02 Mar Energy news, commentary and analysis | US and Israel launch strikes on Iran
(Oilandgaspress) The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 March 2026, to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206 thousand barrels per day. This adjustment will be implemented in April 2026 as detailed in the table below. The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 5 April 2026. Related News
Oil and gas prices Up as markets responds to US and Israel strikes on Iran.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $73.02 | Up |
| Crude Oil (Brent) | USD/bbl | $79.91 | Up |
| Bonny Light 27/02/26 CBN | USD/bbl | $72.94 | — |
| Dubai | USD/bbl | $68.34 | — |
| Natural Gas | USD/MMBtu | $3.01 | Up |
| Murban | USD/bbl | $81.42 | Up |
| OPEC basket 27/02/26 OPEC | USD/bbl | $70.07 | Up |
| At press time March 02, 2026 . |
Wood Mackenzie is reportedly warning that higher oil and gas prices are certain, and that oil prices could potentially exceeding $100/barrel if tanker flows through the strait of Hormuz are not quickly restored.They say tanker traffic has been effectively halted, after Iran warned shipping away from the waterway and insurers withdrew coverage.
Baker Hughes Rig Count: International +14 to 1,079, U.S. -1 to 550 Canada -10 to 214
U.S. Rig Count is down 1 from last week to 550 with oil rigs down 2 to 407, gas rigs up 1 to 134 and miscellaneous rigs unchanged at 9.
Canada Rig Count is down 10 from last week to 214 with oil rigs down 8 to 145, gas rigs down 2 to 69 and miscellaneous unchanged at 0
International Rig Count is up 14 from last month to 1,079 with land rigs up 3 to 839, offshore up 11 to 231. International Rig Count is down 20 rigs from last year’s count of 1,099, with land rigs down 7, offshore rigs down 13.
| Region | Period | Rig Count | Change |
| U.S.A | 27 February 2026 | 550 | -1 |
| Canada | 27 February 2026 | 214 | -10 |
| International | January 2026 | 1,079 | +14 |
| Baker Hughes |
Ukrainian drones reportedly hit an oil terminal at the Russian port of Novorossiysk, setting the depot on fire, according to a report by Russian outlet Astra. Ukrainian outlet Exilenova Plus reported on Telegram that port infrastructure in Novorossiysk is on fire.
An analysis by Astra from videos posted by Exilenova and eyewitnesses on social media suggests that it is the Transneft Sheskharis loading terminal on the east side of the bay that is on fire. Related News
Ukrainian forces struck radar stations of an S-300 air defense system and an S-300V4 complex in the Russian-occupied part of Donetsk Oblast overnight on March 1, among other military targets, Ukraine’s General Staff said.
That same night, Ukraine struck a Russian ammunition depot and a troop position in Donetsk Oblast. In the occupied part of Zaporizhzhia Oblast, Ukrainian strikes targeted a fuel and lubricants depot, a military repair facility, and Russian troop positions, the report read. Related News
Ukrainian drones struck a major oil terminal, leaving fires in the southern Russian port city of Novorossiysk overnight on March 2, Telegram news channel Astra reported.
The Sheskharis oil terminal in the Port of Novorossiysk was struck, according to an analysis of eyewitness footage conducted by the outlet. Ukrainian drones previously struck the oil terminal on Nov. 14, sparking a large fire, Ukraine’s Security Service told the Kyiv Independent following initial media reports and claims by local authorities. The site is a major oil export terminal that serves as the endpoint for pipelines run by Russia’s state-run Transneft, the world’s largest oil pipeline company.
Four residential buildings were reported damaged in the attack, Novorossiysk Mayor Andrey Kravchenko said, not mentioning the oil terminal. Related News
Vestas announce the following orders as part of Q1 order intake:
| Country | Region | Customer | Project name | MW | Turbine variant | Service agreement | Delivery & commissioning |
| Germany | EMEA | envia Mitteldeutsche Energie AG (enviaM) | Börnicke | 50 | 7 x V162-7.2 MW | 20-year AOM 5000 Service Agreement | Delivery planned to begin in Q1 2027; commissioning scheduled to begin in Q3 2027 |
Aramco has reportedly shut its Ras Tanura refinery after it was hit by a drone, an industry source said on Monday, an apparent escalation on the third day of strikes across the region launched by Tehran in response to the U.S.-Israeli attack on Iran. The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude. Related News
A majority of the world’s leading maritime insurers have moved to withdraw war-risk cover for vessels entering the Persian Gulf, in a decision that underscores rapidly escalating security concerns across one of the world’s most critical energy corridors. According to a Bloomberg report, more than half of the 12-member International Group of Protection and Indemnity Clubs (IG) have issued notices stating that, effective midnight London time on March 5, war-risk insurance will automatically terminate for ships entering the Persian Gulf, adjoining waters and Iranian territorial zones. . Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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