* Strait of Hormuz closure hits 20% of global oil, LNG supply * World facing rising prices, prospect of reduced consumption * Impacts could threaten global food security, UN economist warns By Alex Lawler and Arathy Somasekhar March 21 - The war in the Middle East has triggered a nightmare scenario for the global energy system, slashing so much supply that consumers around the world must both pay up big and lower consumption. The effective closure of the Strait of Hormuz, a narrow [Read more]
US allows 30-day sale of Iran oil at sea in bid to tame prices
The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X. The move reflects White House worries that the surge in oil prices after nearly three weeks of U.S. and Israeli strikes on Iran will [Read more]
Iranian gas to Iraq resumes after South Pars attack, Iraqi state news agency says
Iranian gas supplies to Iraq have resumed at a rate of five million cubic metres per day, the Iraqi electricity ministry said on Saturday, according to the state news agency. Flows had been halted after Israel attacked Iran's main gas field, South Pars, on Wednesday. The current five million cubic metres is a fraction of the contracted 50 million cubic metres. Iraqi officials say volumes will increase gradually, but have provided neither a timeframe nor details of the damage to the Iranian gas [Read more]
EU urges members to cut gas-storage targets due to Iran war, FT reports
The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday. Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, 10 percentage points below the EU’s official targets, “as early as possible in the filling season to provide certainty and reassurance [Read more]
Iran ready to let Japanese vessels transit Hormuz, Kyodo reports
Iran is ready to let Japanese-related vessels pass through the Strait of Hormuz, a vital artery for global oil supplies, Kyodo news reported, citing Iranian Foreign Minister Abbas Araqchi. Tehran has started talks with Tokyo about possibly opening the strait, Araqchi told the Japanese news agency in a phone interview on Friday. Japan's foreign and trade ministries and the Prime Minister's Office did not pick up calls from Reuters on Saturday seeking comment on the report. Japan gets around [Read more]
US loans 45.2 million barrels of strategic reserve oil in first batch since Iran war
The U.S. Energy Department said it had awarded contracts to loan 45.2 million barrels of crude oil from the Strategic Petroleum Reserve as of Friday. Companies that have been awarded the SPR contracts include BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading, the Energy Department said in a statement. The Trump administration is loaning oil from the strategic reserve as part of a wider agreement by countries in the International Energy Agency to release 400 [Read more]
Panama Canal operating at top capacity as Iran war triggers more LNG vessel traffic, chief says
The Panama Canal is operating at top capacity with a daily passage of between 36 and 38 vessels, the waterway's chief Ricaurte Vasquez told reporters on Friday, adding that the Iran war is boosting demand by owners and operators of liquefied natural gas tankers, particularly those loading at U.S. ports. The world's second busiest waterway, which was already seeing increased traffic of LNG vessels through Panama before the war, is getting ready to offer one slot per day for LNG tankers to pass [Read more]
Iraq cuts Basra oil output to 900,000 bpd from 3.3 million bpd after southern exports halt
Iraq's Oil Minister Hayan Abdel-Ghani said crude production at Basra Oil Company has been cut to 900,000 barrels per day (bpd) from 3.3 million bpd after exports from the country's southern ports were halted, the ministry said on Friday. The produced quantities were being pumped to operate refineries, the ministry added in a statement. (Reporting by Muhammad Al Gebaly and Enas Alashray;) [Read more]
Kevin Warsh’s first move as Fed chair could be a rate hike: McGeever
Assuming Kevin Warsh succeeds Jerome Powell as Federal Reserve chair by mid-May as planned, one of his first acts may be to preside over an interest rate hike, a true baptism of fire which would raise the ire of his boss, President Donald Trump. With the Middle East conflict triggering a massive global energy shock, oil soaring above $100 a barrel, and pre-conflict U.S. inflation figures already flashing red, it's not an outlandish scenario. Fed officials are discussing it, and financial [Read more]
Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
Iraq has declared force majeure on all oilfields developed by foreign oil companies after military operations in the region disrupted navigation through the Strait of Hormuz, halting most of the country's crude exports, three energy officials with direct knowledge of the decisionsaid. Navigation through the Strait of Hormuz — a chokepoint for around 20% of global oil and liquefied natural gas supplies — has been severely affected by unprecedented military activity, the oil ministry said in a [Read more]
- 1
- 2
- 3
- …
- 1065
- Next Page »