The Coastal GasLink system, owned and operated by TC Energy and its partners, was originally designed with scalability in mind, capable of eventually delivering up to 5 billion cubic feet per day (bcf/d) of natural gas compared with its current capacity of 2.1 bcf/d. The proposed Phase 2 of Coastal GasLink includes plans for five new compressor stations, each equipped with 30MW compression turbines, alongside modifications to both existing and planned facilities along the route. These upgrades are intended to enable the increased throughput while maintaining operational efficiency across the Coastal GasLink system.

Under the awarded scope, Técnicas Reunidas will undertake initial engineering design, project planning, and detailed assessments of potential costs and scope related to the facilities work. The FEED process is expected to provide LNG Canada with the technical and economic analysis required as it evaluates pathways toward a potential final investment decision (FID) for Coastal GasLink Phase 2. The contract builds on earlier collaboration, as Técnicas Reunidas had previously delivered consulting and engineering services during a prior phase of the project.

This latest award further reinforces Técnicas Reunidas’ track record in midstream infrastructure, encompassing approximately 30,000 km of oil and gas pipelines and more than 35 large compression projects globally. It also aligns with the company’s broader strategy to expand its footprint in North America, identified as a central pillar of its Strategic Plan. The development comes shortly after Técnicas Reunidas secured a design engineering services contract for a natural gas liquefaction and export facility on the Texas Gulf Coast. Looking ahead, the company has outlined a pipeline of prospective opportunities in the region valued at €28 billion, including around a dozen combined-cycle power plants aimed at supporting the rising energy demand driven by the rapid expansion of large data centers. As planning progresses, Coastal GasLink remains a central component of LNG Canada’s long-term infrastructure ambitions.

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Russian media reported that the tanker Anatoly Kolodkin is carrying what was described as a humanitarian shipment of 100,000 tonnes of crude oil. The arrival of this Russian oil cargo follows warnings from the World Health Organization (WHO), which last week highlighted the strain on Cuba’s healthcare system due to limited fuel supplies, with hospitals struggling to sustain emergency and intensive care services. The situation worsened significantly after 3rd January 2026, when U.S. forces seized Venezuelan leader Nicolás Maduro, cutting off a key source of subsidised oil to the island and deepening the ongoing energy crisis.

Just over a week ago, the U.S. Treasury Department added Cuba to a list of countries prohibited from receiving oil shipments from Russia. However, Trump appeared to soften that stance, telling journalists aboard Air Force One that he had no problem with Russia delivering oil to Cuba. The tanker containing  Russian oil cargo will potentially offer temporary relief to the country’s strained energy system.

Kremlin spokesman Dmitri Peskov said Russia viewed the delivery as its duty to step up and provide necessary assistance to our Cuban friends. Cuban authorities have framed the tanker’s arrival as effectively breaking the U.S.-imposed oil blockade. While the shipment may provide a short-term lifeline, broader negotiations between Cuba’s Communist government, led by President Miguel Díaz-Canel, and the Trump administration remain complex, with both sides maintaining firm political and economic positions. Cuba’s economic challenges, already severe since the end of the Cold War, have been exacerbated by declining tourism after the coronavirus pandemic, internal economic mismanagement, and the tightening fuel restrictions.

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Algeria already stands as Spain’s primary supplier of natural gas through the Medgaz pipeline, a key offshore connection linking the two nations across the Mediterranean. Both sides are now working toward operating the pipeline at full capacity, a step that would translate into roughly a 10% increase in flows and further bolster gas imports. Albares held discussions in Algiers with Algerian President Abdelmadjid Tebboune, along with the country’s foreign and energy ministers. The meetings came just a day after Italian Prime Minister Giorgia Meloni visited the Algerian capital with a similar objective of securing additional supplies. Highlighting Algeria’s role, Albares said, “Algeria is a reliable and consistent supplier at a time when the entire global energy market is unfortunately undergoing a profound transformation” due to the war in Iran.

Commercial terms, including pricing and contract duration, remain subject to negotiations between companies involved. Sonatrach, Algeria’s state-owned energy firm, controls a 51% stake in the Medgaz pipeline, while the remaining share is held by a joint venture between Spain’s Naturgy and the US investment firm BlackRock Inc. Spanning 210 kilometers (130 miles) offshore, the infrastructure was the first pipeline constructed between Algeria and Europe and remains central to Spain’s gas imports strategy.

Relations between the two countries had faced strain in 2022, when Algeria pushed for steep price increases during extended contract talks. The tension coincided with Spain’s closer alignment with Morocco over Western Sahara, a long-standing regional dispute. However, recent developments suggest a reset in ties. In a statement, Tebboune described the outlook for bilateral cooperation as “promising” and characterized it by “notable dynamism.” He also confirmed that Algeria has moved to reactivate the previously suspended friendship treaty with Spain, signaling improved diplomatic and energy cooperation going forward.

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This transformation comes as Europe restructures its energy network, replacing Russian pipeline gas with liquefied natural gas and elevating the importance of transit countries. Greece’s strategic location at the crossroads of the Balkans and the eastern Mediterranean is central to its emergence as a European gas hub, even as nations like Poland, Croatia and Lithuania expand their own LNG capabilities.

State-backed gas-grid operator Desfa SA is driving this shift through the development of the Vertical Gas Corridor, designed to connect Greece’s system with networks in countries such as Romania and Ukraine while enhancing regional transport capacity. A new compressor station launched in northern Greece in November has already strengthened LNG import volumes and boosted exports to neighboring markets. According to Mitsotakis, the infrastructure has enabled Greece to deliver gas to Ukraine during periods of acute strain, reinforcing its role as a European gas hub and a pillar of energy security in southeastern Europe. It also “ties us geopolitically with the U.S.,” he said.

The country’s LNG imports underline this growing role. The United States emerged as Greece’s main supplier in 2025, with volumes reaching 26.56 terawatt-hours, nearly double the previous year and accounting for more than 86% of total imports. Industry leaders say the increasing reliance on LNG is cementing Greece’s standing as a European gas hub.

“The use of LNG is picking up pace and making up a much larger share of supply in our region, and Greece has become a hub,” said Helleniq Energy Holdings SA Chief Executive Officer Andreas Shiamishis. He also added that there is potential for a third LNG import facility. Helleniq Energy Holdings SA is advancing plans for a floating storage and regasification unit in Thessaloniki, with a final investment decision expected in 2026, complementing existing infrastructure at Revithoussa and offshore Alexandroupolis.

Beyond gas, executives see broader opportunities tied to Europe’s energy transition. Chief executive of Public Power Corp., Georgios Stassis noted, “We’re in the heart of the energy transition in the region and we can have the best returns,” pointing to operations spanning Greece, Romania, North Macedonia, Italy and Bulgaria.

With expanding solar and wind capacity turning Greece into a net electricity exporter, the country is also positioning itself to import and transmit renewable energy into Europe, including through projects such as Gregy.

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The conflict involving the United States and Israel against Iran has entered its third week, creating what analysts describe as the largest oil disruption in history. Since the war began, tanker traffic through the Strait of Hormuz, a critical passage responsible for roughly 20% of global oil supply, has effectively halted. Iran controls the narrow chokepoint, and the closure has rapidly tightened supply expectations worldwide, driving crude prices past USD100 per barrel. Washington has attempted to reassure markets by outlining plans to deploy naval escorts for tankers departing the Middle East, though officials recently acknowledged that the Navy may require weeks to prepare for the operation.

Trump also appealed publicly for international cooperation to reopen the strait. In a Truth Social post on Saturday, he urged other nations to help restore tanker movements, “so that everything goes quickly, smoothly, and well.” Despite those calls, tensions have escalated. Iran has reportedly increased pressure in the region by laying mines in the strait and warning it could strike any US-linked oil and gas infrastructure. Tankers have already been struck in the waterway since the war began on February 28. Meanwhile, US forces have targeted Kharg Island, the hub for most of Iran’s oil production, though the administration has said Iran’s oil output itself has been spared for the moment.

With crude holding past USD100 per barrel, the US government has also pursued measures aimed at stabilizing supply. Over the weekend, officials approved a new offshore project for BP along the US Gulf coast, marking the company’s first development there since the Deepwater Horizon disaster. At the same time, Energy Secretary Chris Wright directed Sable Offshore Corp. to restart offshore oil rigs and pipelines near Southern California. International coordination has also begun: members of the International Energy Agency agreed to release 400 million barrels of emergency oil, the group’s largest collective action to date, although those supplies will not reach markets until the end of March. Rising crude costs are already affecting consumers, with US gasoline prices climbing to an average of $3.70 per gallon since the conflict began, according to the American Automobile Association.

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Among the ships carrying crude, about 25 vessels are loaded with Russian grades including Sokol, currently positioned near China, while others in the Arabian Sea are carrying the medium-sour Urals blend. Shipping signals show many of the vessels marked “for orders,” indicating that a final destination has yet to be determined. Some ships are broadcasting routes toward Singapore or Malaysia, locations where tankers frequently anchor while traders seek buyers and negotiate sales. The presence of 19 million Russian barrels aboard these ships reflects a significant volume of oil that could enter the market if deals are secured during the waiver period.

The opportunity emerged after the U.S. Treasury approved a month-long waiver allowing the import of Russian oil that had already been loaded before Thursday. The measure expands a previous arrangement under which Indian refiners had purchased sanctioned Russian crude. The latest decision arrives at a time when hundreds of vessels carrying crude and refined fuels such as diesel and jet fuel remain stranded near the Strait of Hormuz, unable to move freely because of the ongoing regional conflict. As a result, the presence of 19 million Russian barrels on tankers in nearby waters has become a potentially important supply option for importers facing tightening markets.

Energy analysts say the waiver offers temporary relief for countries trying to manage the shock caused by disruptions in the Middle East. The U.S. decision is “buying countries and refiners time to cope with the Mideast supply shock,” said Muyu Xu, senior crude analyst at Kpler Ltd.

In recent years, China and India have remained among the few major buyers of Russian crude and petroleum products, often acquiring them at discounted prices following U.S. sanctions designed to restrict Moscow’s access to funding for the war in Ukraine. Meanwhile, other significant importers such as Japan and South Korea have largely avoided purchasing Russian barrels.

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Although the policy temporarily eases restrictions, officials emphasized that the step is strictly limited in scope. Washington has signaled caution about the possibility of Russia benefiting financially from the arrangement. In a statement on X, Bessent said the measure was “narrowly tailored” and “short-term” and would not provide significant financial benefit to the Russian government. The 30-day sanctions waiver represents the latest move by President Donald Trump’s administration to manage energy price pressures that emerged after the U.S. and Israeli strikes on Iran and Tehran’s subsequent response escalated regional tensions. The conflict has disrupted shipping routes through the Strait of Hormuz, a critical artery for Middle East oil and gas flows, contributing to higher global energy prices.

The waiver coincides with broader efforts by Washington and its partners to stabilize supply. The U.S. recently announced a release of 172 million barrels of oil from the strategic petroleum reserve to counter surging prices linked to the war in Iran. That action forms part of a wider initiative by the 32-nation International Energy Agency, which has committed to releasing 400 million barrels of oil. According to available data, approximately 124 million barrels of Russian-origin oil were on water across 30 different locations globally as of 12th March 2026. The newly granted 30-day sanctions waiver could add roughly five to six days of supply when factoring in the daily disruption of oil flows through the Strait.

Despite its potential to boost supply, the move could complicate Western efforts to limit Russia’s revenue from its war in Ukraine while causing friction with allied governments. European Commission President Ursula von der Leyen, after participating in a call with G7 leaders to assess the Iran war’s impact on oil and gas markets, expressed disapprovingly on Russian oil sanctions. Meanwhile, Russian presidential ⁠envoy Kirill Dmitriev said he had discussed the current energy crisis with a U.S. delegation at a meeting in Florida.

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The measure marks a stronger intervention compared with steps taken the previous week, when Beijing urged refiners not to agree to new exports and to try to cancel shipments they had already committed to. By enforcing the ban on March fuel exports, authorities are attempting to safeguard domestic fuel availability as recent tensions in the Middle East threaten global energy supply chains.

Under the directive, the suspension affects shipments of gasoline, diesel and aviation fuel, although sources said jet fuel used for aviation bunkering is not included under the ban. The ban on March fuel exports comes at a time when Chinese refiners had initially prepared to increase overseas sales during the early months of the year. Traders indicated that Chinese oil majors had planned to ramp up exports during February and March, aiming to capitalize on stronger profit margins while domestic consumption softened during the Lunar New Year holiday period. That seasonal slowdown in domestic demand had historically created opportunities for refiners to boost overseas shipments.

Market participants had earlier projected that China’s March fuel exports could reach 2.2 million to 2.3 million tons for gasoline, diesel and jet fuel, excluding volumes intended for aviation bunkering. Those forecasts suggested an increase of 300,000 to 400,000 tons compared with expectations for February. However, the introduction of the ban on March fuel exports has significantly curtailed those flows. Data from ship trackers and trade sources show that export volumes so far this month remain limited. As of the latest figures, China has shipped up to 50,000 metric tons of gasoline (422,500 barrels), 300,000 tons of diesel (2.24 million barrels) and 300,000 tons of seaborne jet fuel (2.36 million barrels).

The move underscores China’s role as both the world’s biggest oil importer and a major exporter of refined fuels. By implementing the ban on March fuel exports, authorities are prioritizing domestic supply stability as international energy markets react to disruptions caused by the conflict in Iran.

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The move comes as fuel costs in the United States have surged amid supply disruptions tied to the conflict.

The drawdown of 172 million barrels will temporarily reduce oil stockpiles held in the nation’s emergency reserves, which currently total 415 million barrels. That figure represents about 58% of the authorized capacity of 714 million barrels. Trump has previously criticized former President Joe Biden for making use of the reserve during his administration.

Officials said the oil withdrawn from the reserve will eventually be replenished. Energy Secretary Chris Wright stated that the Trump administration intends to replace the crude with 200 million barrels over the next year, and emphasized that the plan will come at no cost to the taxpayer. The release of 172 million barrels of oil is also part of a coordinated international response to market instability. The decision follows an agreement by the International Energy Agency to release 400 million barrels of oil from emergency stocks to counter supply disruptions affecting global markets.

The broader energy crisis stems from the U.S.-Israeli attack on Iran on 28th February 2026, which has triggered a series of retaliatory actions and intensified regional tensions. Iran has responded with strikes targeting Israel and Gulf countries hosting U.S. bases, while also blocking the normal flow of cargo shipments through the Strait of Hormuz. The disruption at the strategic waterway has added significant pressure to global energy markets, prompting coordinated action on a global scale.

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According to the announcement, the emergency stocks will be introduced to the market over a period suited to the national circumstances of each participating Member country. In addition to collective action, some governments are expected to implement supplementary emergency measures. The initiative represents the largest oil stock release coordinated by the agency in response to the current crisis and reflects the scale of the supply challenges facing global energy markets. IEA members currently maintain emergency stockpiles exceeding 1.2 billion barrels, alongside an additional 600 million barrels of industry stocks that are held under government obligation. The coordinated release also marks the sixth such intervention in the history of the agency, which was established in 1974. Previous collective actions were carried out in 1991, 2005, 2011, and twice in 2022.

The supply strain prompting the largest oil stock release stems from the conflict in the Middle East that began on 28th February 2026, which has significantly disrupted oil shipments through the Strait of Hormuz. Export volumes of crude and refined petroleum products moving through the key passage have dropped to less than 10% of pre-conflict levels, forcing operators across the region to shut in or curtail substantial amounts of production. In 2025, an average of 20 million barrels per day of crude oil and oil products moved through the Strait of Hormuz, representing roughly 25% of the world’s seaborne oil trade. With limited alternative routes available for bypassing the strait, the disruption has heightened the urgency of market intervention.

The IEA Secretariat stated that additional details regarding how the largest oil stock release will be implemented will be provided in due course. The agency also confirmed that it will continue monitoring global oil and gas markets closely and will issue further recommendations to member governments if necessary as the situation evolves.

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