The US will not hesitate to go “all in” on sanctions on Russian energy if it helps lead to a ceasefire in the Ukraine war, Treasury Secretary Scott Bessent said Thursday. Sanctions on Russia “will be used explicitly and aggressively for immediate maximum impact” at President Donald Trump’s guidance, Bessent told an audience at the Economic Club of New York. The Trump administration is pressing Ukraine to come to the table for a ceasefire deal with Russia, and Bessent said additional sanctions on Russia could help give the US more leverage in the negotiations. Trump is ready to finalize an agreement that would give the US rights to help develop some of Ukraine’s natural resources if Ukrainian President Volodymyr Zelenskiy agrees to a tangible path for a truce and talks with Moscow, according to people familiar with the matter. Bessent criticized the Biden administration for not going harder on Russian energy sanctions for fear of driving up gas prices and asked what the point of “substantial US military and financial support over the past three years” was without matching sanctions. The US has paused military aid and some intelligence sharing with Ukraine in an effort to force the US ally to agree to negotiations with Russia over the end of the war. Bessent also said the US would ramp up sanctions on Iran, adding that the US will “shutdown” the country’s oil sector using “pre-determined benchmarks and timelines” and that “Making Iran broke again will mark the beginning of our updated sanctions policy.” The Treasury chief suggested that the US would work with “regional parties” that help Iran move its oil onto the market. One of those countries is likely to be Russia, which signaled earlier this week that it was willing to assist the US in talks with Iran on ending its nuclear

Oil’s one-day advance wasn’t enough to rescue prices from a seventh straight weekly decline as the prospect of a temporary truce in Ukraine capped on-again, off-again tariff news that upended global markets. West Texas Intermediate futures climbed by 0.7% Friday to settle above $67 a barrel after Bloomberg reported that Russia is open to a pause to fighting in Ukraine, raising the prospect of a resumption in Moscow’s crude exports. US President Donald Trump earlier pressured the two warring nations to hasten peace talks and the White House signaled that it may relax sanctions on Russian oil if there’s progress. Crude also found support from a weakening dollar and US plans to refill its strategic oil reserve, but still was down 3.9% on the week. The Biden administration’s farewell sanctions on Russia have snarled the nation’s crude trade in recent months, with total oil and natural gas revenue last month falling almost 19% from a year earlier, Bloomberg calculations showed. Russia’s oil-related taxes are a key source of financing its war against Ukraine. A potential reintroduction of Russian barrels to the market comes amid a gloomy period for the supply outlook, as OPEC+ forges ahead with a plan to start reviving idled output in April. Meanwhile, Trump’s trade policies have fanned concerns about reduced global energy demand. “You’re seeing some volatility as people try to interpret what they think is going to happen and what it’s going to mean, but the bottom line is Russia has been able to sell its oil,” said Amy Jaffe, director of New York University’s Energy, Climate Justice and Sustainability Lab. Trump signed orders on Thursday paring back tariffs on Mexico and Canada until April 2. That timing coincides with a date when the president is expected to start detailing plans for so-called reciprocal duties

Join Energy Voice News Editor Erikka Askeland who speaks to two high profile energy industry business leaders for International Women’s Day. We speak to Nicola Welsh, UK Country Director at geo-data specialist Fugro alongsideLinda Stewart, Director Marine Geophysical Europe, also at Fugro. Tune in to hear Nicola discuss her route from mining camps in the Australian outback to a senior leadership role while Linda charts her 19-year career journey to become Fugro’s first female director in her role in Scotland. There’s serious discussion about leaning in, the “double bind” and what the IWD 2025 call to “accelerate action” really means. This special podcast also serves and the opening of Energy Voice’s highly anticipated Women in New Energy Event which takes place in Aberdeen in June. Recommended for you Celebrating International Women’s Day with Axis Network’s Emma Behjat

Repsol has blamed UK government tax “policies and adverse economic conditions” as it as confirmed plans to cut jobs in its North Sea operations. The Spanish energy firm said 21 in-house roles could be cut although it did not confirm how many jobs would have to go as it announced its “new and more efficient operating model”. However all of the operator’s 1,000 North Sea staff and contractor roles will be up for review, with Petrofac and Altrad the firm’s biggest employers. Many firms are citing the general market and UK fiscal policies for the cuts. This week North Sea decommissioning firm Well-Safe Solutions announced plans to cut dozens of jobs on shore as well as on its vessel, the Well-Safe Guardian. The firm which has invested tens of millions in repurposing drilling rigs into units that can remove subsea oil and gas infrastructure, said the cuts were due to a business down turn which was a “knock-on effects” of the windfall tax. “Repsol UK has undertaken a review of its operations at our offshore sites, which will result in a new and more efficient operating model.  The health and safety of our people and delivery of safe operations remain our priority. “We remain committed to thrive in the UK North Sea basin, but the UK government’s policies and adverse economic conditions make these changes necessary. “There will be organisational changes, and we are in dialogue with the affected employees and will seek to redeploy where possible.” More to follow. Recommended for you SeAH Wind brings in three contractors for Hornsea 3 work

BP Plc Chief Executive Officer Murray Auchincloss’ total compensation dropped to £5.36 million ($6.91 million) in 2024, about 30% less than the previous year, after the energy giant’s profits disappointed. The London-based company’s 2024 earnings results reported in February showed a steep drop in profits compared with the previous year. That set the stage for a subsequent strategic switch back to oil and gas after years of shifting away from fossil fuels, as it strives to catch up with rivals such as Shell Plc which were quicker to pivot back to core businesses. While Auchincloss saw his base salary rise to £1.45 million from £1.02 million, his share awards dropped to £2.75 million from £4.36 million, according to the annual report published on Thursday. His annual bonus was sharply reduced in his first full year as boss. Auchincloss is in the middle of a roadshow meeting with investors in London in the hope of enlisting support for the company’s new direction. Activist investor Elliott Investment Management, which had bought about 5% of the oil major, is ramping up pressure on the company’s management after the new strategy fell short of its expectations. BP’s shares have declined about 6% since the strategy announcement on Feb. 26.  BP chair Helge Lund is looking for new board members who can bring skills and experience that align with the company’s revised oil and gas-focused strategy, he said in the annual report. The board is particularly keen to recruit an oil and gas expert, according to a person familiar with the matter who asked not to be identified because the information is private. Grafton Group Chair Ian Tyler was appointed to BP’s board to lead the remuneration committee, the company said Thursday. Tyler is also a director at Anglo American Plc. BP’s previous strategy, unveiled in 2020, focused on shifting away from oil

Nexos bosses discussed how they have seen “less people applying” for apprenticeships in recent years at a Scottish Apprenticeships Week event. The Aberdeen-based engineering, procurement and construction (EPC) firm, formerly known as Global E&C, welcomed local skills and training organisations as well as a local MSP to its harbour-side facility in the Granite City to mark the weeklong celebration of trainees. Graeme Gray, fabrication director for Nexos, said: “Going back 10 years, if you advertised an apprentice position you would be in the hundreds of applicants, I think when these recent guys came on the programme there were no more than 50 to 60 applicants.” He added that his current batch of apprentices “are great” and that “there’s no talking away from the quality” of their work; however, “there are just less people applying”. This supports recent reports from the Engineering Construction Industry Training Board (ECITB), which found that 71% of employers in the engineering construction industry have recruitment challenges of late. On the oil and gas sector specifically, the trade body said that it is “unlikely” that oil and gas will be able to replace its aging workforce with younger employees, according to current trends. Nexos employs between 10 and 12 apprentices each year and the firm’s managing director for offshore, Derek Mitchell, described them as “the people who will be driving our future”. ‘Immense’ job market pressures However, oil and gas is not the only sector experiencing these challenges, as MSP for Aberdeen Central Kevin Stewart MSP pointed out while visiting the Nexos facility. Stewart commented: “The pressure in the job market is so immense.” He said that the industry’s engagement with young people is left “too late” and that employers need to be speaking to younger children about opportunities out with university. “I think we should be