U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, under its de facto leader Saudi Arabia, has exercised outsized influence over oil markets, dialling output up or down by tapping spare capacity to manage prices and defend [Read more]
Petronet expects Qatar to start LNG exports in 3 to 4 weeks of Iran war end
India's Petronet LNG expects Qatar to resume operations at its liquefied natural gas facilities within three to four weeks of the Middle East crisis ending, its head of finance, Saurav Mitra, said during an analyst call on Tuesday. * Petronet hopes the crisis will end soon. "We are confident that maybe from the first week of June, the entire supply will come as per the annual delivery plan," Mitra said. * He said Petronet is in talks with Qatar regarding the delivery of cargoes hit by the [Read more]
Middle East truce in doubt as US and Iran fight for control of Strait of Hormuz
The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz. The U.S. military said on Monday it destroyed six Iranian small boats, as well as cruise missiles and drones, after President Donald Trump sent the navy to escort stranded tankers through the strait in a campaign he called "Project Freedom". Iran's parliament speaker, Mohammad Baqer Qalibaf, said in a social media post on Tuesday [Read more]
IMF chief Georgieva warns of ‘much worse outcome’ if Middle East war drags into 2027
The head of the International Monetary Fund on Monday warned that inflation was already picking up and the global economy could face a "much worse outcome" if the war in the Middle East drags into 2027 and oil prices hit around $125 per barrel. IMF Managing Director Kristalina Georgieva said the continuation of the war meant that the global lender's "reference scenario" assuming a short-lived conflict - which forecast a minor growth slowdown to 3.1% and a minor increase in prices to 4.4% - [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for June delivery in Hardisty, Alberta, settled at $16.25 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.30 on Friday. * While the discount has narrowed, the price marks the steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]
Oil prices jump 6% as Iran sets UAE oil port ablaze, strikes vessels in Strait of Hormuz
Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.27, or 5.8%, to settle at $114.44 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.48, or 4.4%, to settle at $106.42. Iran hit several ships in the Strait of Hormuz on Monday and set a UAE oil port ablaze, as President [Read more]
Chevron CEO says physical shortages in oil supply to begin appearing
Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to reduced supply with the strait still closed because of the U.S.-Israeli war with Iran, Wirth said during a discussion sponsored by the Milken Institute. "We will start to see physical shortages," Wirth [Read more]
Diamondback boosts annual production outlook as oil prices rally
U.S. shale producer Diamondback Energy raised its annual production forecast on Monday, after beating Wall Street expectations for first-quarter profit on a rally in oil prices. The first quarter was marked by geopolitical uncertainty and extreme volatility in oil prices, which have surged more than 87% this year after the U.S.-Israeli war on Iran disrupted supply chains and damaged key energy infrastructure. Although Diamondback's operations are based in the U.S., the company benefits [Read more]
US Justice Dept sues to block Minnesota’s climate change lawsuit
The U.S. Justice Department filed a lawsuit on Monday to block Minnesota from moving forward with a long-running lawsuit seeking to hold Exxon Mobil and other oil industry participants responsible for harms caused by climate change. The lawsuit marked the latest in a series of cases President Donald Trump's administration has filed that have sought to prevent Democratic-led states from enforcing laws or pursuing lawsuits that target fossil fuel companies over climate change. Judges have [Read more]
Goldman says global oil stocks approaching eight-year low, depletion speed a concern
Global oil stocks are approaching their lowest level in eight years, Goldman Sachs said on Monday, warning that the speed of depletion was becoming a concern as supplies through the Strait of Hormuz remained restricted. Oil prices jumped about 6% on Monday after Iran hit several ships in the Strait of Hormuz and set a UAE oil port ablaze, as President Donald Trump's attempt to use the U.S. Navy to free up shipping provoked the biggest escalation since a ceasefire was declared four weeks [Read more]
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