Oil flows are expected to begin at 10 a.m. , according to state media citing Oil Minister Hayan Abdel-Ghani. The agreement includes provisions to enhance security around oilfields and ensure continuity of export operations, Kurdish authorities said.

KRG Prime Minister Masrour Barzani said the region would allow crude exports through its pipeline network “at the earliest possible time” given the exceptional circumstances facing the country. He added that talks with Baghdad would continue to lift trade restrictions and provide guarantees to international oil companies to safely resume production.

Barzani also said he had instructed regional officials to facilitate exports following discussions with U.S. envoy Tom Barrack, emphasising the need to prioritise economic stability for citizens.

Tensions between Baghdad and the KRG had escalated in recent days, with Kurdish authorities accusing the federal government of failing to address security and economic challenges affecting the oil sector. Baghdad, in turn, said the KRG had refused to allow use of a regional pipeline as an alternative export route, alleging the imposition of arbitrary conditions.

The dispute unfolded against the backdrop of wider regional instability, including disruptions to crude flows linked to the Iran conflict.

Iraq’s presidency called on both sides to cooperate to restart exports, while parliament issued a seven-point directive urging the government to secure alternative outlets for crude to mitigate economic damage under current security conditions.

The parliamentary intervention followed consultations with the oil ministry to assess the impact of halted exports after the closure of the Strait of Hormuz, a key global energy transit chokepoint, underscoring the urgency of restoring flows through northern export routes.

Members of the party’s Middle East crisis economic response task force said the measures aim to stabilise domestic energy supply and prices as shipments of oil and gas to South Korea have been disrupted by the regional conflict affecting the vital maritime corridor.

According to data from the Korea International Trade Association, South Korea depends heavily on energy imports, sourcing about 70% of its crude oil and roughly 20% of its liquefied natural gas (LNG) from the Middle East.

Democratic Party lawmaker Ahn Do-geol said the government would prioritise managing LNG supplies by increasing electricity production from coal and nuclear facilities while scaling back reliance on LNG-fired power generation.

Limits that capped coal power output at 80% of installed capacity will be lifted starting Monday, Ahn said. Maintenance work at six nuclear reactors will also be completed earlier than scheduled to raise the utilisation rate of nuclear plants from the high-60% range to about 80%.

The government on Friday introduced a price ceiling on gasoline of 1,724 won ($1.15) per litre, with adjustments planned every two weeks to reflect changes in global oil markets.

Ahn said gasoline and diesel prices had already declined since the cap was introduced, falling by 58 won and 77 won per litre respectively as of Sunday.

Officials said a supplementary budget would be drafted by the end of the month and submitted to parliament to cushion the economic impact of higher energy costs.

Democratic Party leader Jung Chung-rae said the party would fast-track approval of the budget within 10 days after it is submitted. The proposed spending package is expected to include compensation for refiners linked to the fuel price cap, energy vouchers for households, logistics support for exporters and expanded investment in renewable energy.

The Budget Ministry said no specific date had yet been set for the supplementary budget but that preparations were underway.

Authorities are also considering designating the Yeosu Petrochemical Complex as a special industrial crisis response zone as part of efforts to support industries affected by the energy disruption.

The move comes as roughly 20% of global LNG supply remains offline after the conflict forced the shutdown of facilities operated by QatarEnergy, significantly disrupting energy exports from the Middle East.

JERA handles about 35 million metric tons of LNG annually, with around 27 million tons consumed domestically in Japan, according to Global Chief Executive Yukio Kani.

About 5% of the company’s shipments pass through the strategically vital Strait of Hormuz, a major energy transit corridor.Kani told reporters on the sidelines of the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo that the company is holding talks with suppliers with whom it already maintains long-term contracts to explore additional procurement options.

While there is currently no immediate shortage of LNG, Kani said the company is planning for possible prolonged disruption.“It is still possible that things could settle down within a few weeks. However, it would be far too optimistic to base our planning on that assumption,” he said.

Regional LNG prices have fluctuated sharply since the disruption. The average LNG price for April delivery into Northeast Asia was estimated at $19.50 per million British thermal units, down from $22.50 per mmBtu a week earlier, which had marked the highest level since mid-January 2023.

Energy security concerns have also resurfaced among global buyers as geopolitical tensions escalate in the Middle East.Steven Read, president of Global Coal Sales Group, which markets coal produced by U.S. mining company Signal Peak Energy, said the market had already begun to react to the heightened uncertainty.

“We’ve already seen customers coming in wanting to talk about options,” Read told Reuters on the sidelines of the conference, noting renewed interest from buyers considering additional cargoes.

If the disruption deepens and shipping through the Strait of Hormuz remains constrained, Japan may need to consider broader measures to maintain energy supply, Kani said.

These could include working with the Japanese government to encourage energy conservation and restarting dormant power stations, including coal-fired plants.At the same forum, U.S. LNG exporter Venture Global LNG said the current volatility in energy markets was likely temporary.

Chief Executive Mike Sabel said the company viewed the current price fluctuations as short-term turbulence despite the geopolitical tensions affecting supply.

“We’re tremendously optimistic about the middle- and long-term strength of the market, equity in the market, supply coming online. We expect long-term, very stable liquefaction prices,” Sabel said.

The proposed development would involve large solar and wind installations across remote desert landscapes near Namibia’s southwestern coast. Supporters say the project could transform the country into a leading exporter of green hydrogen an energy source viewed as crucial for reducing global carbon emissions.

However, environmental groups argue that the development could threaten rare plant species and wildlife, including the endangered African penguin.The initiative forms part of Namibia’s national strategy to become a global hub for green hydrogen production. Hydrogen itself is a highly flammable gas that, when burned, produces heat and water rather than carbon dioxide.

This makes it an attractive alternative fuel for industries seeking to lower emissions.Hydrogen is already widely used in sectors such as petroleum refining, chemical manufacturing and fertiliser production.

However, the majority of hydrogen currently produced around the world relies on fossil fuels. When hydrogen is generated using renewable energy sources like wind or solar power, it is known as “green hydrogen” because of its lower environmental footprint.

The massive project in Namibia is being led by Enertrag through a joint venture known as Hyphen Hydrogen Energy. The company believes Namibia possesses some of the best natural conditions on Earth for producing green hydrogen at scale.

According to project developers, the region benefits from intense sunlight and powerful coastal winds, creating ideal conditions for renewable electricity generation. By combining these natural advantages with large-scale electrolysis facilities, the project aims to produce hydrogen fuel for export to international markets, particularly in Europe.

Yet the chosen location for the project has sparked intense debate. The development is planned within Tsau ǁKhaeb National Park, a vast protected area covering approximately 26,000 square kilometres along Namibia’s southern coastline.

The park’s name means “Soft Sands” in the Nama language and reflects the unique desert terrain that defines the region. Established in 2004, the park occupies land once known as the “Sperrgebiet,” a German term meaning “Restricted Area.”

During the early 20th century, German colonial authorities sealed off this region after diamonds were discovered there. Strict controls prevented most human activity for decades in order to protect mining interests.When the diamond rush eventually subsided, the long period of isolation allowed an extraordinary variety of plant and animal life to flourish.

Today the region is considered one of the most biologically unique desert environments in the world.Environmental organisations say this fragile ecosystem could be severely disrupted by the introduction of large industrial facilities.The Namibian Chamber of the Environment has warned that construction of solar panels, wind turbines and supporting infrastructure may damage habitats that support rare desert species.

In particular, scientists are concerned about unusual succulent plants that have evolved remarkable survival strategies to endure the harsh environment.These plants often store water in their tissues or reflect sunlight to reduce heat absorption adaptations that allow them to thrive in one of the planet’s most unforgiving climates.

Conservationists fear that large-scale development could push many of these species closer to extinction.Chris Brown, head of the Namibian Chamber of the Environment, has argued that the project should not be described as “green hydrogen” at all. Instead, he suggests it could become “red hydrogen,” referring to the risk that the development could push vulnerable species onto the biodiversity “red list.”

Brown also accuses wealthier countries supporting the project of applying double standards.According to him, nations such as Germany would be unlikely to permit similar industrial developments inside their own most protected natural areas. Yet they appear willing to support such projects abroad in countries seeking economic investment.“The Germans would never allow their premier national parks to become industrial zones,” Brown said.

“But they seem comfortable exporting the environmental risks to Namibia.”The environmental concerns extend beyond land ecosystems. Namibia’s southern coastline forms part of the Namibian Islands Marine Protected Area, one of the largest marine conservation zones in Africa.

This coastal stretch extends roughly 400 kilometres along the South Atlantic and supports an extraordinary variety of marine life. Among its most notable inhabitants are the critically endangered African penguins, whose populations have declined sharply in recent decades.The Namibian Foundation for the Conservation of Seabirds has raised alarms about the potential impact of the hydrogen project on marine ecosystems.

The organisation operates from the small port town of Lüderitz, historically known for its fishing industry. If the hydrogen project proceeds, the town could undergo dramatic expansion to support new shipping and industrial infrastructure.Neil Shaw, a representative from the seabird conservation group, warns that proposed port expansions could damage especially sensitive marine habitats.

He notes that the planned development areas include regions where penguins and other coastal birds depend on rich marine ecosystems for food.From his office overlooking a lagoon where flamingos gather, Shaw says even relatively small disruptions could have significant consequences for wildlife populations.“If development occurs in these highly sensitive zones, the impacts on marine ecosystems could be severe,” he said.

Project developers insist they are aware of the environmental risks and are working to minimize them.Representatives from Hyphen Hydrogen Energy say environmental impact assessments are currently underway. According to the company, careful planning will ensure that the project avoids the most ecologically sensitive areas within the park.

Toni Beukes, the company’s head of environmental, social and governance initiatives, says the southern region of Namibia offers a rare combination of wind and solar resources that are essential for producing green hydrogen at globally competitive prices.She argues that if Namibia hopes to establish itself in the emerging hydrogen economy, it must take advantage of locations where renewable energy potential is strongest.

“The south offers an exceptional overlap of wind and solar resources,” Beukes explained. “If Namibia wants to compete with other hydrogen projects around the world, that’s where the country’s advantage lies.”The debate reflects a broader global challenge: balancing urgent efforts to transition toward cleaner energy with the need to protect fragile ecosystems.

Supporters of the project emphasize the potential economic benefits. Large-scale hydrogen production could create jobs, attract international investment and help Namibia position itself as a major player in the future energy market.

Opponents argue that renewable energy projects should not come at the cost of irreplaceable natural environments.As Namibia weighs its ambitions for a green energy future, the fate of its rare desert plants and endangered penguins may become a defining test of how the world pursues sustainability without sacrificing biodiversity.

“We see actions by the United States aimed at trying to stabilize energy markets. In this respect, our interests coincide,” Peskov said in remarks carried by Russian media.

The comments followed an announcement by Scott Bessent, the U.S. Treasury secretary, who said Washington had issued a temporary authorization allowing countries to purchase Russian oil cargoes already in transit at sea. The measure extends a similar waiver that had previously applied only to refiners in India.

Bessent said the authorization was narrowly designed to ease market volatility without significantly benefiting the Russian government.

“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” he said in a statement posted on social media.According to Bessent, most Russian energy revenue is generated through taxes assessed at the point of extraction rather than through shipments already in transit.

The decision comes as oil markets react sharply to rising geopolitical risks linked to the widening conflict involving Iran, Israel and the United States.

The waiver has drawn mixed reactions in European capitals, where officials have warned that any easing of restrictions on Russian energy exports could indirectly support Moscow’s war effort in Ukraine.Katherina Reiche, Germany’s economy minister, said she was concerned the measure could help finance Russian military operations.

“I am concerned that we are further filling Putin’s war chest,” Reiche said in Berlin.At the same time, she acknowledged that the U.S. administration faced mounting domestic pressures linked to rising energy costs.“It seems to me that domestic political pressure in the United States is very, very high,” she said.

German Chancellor Friedrich Merz took a firmer stance, saying it was wrong to ease sanctions on Russia for any reason. Similar concerns were voiced by Jonas Gahr Store, the prime minister of Norway, who said sanctions should remain in place.

Oil prices remained elevated above $100 per barrel on Friday as investors reacted to intensifying geopolitical risks. Markets have been particularly sensitive to threats involving the Strait of Hormuz, a critical shipping route for global oil supplies.

Equity markets also declined amid fears that an extended conflict could disrupt energy flows and intensify inflationary pressures on the global economy.

With the conflict entering its third week and no resolution in sight, analysts say investors are increasingly focused on the potential economic consequences of prolonged instability in energy markets.

The temporary licence was granted as benchmark Brent crude traded around $101 per barrel by 1000 GMT, reflecting continued volatility in energy markets despite Washington’s move. Oil prices have surged nearly 40% since the start of the conflict, driven by fears that escalating hostilities could disrupt global supplies.

Financial markets in Asia also came under pressure as traders weighed the risks of prolonged instability in the Middle East, a region that remains central to global energy production and transportation.

Oil prices jumped about 9% to around $100 a barrel on Thursday as concerns intensified over the durability of supply chains during the ongoing conflict. Traders have been particularly focused on the security of the Strait of Hormuz, the narrow maritime corridor through which roughly one-fifth of the world’s oil supply passes.

Iran has attacked vessels in the strategic waterway during the current confrontation, heightening fears that further disruptions could ripple across global energy markets.

The waiver issued by Washington allows countries to buy Russian petroleum cargoes already at sea, where shipments frequently change ownership during transit. The measure is intended to increase short-term supply availability and reduce upward pressure on prices.

“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long term,” said Scott Bessent, the U.S. Treasury secretary.

The energy market turbulence comes as the conflict between Israel and Iran entered its third week with continued missile exchanges.

Iran launched another barrage of missiles and drones toward Israel on Friday, while the Israeli military said it conducted air strikes across Tehran and continued operations against the Iranian-aligned Hezbollah militia in Lebanon, including strikes around the capital, Beirut.

Iranian media reported that rallies marking Quds Day began across Iran in support of Palestinians. Residents in Tehran and the nearby city of Karaj reported hearing explosions and fighter jets during Israeli strikes, according to local media coverage.

Energy traders have closely followed comments by Donald Trump regarding the likely duration of the conflict, which has added to volatility in oil markets and global equities.

The sharp rise in crude prices has contributed to declines in U.S. stocks and broader market unease as investors assess the potential for prolonged disruptions to energy flows.

The waiver allowing limited Russian oil transactions reflects Washington’s attempt to cushion global markets while the conflict continues to unfold across the region.

The Philippines, which holds the rotating ASEAN chairmanship this year, is hosting an economic ministers’ retreat while foreign ministers are scheduled to convene virtually on the same day to discuss the widening crisis and its implications for Southeast Asia.

Philippine Trade Undersecretary Allan Gepty said the conflict’s economic impact would feature prominently in discussions, particularly as energy prices and logistics disruptions ripple through regional economies.“The concern is a given,” Gepty told reporters, noting that ASEAN governments could not ignore the potential effects on inflation, employment and supply chains.

Joint strikes by the United States and Israel on Iran launched nearly two weeks ago have killed around 2,000 people and disrupted global energy markets and transportation routes, according to officials cited in the discussions.

The conflict has effectively closed the Strait of Hormuz, a strategic maritime chokepoint through which roughly a fifth of the world’s oil and liquefied natural gas shipments pass, sending crude prices above $100 per barrel and triggering volatility in global markets.

Several Southeast Asian economies depend heavily on crude oil and LNG imports from the Gulf, raising concerns over fuel costs and energy security if disruptions persist.

The Philippines imports a significant portion of its oil from the Middle East, while a halt in liquefied natural gas exports from QatarEnergy has tightened regional supply conditions.

Authorities in Manila have shortened the government work week to conserve fuel, and President Ferdinand Marcos Jr. has asked Congress for authority to suspend fuel excise taxes to cushion rising costs.

Elsewhere in the region, Vietnam cut retail fuel prices overnight after a recent easing in global crude benchmarks but warned volatility could persist amid ongoing supply disruptions.

Earlier this month, Thailand halted energy exports to all countries except Laos and Myanmar in an effort to safeguard domestic supply.

ASEAN foreign ministers have described the escalation of the conflict as “particularly regrettable” and called for an immediate cessation of hostilities, urging all sides to exercise restraint, protect civilians and resolve differences through dialogue in accordance with international law.

Regional officials say coordinated policy responses will be essential to manage the economic shock if disruptions to energy supplies and trade routes continue.

“It is important that our actions and responses to the ongoing conflicts must be synchronised,” Gepty said.

Two of the sources said the state-run gas distributor bought the prompt cargo through negotiations with a European trader at a fixed price ranging between $17 and $20 per million British thermal units.

The cargo, loaded aboard the vessel Orion Hugo LNG carrier and chartered by Shell, is expected to arrive in India around March 15, according to shipping analytics firm Kpler.

There was no immediate response from GAIL (India) Limited to a request for comment.

India relies heavily on imported liquefied natural gas to meet domestic demand. The country consumes about 195 million standard cubic metres per day of natural gas, roughly half of which is met through imports.

Before recent disruptions, India was receiving about 60 million standard cubic metres per day of gas from the Middle East, according to industry sources.

Supplies have been affected following the closure of the Strait of Hormuz and the declaration of force majeure by Qatar, India’s largest gas supplier, disrupting shipments from the region.

In response, Indian authorities have begun reallocating gas supplies, diverting fuel from non-priority industries to key sectors in an effort to manage the shortfall and stabilise energy availability.

Finance Minister Wale Edun convened the country’s Economic Management Team to assess how rising geopolitical tensions could affect crude oil prices, capital flows and logistics costs, the ministry said in a statement.

Officials said instability linked to the conflict is already pushing up global crude prices, with concerns centred on possible disruptions near the Strait of Hormuz, one of the world’s most critical oil shipping routes.

The ministry said higher oil prices could translate into increased domestic costs for fuel, diesel, cooking gas and fertiliser, potentially placing additional pressure on households and businesses.

Authorities warned that prolonged instability in the Middle East could also intensify inflationary pressures and raise living costs.

Government officials said they are closely tracking a range of economic indicators, including crude price movements, exchange-rate pressures, capital flows, fiscal risks and foreign reserve levels.

The review comes as policymakers weigh potential spillover effects from global market volatility on the country’s financial stability.

The finance ministry said Nigeria entered the period with strengthening macroeconomic fundamentals, citing gross domestic product growth of 4.07% in the fourth quarter of 2025.

Authorities said policies would remain under review to protect households and businesses while maintaining investor confidence as global market conditions evolve.

The Paris-based agency is expected to publish the recommendation at 1300 GMT on Wednesday, shortly before leaders of the Group of Seven hold a virtual meeting chaired by Emmanuel Macron to discuss coordinated measures to stabilize energy markets.

A source said the proposed release would be spread over at least two months. Sara Aagesen, Spain’s energy minister, said participating countries could have up to 90 days to release the volume if the plan is adopted.

Aagesen described the proposal as unprecedented in scale compared with previous coordinated actions. During the energy shock following the Russian invasion of Ukraine, around 182 million barrels were released from strategic reserves, she said.

The current proposal would more than double that amount, reflecting concerns among major economies about the impact of the Iran conflict on global oil markets and energy security.

The International Energy Agency coordinates emergency oil stockpiles among major consumer nations, a system established after the oil shocks of the 1970s to provide a buffer against severe supply disruptions.

Leaders of the Group of Seven are scheduled to discuss the proposal in a meeting led by France on Wednesday after the bloc’s energy ministers voiced support for using strategic reserves to counter market volatility.

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” G7 energy ministers said in a joint position.

A G7 source told Reuters that while there is currently no physical shortage of crude oil among member states, sharply rising prices and market volatility have prompted governments to consider coordinated intervention.

Oil prices initially surged following the escalation of the U.S.-Israeli conflict with Iran, though markets later rebounded as traders questioned how effective a large reserve release would be in easing supply concerns.