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

UK lifts part of its Russia oil sanctions, clears non-Russian refiners to ship in diesel, jet fuel made from Russian crude Britain is now letting in shipments of diesel and jet fuel made from Russian crude, as long as the products are refined outside Russia. That’s according to a new Department for Business and Trade licence out Wednesday. The legal change moves a narrow trade carve-out onto the political stage, triggering debate on fuel prices and London’s position on Ukraine. UK faces fuel shock as Middle East tensions hit supplies, not just sanctions. The Guardian said the move followed worries about some fuel deliveries after the de facto Strait of Hormuz blockade. RAC data showed average UK petrol at 158.5p
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 has inked a memorandum of understanding with Venezuela to jointly develop the Cocuina-Manakin gas field and look into potential projects in the offshore Loran region—marking the energy giant’s return to a country now seeking to attract fresh foreign investment. The memorandum, known as an MOU, signals intentions for cooperation but stops short of confirming imminent production. Timing is key here. BP’s new CEO, Meg O’Neill, is working to reshape the company for better oil and gas profits, less debt, and a leaner setup after a turbulent stretch. In Venezuela, officials are striking energy deals to lure Western producers once more, following years of sanctions and political turmoil.
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 Co., Ltd. reported a 4.5% drop in 2025 net profit, citing weaker oil prices that weighed on its bottom line. Revenue decreased 2.5%, the company said in annual results filed in Hong Kong on Sunday. The takeaway: PetroChina is ramping up spending on major, long-term projects and doubling down on gas, right as China's energy mix keeps evolving and oil markets get unpredictable again. The company’s capital expenditure is set to reach 279.4 billion yuan in 2026, compared with 269.1 billion yuan the year before. Still, management flagged the risk that geopolitics could trigger sharp price moves.
March 29, 2026