | — |
| Dubai | US$/bbl | $103.15 | — |
| Natural Gas | US$/MMBtu | $3.19 | Up |
| Murban | US$/bbl | $96.09 | Up |
| OPEC basket 02/06/26 OPEC | US$/bbl | $101.58 | Down |
| At press time June 03, 2026 |
BP has reportedly held advanced talks about selling its UK North Sea assets to Ithaca Energy in a deal worth close to £2billion.
The FT reports this morning that discussions between the two companies have stalled in recent weeks, but BP is continuing to explore options for its North Sea portfolio and could still pursue a transaction with another buyer.
BP has operated in the North Sea for more than 60 years and remains one of the basin’s largest producers. Related News
Weatherford International has entered into a definitive agreement to acquire NCS Multistage. Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford common stock or a combination of Weatherford common stock and cash. On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock for each NCS Multistage share with up to 19.99% of this payable in cash. Annual cost synergies are expected to be at least $15 million and be realized within 18 months of closing. The deal is expected to be immediately accretive to adjusted Free Cash Flow per share.
NCS Multistage brings a complementary technology portfolio aimed at supporting the optimization of oil and gas well completions and field development strategies. Its solutions are designed to enhance reliability and performance in complex well environments and are widely recognized for engineering rigor and capital-efficient deployment… Related News
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