AGP Executive Report

Energy Prices & Supply Security (West Asia): With the Strait of Hormuz still under pressure, global oil and gas markets remain jumpy, and governments are leaning on buffers and policy moves to protect consumers. India Fuel Measures: India’s Petroleum Ministry says it has “more than adequate” petrol and diesel supplies and points to public-sector OMCs acting as shock absorbers, even as losses mount. LPG Reserves Directive: India has ordered state oil firms to build LPG reserves equivalent to at least 30 days of national demand to reduce vulnerability to shipping disruptions. CNG/PNG Cost Pressure (Mumbai): Mahanagar Gas hiked Mumbai-area CNG by ₹2/kg to ₹86 and raised piped gas by ₹0.5/SCM to ₹52, blaming higher procurement costs tied to West Asia. Market Transparency (New Zealand): Parliament passed a Gas (Market Transparency) Amendment Bill to improve timely, reliable gas data as reserves tighten. Crypto/Infrastructure Glitch (Sui): Sui’s mainnet stalled twice after a v1.72 upgrade due to a gas accounting issue affecting Address Balances and gas fee logic. EU Storage Warning: EU gas storage sits near historic lows heading into summer, raising winter security concerns if disruptions persist. Corporate/Regulatory: India’s SEBI fined Suzlon Energy and promoters ₹28.95 crore over alleged misleading financial statements. Geopolitics & Energy: IMF/World Bank/IEA/WTO warned the Middle East war is draining oil inventories and raising risks to energy security and the wider economy. Local Disruption (Haiti): A gang seized Haiti’s EDH Power Plant #2 in Carrefour, cutting power to the Port-au-Prince grid and worsening an already fragile electricity situation.

Nuclear Deal Watch: Russia and Kazakhstan signed an agreement to build Kazakhstan’s first nuclear power plant, but key financing details remain murky, leaving the $16.4B project’s funding split unclear. Oil Market Mood: Oil prices slid on hopes for a US-Iran ceasefire extension, while Exxon warned inventories could hit critical lows within weeks—raising the risk of a sharp price spike if supply doesn’t rebound. Gas Prices at the Pump: In the US, Costco and Walmart reported record gas volumes as consumers chase cheaper fuel; meanwhile, some Milwaukee-area stations dipped below $4/gal, though analysts warn relief may not last. Energy Investment Shift: The IEA said oil investment is set to fall for a third year while natural gas spending rises to a decade high, driven by LNG projects and diversification needs. Grid & Storage Push: Nextpower agreed to buy Prevalon Energy to expand into battery energy storage for utility and AI data center power. Infrastructure Incident: A Mumbai gas pipeline ruptured after being struck by a JCB during excavation in Dadar West. Local Policy: Whately (Mass.) voters will consider a new bylaw to regulate battery energy storage systems.

Middle East Ceasefire Watch: Oil markets are easing as optimism grows for a 60-day US-Iran ceasefire extension that could reopen the Strait of Hormuz, with Brent slipping toward the low-$90s and traders eyeing further downside if talks progress. Philippines Energy Security: The Philippines is moving to build its first systematic strategic petroleum reserve under POWERR Asia, coordinating with Japan and private partners to create new stockpiling facilities and reduce reliance on unhedged spot imports. US Sanctions Pressure: Washington escalated its maximum-pressure campaign on Iran’s military oil trade, targeting vessels and related networks tied to Iranian crude exports, including sanctions that reach into shipping and settlement channels. Europe Grid Sabotage Fears: NATO warns Russia’s “hybrid war” is increasingly targeting Europe’s energy grid, raising concerns about attacks on gas pipelines, power links, and offshore infrastructure. Renewables & Power Projects: Serbia flagged delays to grid connection studies for wind and solar, while EPS suspended a tender for supervision of EUR 5.5m solar plant work—both underscoring how permitting and procurement friction can slow clean buildouts. Oil & Gas Markets: Indian energy stocks were mixed as crude softened; meanwhile, Saudi Arabia is expected to cut July crude OSPs to Asia as demand looks sluggish.

Middle East Oil Shock: Fresh US-Iran strikes kept markets jittery and pushed oil back up, even as deal headlines briefly cooled fears around the Strait of Hormuz. Global Markets & Investment: The IEA said global energy investment will reach about $3.4tn in 2026, with oil’s share shrinking while gas, grids, storage and renewables keep drawing the biggest flows. Energy Bills & Public Mood: A US poll found 54% of Americans are driving less due to high gas prices, while in the UK the energy price cap is set to lift bills by 13% from July. EV Charging Push (US): California’s Energy Commission approved $55.2m to expand public DC fast charging through CALeVIP incentive windows. Storage & Grid Reliability (Canada): Ontario inaugurated a 300MW/1,200MWh battery energy storage park in Haldimand, aiming to strengthen grid reliability. Policy for Renewables & Storage (Moldova): Moldova approved tax and customs incentives cutting import duties on batteries and wind turbines to zero to speed green projects. Regional Energy Security (Asia): Nomura downgraded its 2026 Philippines growth outlook, citing energy security vulnerabilities and rising inflation pressures. Eurasia Gas Transit: Kazakhstan and Russia discussed a potential transit gas pipeline to China with capacity around 35 bcm/year.

Middle East Shock to Oil Markets: Fresh US-Iran strikes and Iran’s retaliation are keeping the Strait of Hormuz in focus, driving crude higher again—Brent up about 3.8% to ~$97.9/bbl and WTI around +4% near ~$92—while traders weigh whether talks can hold. UK Household Pressure: Britain’s Ofgem price cap lifts the typical bill to £1,862 (+£221), with campaigners blaming Middle East conflict for wholesale gas costs and warning households will feel the hit. EV Policy Push in Laos: Laos will suspend petrol/diesel vehicle imports until end-2026, expand charging, and tighten transaction oversight, aiming to accelerate EV adoption and cut fossil fuel dependence. Grid Flexibility via Storage: Sri Lanka imported components for its first commercial-scale BESS, targeting 160MW total to store solar power and stabilize the grid. Energy Security Cooperation: Ukraine and Azerbaijan signaled deeper energy, infrastructure, and logistics cooperation to reduce Europe’s reliance on Russian gas. US-Iran Risk Spills into Markets: Indian equities slipped as investors stayed cautious on geopolitics and oil volatility, with Brent also down earlier in the week. Refinery Closure Costs in California: California Senate passed a bill to improve transparency on cleanup costs and timelines if refineries shut. India Bioenergy Deal: Oil India’s OGEL and Hindustan Waste Treatment signed a JV to develop compressed biogas and waste-to-energy projects. Local Energy Pain in the US: An East LA oil spill disruption is hitting small businesses, while separate reports highlight households and drivers facing higher energy costs.

Oil & Gas Prices: Oil slid early Wednesday as U.S.-Iran ceasefire talks showed “incremental progress,” easing some risk premium; Brent fell about 4% and WTI about 5%, but analysts warn gasoline and diesel may stay tight into the summer driving season. Household Impact: In the UK, Ofgem set the energy price cap to rise to £1,862 from July-September, deepening a growing household energy debt problem affecting millions. U.S. Fuel Costs: GasBuddy data shows patchy but still-elevated prices across the U.S., with local “cheapest” regular and diesel points hovering around the mid-$3 to mid-$5 range in multiple counties. Energy Security & Trade: Greece’s Elefsina Port bid aims to build a regional LNG hub to diversify away from Russian routes, with U.S.-backed financing support. Infrastructure & Safety: A gas leak prompted San Jose fire crews and PG&E to respond near 3rd and East Santa Clara, closing nearby roads. Policy & Transition: Serbia plans major energy investments by 2035 and prioritizes gas interconnectors with Romania and North Macedonia to strengthen supply security. Industry Watch: ONGC expects new-well gas to keep rising and boost profitability, with new-well gas projected to reach 25%-30% of the volume basket this year.

Oil & Geopolitics: Brent jumped back toward $100 after fresh US strikes in southern Iran, while traders pushed back hopes for a quick Strait of Hormuz reopening; markets are still waiting on “a few days” of talks clarity, keeping crude volatile and Europe’s gas storage risk in focus. Nuclear Security: The UN Security Council condemned a drone strike on the UAE’s Barakah plant as a grave breach of international law, demanding attacks on civilian nuclear facilities stop. Renewables Push: China is reportedly planning an overseas mega clean-energy build—1,000 wind turbines plus millions of solar panels—while Africa’s power pipeline is shifting toward solar, wind and batteries as investors chase faster, cheaper capacity. EU Climate vs Energy Crisis: Nordic investors urged the EU not to weaken its Arctic drilling ban, warning the crisis shouldn’t roll back long-term climate and energy security goals. Regional Energy Cooperation: QUAD foreign ministers unveiled new maritime surveillance and critical-minerals steps, including port pilots in Fiji. Grid & Prices: In Michigan, Consumers Energy scheduled weekend outages for severe-weather readiness; in Europe, analysts warn prolonged Hormuz disruption could deepen gas shortages.

Middle East Shock to Oil Prices: US strikes on Iranian sites and renewed Hormuz disruption pushed crude back toward $100 a barrel, keeping fuel costs elevated even as deal hopes flicker. Gas-Pump Reality Check: Analysts warn the “most volatile summer in years,” with prices potentially staying jumpy if Hormuz stays constrained—while local reports show small week-to-week dips in some US cities. Corporate Governance: BP fired chairman Albert Manifold over “serious” governance and conduct concerns, appointing an interim chair as the company reshapes its fossil-to-transition strategy. Grid & Renewables Buildout: Puget Sound Energy signed to buy more wind; the Philippines’ DILG urged faster local approvals for renewables under a national energy emergency; and Norway pledged over $45m via the EU to bolster Ukraine’s power resilience before winter. Energy Security Diplomacy: Quad foreign ministers backed Indo-Pacific infrastructure, energy security, critical minerals supply chains, and a Fiji port pilot. Local Energy Incidents: A Los Angeles pipeline rupture triggered a major crude cleanup, while Ukraine detained an Odesa-region mayor over alleged bribery tied to a wind project.

Middle East Shock to Markets: Oil bounced more than 2% after US strikes in southern Iran, even as talks continue in parallel and traders watch for any plan to reopen the Strait of Hormuz—Brent around $98 and WTI near $92. Household Relief vs Volatility: Japan approved about $3.2bn in reserve-fund support to cut summer electricity and gas bills, while Australia’s renewables surge is pushing power bills down in eastern states. Policy Push for Faster Power Buildout: The Philippines’ DILG urged local governments to speed renewable approvals under a 45-working-day rule tied to its national energy emergency. Grid-Scale Storage Momentum: Adani Green commissioned a 3.37 GWh battery system at Khavda, billed as the biggest outside China, as renewables expand. Regulatory Scrutiny: Pakistan’s FIA opened probes into oil storage licences, stock reporting and large PDC claims. Local Energy Reality Check: Indiana signaled possible “flexibility” to extend its gas tax suspension again; meanwhile, a Phoenix crash punctured a 100-gallon tank, sending HazMat crews to the scene.

Hormuz Relief Rally: Oil slid nearly 5–6% as US-Iran deal talk gained steam, with tankers and LNG ships beginning to move again after months of disruption; markets cheered and Asian stocks climbed while the dollar eased. Shipping Watch: Strait of Hormuz traffic remains thin, but recent LNG and crude departures toward Pakistan and China signal a cautious restart—still vulnerable to delays. Fuel Pain at Home: Even with crude easing, Memorial Day travel is hitting drivers as US gasoline stays elevated and spotty local price reports show volatility. Policy Under Pressure: Malaysia says its energy rules must keep pace with global industry shifts, while APAC central banks are leaning away from rate cuts due to higher hydrocarbon costs. Gas Supply Management: Karachi’s SSGC issued an Eidul Azha schedule, and Pakistan’s broader gas logistics continue to be tightly managed. Local Costs, Global Shock: India’s oil firms reportedly still lose about Rs 600 crore a day despite recent fuel price hikes.

Oil Markets: Brent slid below $100 and WTI sank about 6% as Trump said US-Iran peace talks are “proceeding,” reviving hopes of Strait of Hormuz reopening. Asia Stocks: The relief showed up fast—India’s Sensex jumped ~1% and Nifty climbed ~1% in early trade, with autos leading as crude cooled. India Fuel Costs: Despite the global drop, India raised petrol and diesel again for the fourth time in 10 days, citing Middle East-linked supply risks and Hormuz disruption. Shipping Watch: Shipping data says some Middle East oil and LNG vessels have started exiting the Gulf via an Iran-ordered transit corridor, with cargoes mainly bound for China and Pakistan. Energy Transition Policy (NZ): New Zealand set aside $48m for a gas transition loan guarantee, aiming to help businesses cut gas use—while critics say it’s an admission the fossil gas story was overstated. Safety & Disruption: China’s Shanxi coal mine blast killed at least 82 (with more feared), and Russia’s Belgorod region reported deaths and infrastructure damage from missile/drone attacks.

Memorial Day Fuel Shock: With Memorial Day travel set to hit a record 45M trips, U.S. drivers are still feeling the pinch as gas prices hover near four-year highs, tied to Middle East shipping risk and refinery tightness. Turkey Political Turmoil: Turkish riot police stormed the main opposition CHP HQ, firing tear gas and rubber bullets after a court move that reinstated the party’s ousted leadership—an escalation that’s now dominating headlines. Middle East Energy Lifeline: Markets are watching a reported U.S.-Iran “deal in principle” that could reopen the Strait of Hormuz, with analysts expecting oil and gold to react sharply at the start of next week. Regional Energy Moves: Bangladesh launched an offshore oil-and-gas bidding round for 27 Bay blocks, while Libya and Turkey discussed expanding oil and gas cooperation. Safety & Supply: Malaysia confirmed three oil-rig workers died after a lifeboat fell into the sea during maintenance at the Sepat platform. Power Shift Signals: A new global snapshot says wind and solar generated more electricity than gas in April.

Pipeline Fallout in LA: East Los Angeles’ crude pipeline rupture spilled about 2,400 gallons into the LA River, and wildlife teams found oiled birds on Saturday, with cleanup still under way. Middle East Energy Diplomacy: Reports say a US-Iran MOU could reopen the Strait of Hormuz “without tolls,” with port sanctions easing in exchange for Iran clearing mines—though nuclear talks remain the sticking point. India Fuel Stability: India says fuel availability is steady despite global crude swings, but warns more petrol/diesel hikes could follow if prices stay high. Coal-to-Syngas Pivot: Coal India is planning coal-to-syngas hubs near power, DRI, and fertilizer users as gas supplies tighten. EU Macro Pressure: The European Commission flags slower growth and higher inflation through 2027 as the energy shock lingers. Safety Shock in China: A Shanxi coal mine gas blast has killed at least 90, with rescue efforts continuing and production suspended in the area. Local Disruption: Pakistan’s Dera Bugti saw a gas pipeline blast that shut supply to a wide region. Energy Politics in the US: Oregon gas prices are among the highest ahead of Memorial Day, with lawmakers tying relief to ending the Iran war.

Grid Oversight: Nepal’s Energy Minister Biraj Bhakta Shrestha inspected the NEA Load Dispatch Centre in Kathmandu, urging stronger system reliability, more domestic power use, and better winter demand management while keeping cross-border trade with India in focus. Gas Deal Watch: Hungary is expected to decide soon on a contract to buy 1bn cubic metres a year of Romanian Black Sea gas from Neptun Deep, aimed at replacing Russian volumes after EU REPowerEU timelines. Green Corridor Push: Bulgaria, Azerbaijan, Türkiye and Georgia agreed to map and accelerate the Azerbaijan–Bulgaria Green Energy Corridor. Memorial Day Squeeze: In the US, higher pump prices and a rainy forecast are nudging some families toward staycations, while AAA flags near-record travel volumes. Market Mood: Indian stocks rose for the week as oil softened and sentiment improved. Safety Tragedy: China’s Shanxi coal mine gas explosion killed 90+ with dozens missing, as rescue and investigations continue. Local Energy Strain: Lake Tahoe residents fear power stress as AI data centers strain the grid, with utilities shifting supply priorities.

Oil Market & Geopolitics: Oil prices edged up as traders weighed US-Iran peace-talk delays and renewed Strait of Hormuz worries, keeping crude volatile. Russia Energy Output: Gazprom Group has begun full-scale oil production at Eastern Siberia’s Chon fields, aiming to feed the ESPO pipeline system. Middle East Supply Moves: A 100,000-ton crude shipment from the UAE has arrived in Bangladesh, helping ease a supply gap tied to Hormuz disruption. Climate Rules: R&A has issued a new standard for greenhouse-gas validation and verification authorities, tightening how emissions claims are checked. Coal Safety Shock: A gas explosion at a Shanxi coal mine killed at least eight and left dozens trapped, with rescue efforts continuing. Holiday Fuel Pressure (US): Memorial Day travel is underway despite gas prices near four-year highs, with drivers in parts of the US reconsidering trips as pump costs bite. Power & Grid Reliability: Serbia is set to expand strategic oil-product storage with two new 20,000 m³ reservoirs at Smederevo. Energy Policy & Trade: US Secretary of State Marco Rubio landed in India for talks spanning energy security, trade, defense and QUAD.

Memorial Day Fuel Crunch: AAA says U.S. regular gas is at a four-year high ahead of the holiday, with the national average around $4.56/gal and Ohio among the priciest states at $4.76 as demand surges and Strait of Hormuz disruptions keep supply tight. Market Mood: Oil prices have been whipsawing on US-Iran peace hopes, helping lift sentiment in places like the Philippines’ PSEi, even as traders stay cautious. Local Power Politics: Austin City Council approved Austin Energy’s plan to buy gas-burning peaker plants in a closed-door vote, with key details like cost and locations kept from the public—sparking transparency and health concerns. Clean Energy Momentum: San Diego’s Stellar Solar won approval for the Propel solar-plus-battery agreement, while Germany’s Blue Elephant Energy and GOLDBECK SOLAR broke ground on a ~268 MW solar park. Geopolitics & Supply: Iraq is preparing emergency financing as oil export disruptions widen a roughly $9.5B monthly gap, and Russia has started offshore exploration near North Korea’s coast.