Venezuelan state oil company PDVSA has been forced to double discounts on crude sold to Asia, with some barrels priced up to $15 below Brent, as Russian and Iranian oil floods the market and U.S. military activity heightens loading risks near Venezuelan ports.
Despite a memorandum signed during President Putin’s visit to China, experts note pricing disputes and complex logistics could delay progress on the cross-border project.
SOCAR and Hungary’s MVM ONEnergy signed a new natural gas supply deal effective January 2026, expanding Azerbaijan’s pipeline exports to Europe and strengthening regional energy ties through the South Caucasus and TANAP systems.
McDermott won an EPCIC contract from PETRONAS Carigali Brunei for a major offshore gas project that includes subsea infrastructure and a new export pipeline supplying Brunei’s LNG sector.
Glenfarne and POSCO have finalized a strategic partnership for the Alaska LNG project, including a 20-year offtake deal, steel supply for the 807-mile pipeline, and a pre-FID investment to advance the only federally authorized LNG export terminal on the U.S. Pacific Coast.
The projects will add nearly 11 Bcm of working gas capacity as China strengthens its natural gas infrastructure and supply security.
Venture Global has signed a 20-year LNG supply agreement with Tokyo Gas, adding 1 MMtpa of long-term sales and bringing its 2025 contract total to 7.75 MMtpa. The deal strengthens U.S.–Japan LNG trade as Gulf Coast export capacity continues to expand.
McDermott has safely wrapped up subsea pipeline installation and heavy-lift work for Sarawak Shell’s FaS development offshore Malaysia, marking more than one million safe work hours and reinforcing its role in Asia’s offshore infrastructure build-out.
China’s crude imports from Indonesia have jumped to record levels, far exceeding Indonesia’s actual exports—a shift traders say reflects rebranded Iranian barrels moved via ship-to-ship transfers off Malaysia amid tighter scrutiny. Analysts warn the rerouting could further distort global crude trade flows.
The IEA says the next LNG wave is reshaping global gas markets, easing tight pipeline supply and helping Europe balance declines from Russia and Norway. Demand remains weak in Asia, but is expected to rebound by 2026.
China received its 14th LNG shipment from Russia’s sanctioned Arctic LNG 2 project, with the Arctic Mulan delivering to Beihai terminal in Guangxi, data from LSEG and Kpler show.
Venture Global and Japan’s Mitsui signed a 20-year LNG supply deal for 1 MMtpy starting in 2029, expanding U.S. LNG exports to Asia and marking the company’s third long-term agreement with Japanese partners this year.
Indonesia is short about 20 LNG cargoes this year as rising domestic demand strains supply. The country plans to postpone some export obligations to 2026, according to Energy Minister Bahlil Lahadalia.
XRG signed an agreement with Azerbaijan’s Ministry of Economy to acquire a stake in Southern Gas Corridor CJSC, expanding its Caspian energy portfolio and reinforcing UAE-Azerbaijan cooperation in gas infrastructure.
U.S. Energy Secretary Chris Wright said there is major “win-win” potential for natural gas trade between the United States and China, citing China’s position as the world’s largest gas importer and America’s growing LNG export capacity. Wright also reaffirmed U.S. readiness to supply Europe’s gas needs.
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