This week’s energy market newsletter highlights South Korea’s commitment to purchase $100 billion of US-origin energy over four years. Seoul is already the largest buyer of US crude in Asia, with imports reaching 460-470 kbd. South Korea’s imports of US LNG peaked in 2021 and coal shipments from the US have shown a gradual recovery.

In market news, Cenovus Energy agreed to buy MEG Energy for $5.7 billion, Equinor delayed Rosebank oil field drilling, Crescent Energy acquired Vital Energy for $3.1 billion, and Tokyo Gas is in talks to buy LNG from Venture Global.

Russia-Ukraine tensions continue, with minimal impact on oil prices. President Trump is reportedly discussing US oil majors returning to Russia.

Iran’s oil production reached 3.24 million b/d, while Trump halted wind project and China’s Sinochem divested refineries.

Iron ore prices surged after Rio Tinto mine closure. Pakistan seeks LNG supply deferrals, and Libya courts US oil majors.

Elliott Investment Management eyes Citgo, refinery strikes boost Russian oil exports, and rare earth prices rise.

Canada looks to invest in Japan’s refining sector, BP’s Whiting refinery outage spikes gasoline prices in the Midwest.

Read more at Yahoo Finance: Oil Prices Dip as Markets Weigh US Tariffs on India