Energy Policy 29 March 2026 - 1 May 2026

Starmer’s Russia Oil Sanctions Move Fuels Ukraine Criticism While Energy Prices Jump
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Starmer’s Russia Oil Sanctions Move Fuels Ukraine Criticism While Energy Prices Jump

Britain has issued a licence allowing imports of diesel and jet fuel made from Russian crude if refined outside Russia, effective Wednesday, as fuel prices hit 158.5p a litre amid Strait of Hormuz disruption. The permit is indefinite but subject to review. A separate licence allows LNG shipments from Russia until January 2027. Labour and Conservative politicians criticized the move, citing concerns over support for Ukraine.
May 20, 2026
BP PLC’s Venezuela Gas Deal Puts Big Oil’s Caracas Return in Play
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BP PLC’s Venezuela Gas Deal Puts Big Oil’s Caracas Return in Play

BP signed a memorandum of understanding with Venezuela to develop the Cocuina-Manakin gas field and explore the offshore Loran area, marking its return to the country. The deal follows similar agreements by Eni, Repsol, and Shell as Venezuela seeks to revive foreign energy investment. BP aims to supply gas to Trinidad for LNG export. The company reported Q1 underlying replacement cost profit of $3.198 billion and net debt of $25.3 billion.
May 1, 2026
PetroChina Profit Falls as Lower Oil Prices Bite, but 2026 Spending Still Rises
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PetroChina Profit Falls as Lower Oil Prices Bite, but 2026 Spending Still Rises

PetroChina reported a 4.5% drop in 2025 net profit as lower oil prices cut earnings, with revenue down 2.5%. The company plans 279.4 billion yuan in capital expenditure for 2026, up from 269.1 billion yuan in 2025, and warned of continued price volatility due to geopolitical risks. Average realized crude price fell 14.2% to $64.11 a barrel, while gas output rose 4.5%.
March 29, 2026