Energy
1. Indian government sources: Fuel exports will not be halted.
2. Vietnam uses its fuel price stabilization fund to curb soaring oil prices.
3. Market news: Maersk will temporarily impose an emergency fuel surcharge.
4. Reports indicate that the US easing sanctions on Russian oil may only apply to supplies to India.
5. After the US approved purchases, Indian refiners bought approximately 30 million barrels of Russian oil.
6. The conflict with Iran pushes up oil prices; UK petrol prices see their biggest increase in four years.
7. According to foreign media reports, South Korea will accelerate the restart of its nuclear reactors to ensure energy security.
8. Chevron and Shell are close to reaching a major oil production agreement with Venezuela.
9. The Middle East crisis impacts Thailand's energy security; the fuel fund loses $32 million daily to stabilize oil prices.
10. India's largest bank continues to refuse to process payments for Russian oil, as it is uncertain how long this concession will last.
11. US-based Preferred Refining Corporation and India's Reliance Industries have reached a $300 billion agreement to build a new refinery in Texas.
12. Qatar's LNG export shutdown has lasted the longest since 2008, potentially further pushing up LNG prices.
13. According to the Islamic Republic of Iran Broadcasting (IRIB): An oil tanker exploded near Abu Dhabi.
14. Saudi Aramco CEO: Global oil demand is expected to reach a record high of 107.3 million barrels per day in 2026.
15. Production Situation
—① Market news: Saudi Arabia, the UAE, Iraq, and Kuwait have collectively reduced production by up to 6.7 million barrels per day. ② The UAE's largest refinery shut down preventatively after a drone attack. ③ According to Venezuelan state television: Venezuela's crude oil production reached 1.16 million barrels per day in January. ④ Iraq says it is trying to resume Kirkuk crude oil shipments; Iraq's daily oil production has fallen to 1.2 million barrels. ⑤ Market research and intelligence firm IIR: Middle Eastern oil refineries have reduced refining capacity by approximately 1.9 million barrels per day. ⑥ Saudi Arabia's Red Sea crude oil exports are expected to reach a new high in March, but this will still be insufficient to make up for the shortfall.
16. Reserve Release Status
—① French Finance Minister: G7 requests IEA to develop a plan for releasing oil reserves. ② Over 182 million barrels, US media: IEA proposes releasing its largest oil reserve in history. ③ South Korean Ministry of Trade, Industry and Energy: South Korea will participate in the International Energy Agency's discussions on releasing oil reserves and is assessing its position. ④ The Japanese government does not rule out the possibility of releasing its own oil reserves. ⑤ Canadian Prime Minister Carney: G7 leaders will discuss energy coordination issues on Wednesday.
17. Energy Situation
—① US media: The US requests Israel not to attack Iranian energy facilities. ② Reports indicate that Iran has laid dozens of mines in the Strait of Hormuz; Trump warns of potential military consequences. ③ US Energy Secretary claims "US military successfully escorted oil tanker" but quickly deletes the post, causing oil prices to fluctuate wildly. The White House stated it did not provide escort, and the US Navy stated it could not currently provide escort services. ④ A spokesperson for the British Prime Minister stated that they are working with allies to explore a range of options to support merchant ships passing through the Strait of Hormuz. ⑤ The Iranian Army claimed it was in retaliation for "attacks on Iranian oil depots," and its drones attacked an Israeli oil refinery and fuel storage facility in Haifa.
Other: 1. Ukrainian Prime Minister: Ukraine will auction three titanium deposits.
2. Glencore's copper smelter workers in Australia plan to strike starting Friday.
3. Indian Trade Minister: India's agricultural exports are expected to reach $55 billion in 2025.
4. US Department of Agriculture: The March forecast for US soybean production in 2025/2026 is 4.262 billion bushels, unchanged from the February forecast. The March forecast for US soybean yield in 2025/2026 is 53 bushels per acre, unchanged from the February forecast.
