Liquefied Natural Gas (LNG) terminal Wilhelmshaven. The Middle East conflict and strong competition with Asian markets for flexible LNG cargoes set to drive price spikes. Image by EU / Axel Heimken.
What has brought energy prices up and what are the effects on Germany?
Gas and oil prices across the globe have skyrocketed as a result of the US- and Israel-led attack on Iran at the end of February 2026. The escalating conflict in the Persian Gulf region largely halted shipping traffic in the Strait of Hormuz, a bottleneck for a large proportion of global oil and gas transports.
Attacks on fossil fuel infrastructure of several major oil and gas producers in the region further upended energy markets, with repairs expected to take months or even years. The combined impacts amount to “the greatest threat to global energy security in history,” said Fatih Birol, head of the International Energy Agency (IEA).
In Germany, petrol prices went above the symbolic threshold of two euros per litre – the highest level since the 2022 energy crisis that was fuelled by Russia’s invasion of Ukraine. Economists have dampened their expectations for Germany’s economic growth, and expect the crisis to trigger a spike in inflation.
The increased uncertainty over future energy prices is holding back investors and prompting households to save more, economic research institute ZEW said. Higher energy prices increase production costs for industry, while simultaneously reducing consumers’ purchasing power. In addition, supply chain disruptions for fossil-fuel-based products, such as plastics or fertilisers, further weigh on planning security and price stability.
The complex and uncertain effects of soaring oil and gas prices on Europe’s and Germany’s energy transition will continue to unfold in the coming weeks and months.
President Donald Trump has ordered the US Navy to fire on any Iranian boats that are placing mines in the Strait of Hormuz, the critical energy chokepoint that carries about one-fifth of all global crude oil.
It’s not immediately clear what prompted Trump’s latest warning, but fears are growing that the presence of mines in the crucial waterway could spark economic repercussions that outlive the war itself.
When did Iran start laying mines?
In early March, CNN reported that Iran had begun laying mines in the Strait of Hormuz, according to two people familiar with US intelligence reporting on the issue. Trump warned at the time that if mines were placed and not removed, Tehran would face consequences “at a level never before seen.”
The sources said in March that Iran could feasibly lay hundreds of mines in the waterway. But it doesn’t take that many to effectively keep the strait shut as commercial captains and ship owners don’t want to take the risk.
Later that month, Iran’s military said Tehran had “no need” to mine the Persian Gulf to assert its power and would use “every possible means to ensure security as necessary.”
What are the potential impacts?
Aside from the obvious risks to vessels in the region, and the safety of crew members, the presence of mines could delay the reopening of the waterway.
Pentagon officials briefed lawmakers this week on an intelligence assessment that found it could take up to six months to fully clear the Strait of Hormuz of mines after the war with Iran ends, a source familiar with the matter told CNN. A Pentagon spokesman said Wednesday that a six-month closure would be “unacceptable.”
How easily can the mines be removed?
US Central Command chief Adm. Bradley Cooper said last week the number of mines in the strait is “well within our ability to remove,” adding that the US has already been conducting de-mining operations.
Trump repeated today that US “mine ‘sweepers’ are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level!”
https://www.cnn.com/2026/04/23/world/live-news/iran-war-trump-blockade-israel-lebanon
The invitation would mark a major easing of international pressure on Putin, who has been shunned by most of the West but not Trump since ordering the 2022 invasion of Ukraine.
The United States is this year's host of the Group of 20 major economies and Trump has promised a grandiose summit in December in his adopted home state of Florida.
"All G20 members will be invited to attend ministerial meetings and the leaders' summit," a senior Trump administration official said in a statement.
Trump, questioned later by a reporter, seemed unaware of any invitation.
"I don't know that he's coming. I doubt he'd come, to be honest with you," Trump said.
But Trump said he supported including Putin, explaining, "If he came, it would be probably very helpful."
He renewed criticism of former president Barack Obama for booting Russia out of the then G8 -- meant as a club for wealthy democracies -- in response to an earlier, more limited invasion of Ukraine in 2014.
"President Putin, he was very offended by that -- rightfully," Trump said.
Trump welcomed Putin in August to Alaska, the first time the Russian leader stepped on Western soil since the invasion.
Since returning to the White House last year, Trump has sought to revive long-frozen relations with Russia in a bid to end the war in Ukraine.
Initially promising to end the war in 24 hours, Trump's attempts so far have delivered few tangible results, even as Moscow and Kyiv met multiple times for talks.
Trump has repeatedly pinned the blame on Ukrainian President Volodymyr Zelensky for refusing to surrender territory to Russia.
The Kremlin said earlier in the day that Putin had not yet decided if he would attend.
"No such decisions have been made yet," Kremlin spokesman Dmitry Peskov said in Moscow.
Russia was invited at "the highest level" for the December 14-15 summit in Miami, the state news agency RIA Novosti quoted Deputy Foreign Minister Alexander Pankin as saying.
In 2023, the International Criminal Court (ICC) issued an arrest warrant for Putin over the war, leading the Russian leader to avoid travel to countries that in theory would be obliged to arrest him.
The United States is not part of the ICC, which Trump has actively opposed.
Putin has not participated in a G20 summit since 2019, first because of the coronavirus pandemic and then due to the war.
https://www.france24.com/en/live-news/20260423-g20-summit-invites-to-include-russia-us-official
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
In response to trade tariffs against Canadian goods and threats to the country’s sovereignty by the second Trump administration, the federal government, led by Prime Minister Mark Carney, in late 2025 set a goal of doubling Canada’s annual exports to non-US markets to C$600b within a decade to decrease economic dependence on its suddenly unreliable neighbour to the south. Asian countries are key target markets for the Canadian government, and the leading good being sold is energy, especially oil and gas given Canada’s already large production—the world’s fourth- and fifth-largest, respectively—and massive resource base to support substantially greater production of each in the future.
High Oil Prices Unlock 2.1 Million bpd South American Supply by Mid-2030s
According to analysis from Rystad Energy, a sustained oil price of $100 per barrel could unlock up to 2.1 million barrels per day of additional crude supply from South America by the mid-2030s. The forecast for the average 2026 oil price has been revised sharply upward from $60 per barrel in January to $89 per barrel today, driven by the effective closure of the Strait of Hormuz.
At current production levels, government revenues across the region are expected to rise by approximately $43 billion this year relative to a base case, reinforcing the central role of hydrocarbons in public finances. The Brazilian company Petrobras stands to gain the most from this shift, with its revenues projected to rise by $13.1 billion under the current $89 per barrel forecast versus the January $60 per barrel baseline.
The situation has highlighted global supply chain concentration and positioned South America as a significant source of incremental supply, offering scale and relative political stability. Offshore developments in Brazil, Guyana, and Suriname represent the most immediate source of additional production, with fast-tracking potentially delivering over 1 million barrels of oil equivalent per day in the next decade. This would be backed by approximately $33 billion in incremental greenfield capital expenditure through 2035. However, limited shipyard capacity for new floating production, storage and offloading vessels remains a key constraint.
Venezuela has re-entered the global supply conversation. Under a $100-per-barrel scenario, Rystad Energy estimates Venezuela could add 910,000 bpd by 2035, with 57% coming from existing fields where medium crude operating costs run at just $7 to $8 per barrel. Several international energy companies have engaged with Venezuela through technical assessments and preliminary agreements, though all timelines depend on sanctions relief and fiscal reform. Increased participation from other firms could further unlock production potential.
Argentina's Vaca Muerta formation is forecast to see crude production reach 1 million bpd by end-decade, up from around 600,000 bpd, and 1.5 million bpd by 2035 under a standard price strip. In a high-case scenario, production could hit 1.8 million bpd, at which point pipeline capacity would become a constraint. China is set to become the primary export destination for this crude, with consistent shipments expected to begin in 2027.
Rystad Energy notes that the pace of growth across South America will depend more on execution capacity, supply-chain constraints, and the investment environment than on resource availability. Countries with clear fiscal and regulatory frameworks are better positioned to accelerate projects and capture the upside from higher prices, while others risk seeing capital flow elsewhere.
BP logos are seen at a BP petrol and diesel filling station southeast of London on June 15, 2020.
British energy major BP suffered a shareholder revolt at its annual general meeting on Thursday, following a tense clash with investors over corporate governance and climate transparency.
As the energy major pivots back to its core business of oil and gas and away from renewables, it failed to get majority shareholder approval on two highly anticipated motions, which would have permitted online-only AGMs and retired two company-specific climate disclosure obligations. Each resolution received around 47% support, far short of the required 75% required to pass.
A majority of 81.8% voted in favor of electing Albert Manifold as chair. His election was in sharp focus following the board's move to block a proposal put forward by Dutch activist group Follow This.
Board members require 50% of the vote to be elected, and they typically receive close to 100% support.
Some activist investors had said even a 5% vote against Manifold, who has only been in post as chair since October, would represent a severe reprimand, particularly after a historic 24% vote against outgoing chair Helge Lund last year.
Ahead of the AGM at its Sunbury-on-Thames hub in Surrey, BP's board blocked a motion tabled by Follow This that would have required the company to share plans on creating value for shareholders under future scenarios of falling oil and gas demand.
The contentious decision had raised eyebrows among some investors. Two influential proxy advisers, Glass Lewis and ISS, and one of Europe's biggest asset managers, Legal & General Investment Management, had recommended shareholders vote against BP's wishes.
Top investors, such as Norway's mega oil fund Norges Bank Investment Management (NBIM), had thrown their weight behind BP's management, along with several other board proposals.
BP had said its board, having taken legal advice, concluded that the Follow This proposal was not valid and would have been ineffective were it to have passed at the AGM.
"All of the board's decisions relating to the resolutions at this year's AGM were made in good conscience, made with an aim to build a more valuable BP for our shareholders," BP's Manifold said in a statement.
Speaking to CNBC at the AGM, Follow This founder Mark van Baal described the resolution results as "extremely embarrassing" for BP.
Woodside Energy boss Meg O'Neill took the reins as CEO at the start of the month. Shares of the London-listed company are up more than 33% year-to-date, outpacing its British rival Shell and U.S. peers Exxon Mobil and Chevron over the same period.
https://www.cnbc.com/2026/04/23/oil-giant-bp-shareholder-revolt-agm.html
Rooftop solar installations in Europe have surged since the Middle East war triggered a new oil and gas supply crisis and hiked power prices.
Demand from households and businesses willing to install rooftop solar systems soared in March and continues to rise at even higher rates in April as consumers look to insulate themselves from spiking gas and electricity prices, equipment wholesalers and renewable utilities in Northwest Europe have told Reuters.
Rooftop solar demand in Germany, the Netherlands, and the UK has jumped by between 30% and 50% since the war in the Middle East began on February 28, according to various industry executives who spoke to Reuters.
Sales at Germany's solar equipment wholesaler Solarhandel24 more than tripled last month and are set to triple again in April, amid soaring demand for rooftop solar, company representatives told Reuters.
German solar solutions provider Enpal also reported strong rooftop solar demand driving a 30% jump in orders in March from a year earlier, and expects a further 33% surge in April.
The UK is also looking to boost rooftop solar installations as part of the government's measures unveiled this week and aimed at breaking the outsized influence of gas prices on electricity prices.
UK firm OVO Energy said in an analysis last month that there are around 13.7 million homes across the UK that are ready for solar panels – nearly half of all residential buildings. If these are installed, they would generate 28.5 terawatt-hours (TWh) of renewable energy every year—enough power to charge all of the UK's 1.2 million EVs for almost 10 years, OVO Energy says.
Separately, industry association SolarPower Europe has found in research that solar power saved the EU $130 million (111.7 million euros) every day in the first 17 days of the Middle East conflict—savings from avoided fossil fuel imports.
Without solar electricity, the EU's fossil fuel import bill would have been 32% higher than it currently is, according to the research.
By Tsvetana Paraskova for Oilprice.com
SEOUL, April 23 (Yonhap) -- POSCO Future M Co. said Thursday it has received approval from Vietnamese authorities to build an artificial graphite anode material plant, marking its first overseas production base for the battery component.
The company plans to invest 357 billion won (US$241 million) to begin the construction of the first-phase facility at an industrial complex in Thai Nguyen later this month, targeting production from 2028, it said in a press release.
POSCO Future M, the battery materials unit of steel giant POSCO Holdings Inc., said it may make additional investments depending on future order volumes.
The move comes as demand for artificial graphite, a key material that enhances fast-charging performance and battery lifespan, continues to grow. Supply, however, remains heavily dependent on a limited number of countries, increasing the need for diversification.
"We will work closely with Vietnam's central and provincial governments to help stabilize global supply chains and strengthen our competitiveness," the release said.
kyongae.choi@yna.co.kr
Ghana has given three major foreign mining firms - Newmont, AngloGold Ashanti, and Zijin Mining until December 2026 to shift their mining operations to local contractors or risk sanctions, according to sources familiar with the matter and official documents.
The directive from Ghana’s Minerals Commission marks the latest step in the country’s push to deepen local participation in its lucrative gold sector, as African governments tighten control over natural resources amid elevated global commodity prices.
The move builds on reforms introduced in January 2025, requiring mining firms in Africa's top gold producing nation to adopt contract mining models that prioritise Ghanaian ownership.
Under the policy, surface mining must be conducted by companies fully owned by Ghanaian citizens, while underground operations must have at least 50% local ownership.
While most major operators have already transitioned, Newmont, AngloGold Ashanti, and Zijin Mining remain among the last firms still operating with their own workforce, according to an exclusive report by Reuters.
Ghana’s stance mirrors a broader continental trend. Countries such as Mali have also tightened mining regulations, with Bamako recently resolving a prolonged dispute with Barrick Gold over the enforcement of a new mining code.
Damang decision signals policy shift
A gold mine run by Chinese at Obuasi, more than two hours' drive from Kumasi, the second largest city in Ghana. [Photo by Amy Nip/South China Morning Post via Getty Images] BI Africa
The policy direction became clearer earlier this month when Engineers & Planners, a Ghanaian firm led by businessman Ibrahim Mahama, took over operations at the Damang gold mine after the government rejected a lease renewal application from Gold Fields.
The decision marked a departure from past practice, where long-standing foreign operators typically secured renewals. Gold Fields had flagged plans to divest the asset, citing declining reserves and a limited mine life.
In a March 24 notice, Lands Minister Emmanuel Armah-Kofi Buah stated that only firms “100% owned by Ghanaian citizens” would be eligible to apply for the asset, effectively shutting out foreign bidders.
Letters sent to the three companies in October and January outlined the December 2026 compliance deadline, after the firms requested more time to transition. The regulator warned that failure to comply could trigger sanctions.
Zijin’s Ghana unit said it has been engaging authorities since late 2025 to align with the rules, including preparing tenders and technical frameworks for the shift.
Consolidated production totaled 662 million pounds of copper, 97 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2026. Consolidated sales totaled 657 million pounds of copper, 121 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2026.
Consolidated sales are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum for the year 2026, including 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2026. Revised sales estimates for the year 2026 primarily reflect timing adjustments to the Grasberg Block Cave ramp-up schedule.
Operating cash flows totaled $1.5 billion, including $0.1 billion of working capital and other sources, in first-quarter 2026. Assuming prices of $6.00 per pound for copper, $4,500 per ounce for gold and $25.00 per pound for molybdenum for the remainder of 2026, operating cash flows are expected to approximate $8.7 billion, including $0.2 billion of working capital and other sources, for the year 2026.
Capital expenditures totaled $1.0 billion, including $0.6 billion for major mining projects, in first-quarter 2026. Capital expenditures are expected to approximate $4.3 billion, including $3.0 billion for major mining projects, for the year 2026.
https://intellectia.ai/news/stock/q1-2026-copper-production-reaches-662-million-pounds
Apr 23, 2026
A recent Bloomberg account suggests Saudi Arabia’s Manara Minerals Investment Co. is moving away from the strategy it was created for: taking minority stakes in overseas mines and funneling feedstock back into the kingdom. Instead, it is now leaning toward joint ventures with trading houses, debt investments, and supply arrangements tied to future output, with pure equity no longer the primary instrument. If the shorthand is “JVs and structured deals instead of buying equity,” that is directionally correct.
So what are the implications? Saudi Arabia used to plan to buy parts of mines in other countries. Now, it is changing its approach. Instead of owning those mines, it wants to partner with companies, lend money, or make deals to get the minerals it needs later. This lets them secure resources without spending as much money buying the mines themselves.
Anglo American has at least three suitors for Australian coal business, Bloomberg News reports
Potential Buyers and Ongoing Divestment Efforts
April 23 (Reuters) - Anglo American has at least three potential buyers for its Australian steelmaking coal business after its unsuccessful deal with Peabody Energy for the assets, Bloomberg News reported on Thursday, citing people familiar with the matter.
Identified Bidders
Australian miner Stanmore Resources, Japan's Mitsubishi Corp and Indonesia-based PT Buma Internasional Grup are among the bidders for the coal assets, the report added.
Company Responses
Anglo American declined to comment on the report while Stanmore, Mitsubishi and Buma Internasional did not immediately respond to Reuters' request for comments.
Timeline for Potential Deal
A deal could be announced in coming months, according to Bloomberg.
Background on Previous Deal and Asset Details
Peabody Energy Bid Withdrawal
Peabody withdrew its $3.78 billion bid for Anglo American's Australian coking coal assets in August, and the London-listed miner initiated an arbitration against the U.S.-based coal miner.
Assets Up for Sale
The assets up for sale include mines in Queensland's Bowen Basin, the world's top steelmaking coal region, and are part of Anglo's wider plans to divest its non-core assets.
Wider Divestment Strategy
Other Asset Sales
Anglo, which has agreed to merge with Canada's Teck Resources to create the world's fifth-largest copper producer, is in the midst of selling its struggling De Beers diamond business and nickel assets. It sold its Platinum business in 2025.
(Reporting by Prerna Bedi in Bengaluru; additional reporting by Megha Kumari and Rishab Shaju; Editing by Leroy Leo and Louise Heavens)
https://www.globalbankingandfinance.com/anglo-american-least-three-suitors-australian-coal-business/
