The current scenario in the energy sector, with high prices and shortages, has led the European Central Bank to take a more serious stance regarding possible measures if inflation in the region continues to rise.

Currently, there is considerable concern and mistrust due to rising fuel prices, shortages, and increased electricity prices as a consequence of the Iran conflict.

In this regard, the Governor of the Bank of France and member of the ECB Governing Council, François Villeroy de Galhau, stated that “the institution will do whatever is necessary to bring inflation back to the 2 % target in the medium term.”

Amid the escalating conflict in the Middle East, Eurozone inflation rose to 3 % in April, up from 2.6 % in March. “The increase coincided with a surge in energy prices, particularly gasoline, diesel, and jet fuel, which have skyrocketed in recent months.”

The ECB’s main concern is that the effects of the war will spill over into key sectors for each country, such as “wages, inflation expectations, and pricing across the economy—what is known in monetary policy as second-round effects.”

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In a statement released on Thursday, May 14, Repsol CEO Josu Jon Imaz announced that the Spanish company will increase gas production in Venezuela by 10 %, specifically in the coastal Cardón IV block.

According to Imaz, this increase will raise gas production in the area from 580 to 640 million cubic feet per day.

“The technical goal is to stabilize extraction at 645 million cubic feet per day through optimizations to the infrastructure of the Perla field in the Gulf of Venezuela,” the CEO stated.

It was learned that the Cardón IV coastal block is jointly operated with the Italian company ENI and that it also represents the largest natural gas field in Latin America.

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Oil, gas, and gold prices showed a marked increase on Monday due to the impact of the Middle East conflict on the energy sector.

Regarding oil, on Monday, March 2, the price exceeded $80 per barrel. Disruptions to crude oil supply drove the price of Brent Crude from the North Sea to $80.14 per barrel, representing a 9.98% increase.

🛢️ El precio del petróleo se dispara más de un 8% y el gas un 24% en el arranque de la sesión por el conflicto en. https://t.co/BRkfySxXKG

— La Razón (@larazon_es) March 2, 2026

On the other hand, “West Texas Intermediate (WTI) advanced nearly 12 %, in a direct reaction to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and other high-ranking regime officials.”

Regarding European gas, the price rose more than 20 % in the first hours of the conflict. The Dutch TTF futures contract reportedly climbed to €38.885, according to AFP, although it remains below the level reached earlier this year during the cold snap.

Gold also opened the week higher, though it later stabilized, with a 2 % increase in value, as the attacks on Iran boosted demand for safe-haven assets. The precious metal was trading at $5,400 at the start of Monday.

 

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Una publicación compartida por Diario Libre (@diariolibre)

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Last week, key meetings took place between U.S. Energy Secretary Chris Wright and Venezuelan Interim President Delcy Rodríguez, as well as PDVSA President Héctor Obregón Pérez and Venezuela’s diplomatic representative to the U.S. Félix Plasencia, to evaluate and define projects in the energy and oil sector

 They also discussed other sectors relevant to bilateral trade relations, such as natural gas, mining, and the national electricity system. The objective is to strengthen trade relations between the two countries and bolster the productive sector.

The working group, in which Obregón and Plasencia participated, “allowed for the definition of investment plans aimed at operational recovery and the utilization of hydrocarbons for regional energy security.”

For her part, Acting President Delcy Rodríguez noted that “the technical delegation accompanying U.S. Secretary of Energy Christopher Wright has held meetings with their Venezuelan counterparts to establish mechanisms for immediate implementation.”

In this regard, the technical coordination aims to establish pathways to “advance in strengthening the industry and unlocking the country’s energy potential.”

These actions include collaboration among specialists from both nations, reaffirming the commitment to maintain permanent channels of dialogue “to finalize the infrastructure and production projects discussed at Miraflores Palace” in Caracas.

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Recent data from the U.S. Energy Information Administration (EIA) indicates that Alaskan crude oil production will increase by approximately 13% in 2026, reaching 477,000 barrels per day, the highest figure since 1980.

Alaska, a producing state that has shown no signs of recovery for decades, will gain ground in the oil industry next year thanks to these projections of a 55,000 bpd increase in crude oil production.

These favorable predictions are possible thanks to two projects on Alaska’s North Slope. First, there’s the Nuna project, owned by ConocoPhillips, which began production in December 2024 and is expected to reach a peak of 20,000 barrels per day (b/d). In August 2025, the project produced 7,000 b/d, offsetting existing production declines. Second, there’s the Pikka Phase 1 project, jointly owned by Santos and Repsol, which will come online in the first quarter of 2026, with a projected peak production of 80,000 b/d by mid-year.

Regarding both projects, the Alaska Oil and Gas Conservation Commission indicates that these wells “produce an average of approximately 480 barrels of oil equivalent per day (BOE/d),” which puts their performance above that of other wells in the region.

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The president of Fedecámaras, Felipe Capozzolo, announced last week that they will present their “Plan to Boost Investment and Productive Employment in Venezuela” during the upcoming National Council meeting, to be held during the first week of December.

Capozzolo said in an interview with the program Dos más Dos on Unión Radio that they hope their proposal will be considered by government authorities. He also emphasized that, regarding communication with the Executive branch, “there must be fluid relations to address difficult issues” and make progress on matters such as energy, public services, electricity, financing, inflation, and taxes paid by the private sector.

According to Capozzolo, it is essential to review the conditions of tax and parafiscal obligations in the country, considering that businesses want access to “digital assets, to create more jobs, generate exportable goods, penetrate new markets, and this would require building agreements, and this must be done directly with the national government.”

In this way, according to the executive, companies commit to generating 70 % of jobs and 50 % of the Gross Domestic Product (GDP) in non-oil goods.

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Colombia has been experiencing significant difficulties in meeting gas demand since the end of 2024. This situation is expected to worsen in 2026, according to data from an Andi survey, which reveals that only 51.9 % of companies have secured gas for the following year.

The country has been forced to use imported fuel in essential sectors such as homes, vehicles, businesses, refineries, among others. The problem, which according to the survey will affect the industrial sector next year, not to mention the recent five-day halt in deliveries due to annual maintenance at the Caribe Spec regasification plant.

Colombia has implemented emergency measures, “such as changing supply priority, with gas delivered to the essential segment, refineries, thermal plants, and finally to industrial companies. The latter would be the most affected, since the latest government circular showed that the molecule is not enough to cover business demand, and thus they would be forced to ration during the maintenance period.”

However, these measures have represented a severe blow to the national economic sector, impacting growth, inflation, employment, and other macroeconomic indicators.

Currently, 66.1 % of the country’s businesses consume natural gas for their economic activity. On the other hand, 100 % of companies that use natural gas have only secured an average of 51.9 % of their supply by 2026. In this scenario, there is already talk of importing gas and reducing production by 13.4 %.

The products to replace gas would be “liquefied petroleum gas (37.3 %), renewable energies such as solar and/or thermal (21.6 %), liquid fuels, mostly diesel (19.6 %), propane gas (19.6 %), and coal (9.8 %). Others mentioned are electricity, biomass, and biodiesel, with 13.7 %.”

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According to a study released this Thursday by the Brazilian entities Institute of Energy and Environment (Iema) and the Climate Observatory (OC), Brazil has the capacity to double biofuel production and consumption by 2050 by using degraded areas for agricultural expansion.

“The report, titled Biofuels in Brazil: Aligning the Energy Transition and Land Use for a Carbon-Negative Country,” states that the South American nation, which owns 60 percent of the Amazon rainforest, “can significantly expand the production of sugarcane ethanol, biodiesel, green diesel, and Sustainable Aviation Fuel (SAF).”

The document emphasizes that the country has the capacity to leverage production “by utilizing between 20 and 35 million hectares of currently degraded land, out of a total of 56 million hectares available for agricultural expansion.”

Regarding this, Felipe Barcellos e Silva, a researcher at IEMA, explained that the nation has approximately 100 million hectares of degraded pastures, equivalent to 12 % of the national territory. “Of that total, 56 million hectares could be strategically allocated to agricultural expansion, including bioenergy crops.”

The research is based on the analysis of six possible scenarios for expanding biofuel production through 2050, “with different combinations of raw materials and technologies, four of which could be developed within the 56 million hectare limit, without the need to open new natural areas.”

The report’s core products are ethanol, the sugarcane alcohol that is required in the gasoline mix for the entire Brazilian vehicle fleet, except for hybrid and electric vehicles.

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On October 28 and 29, the first business forum called “Venezuela and Russia – Strategic Partners” will be held in Caracas. It is the first meeting between business leaders and government officials from both nations.

This first edition of the forum will focus on strategic topics for Venezuela and Russia, as well as the global arena, such as “energy, mechanical engineering, artificial intelligence, as well as logistics and agriculture.”

The program of the binational business meeting includes cultural activities and sporting events, an eSports tournament between teams from both countries, “in addition to a digital art exhibition and a tasting of Russian cuisine.”

It will also feature immersive areas and a multimedia space that will allow visitors to take a virtual tour of Russia.

According to the Russian agency Rostec, “the delegation from the Eurasian country will present cutting-edge technology and products in demand in the Venezuelan market, in addition to learning about the investment potential of the Bolivarian Republic and the capabilities of local producers.”

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Russia began shipping naphtha to the Asian continent with the Malta-flagged tanker Northernlight, carrying a cargo of 60,000 metric tons of the product. It departed from the Russian port of Vysotsk on June 23 and unloaded 27,000 tons at the Vietnamese terminal of Khánh Hòa.

According to Reuters, the remainder of the shipment is destined for the port of Dalian, China, as a strategy to consolidate new trade relations amid the ongoing conflict with Ukraine.

“Naphtha, a hydrocarbon used in petrochemicals and as a gasoline additive, has become a key product for Russia since the European Union banned its petroleum derivatives in 2023. To evade these restrictions, Moscow has woven an export network based on aggressive discounts, alternative insurance companies, and the increasing use of the so-called ‘ghost fleet,’ which allows it to circumvent the price caps imposed by the G7.”

This first shipment of naphtha to Vietnam, which was not part of the list of regular customers for Russian fuels, occurs amid diplomatic tension with the United States and its regional partners, as a strategy in the energy market, which is the financial pillar of the Russian war machine.

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