Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain's regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% of refinery production, he said at the S&P Global Energy Middle East Petroleum and Gas Conference. Middle East Gulf refineries, including Oman which sits to the south [Read more]
Trump says Iran has agreed to not have a nuclear weapon
U.S. President Donald Trump said Iran has agreed not to have a nuclear weapon and that he would probably meet with Supreme Leader Mojtaba Khameneiat some point if things "work out". "They've already agreed they're not going to have a nuclear weapon," Trump told "Pod Force One" in an interview broadcast on Wednesday, while speaking about Iran. Asked about Khamenei's involvement in talks with the U.S. on ending hostilities, Trump said, "He's involved, absolutely.... I think they have a lot [Read more]
Oil demand will spike after war to replenish stocks, ADNOC executive says
There will be a spike in oil demand to replenish storage levels after the current global oil supply crisis in overcome, ADNOC senior vice president of business transformation Fatema Bin Saleem Al Teneiji said on Tuesday. Oil demand will then start to pick up as oil prices normalise, she said at the S&P Global Energy Middle East Petroleum and Gas Conference in London. (Reporting by Robert Harvey in London, Editing by Louise Heavens) [Read more]
Kuwait could recover 70% of oil production in 6-8 weeks after Hormuz reopens, KPC executive says
Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Kuwait Petroleum Company's managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said on Wednesday. The remaining 30% would take about another month, he told the S&P Global Energy Middle East Petroleum and Gas Conference. Kuwait's timeline for its production recovery is shorter than some forecasts for a full reopening of transits through the Strait [Read more]
Oil refining has been underinvested, Saudi Aramco says
The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco's vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global Energy Middle East Petroleum and Gas Conference in London. "Now we realise if you have those refineries you may have definitely mitigated the impacts of [Read more]
Norway oil, gas output could initially fall by 1% in case of strike, industry says
Norway's oil and gas output could initially fall by about 45,500 barrels of oil equivalent per day from Friday if workers go on strike, equivalent to just over 1% of the country's output, industry group Offshore Norway said on Wednesday. Nearly 8% of Norwegian offshore oil and gas workers plan to strike from June 5 if state-brokered wage mediation fails in the coming days, with the option to escalate the action over time, three labour unions have said. Norway produces more than 4 million [Read more]
Oil prices rise as new Middle East hostilities flare and talks stall
Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to settle at $94.77. Both benchmarks settled at a one-week high in the previous session. Iran launched ballistic missiles toward [Read more]
Chevron applies for Argentina tax break program with $13.8 billion investment plan
Chevron has applied to join Argentina's incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country's shale patch. The filing, which still requires government approval, is the latest sign that global energy companies are positioning for long-term growth in Vaca Muerta, one of the world's biggest shale oil and gas reserves and a [Read more]
US LNG exports fall in May on maintenance, Asia’s take rises
U.S. liquefied natural gas exports fell to 10.2 million metric tons (MT) in May, the lowest level this year excluding February’s shorter month, as seasonal maintenance curbed output, preliminary data from financial firm LSEG showed. The decline was driven by planned outages across several export plants, as operators carried out spring maintenance after delaying work earlier in the year to capture strong demand. Cheniere Energy and some U.S. exporters had postponed maintenance in March to [Read more]
Oil market could be underpricing risks, Vitol’s Bahrain chief says
The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol's managing director for Bahrain, Tom Baker, said on Tuesday. Iran's effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, causing the largest oil supply crisis in history. "Crude can come back online, but from a product perspective, it might be very hard for the [Read more]
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