Oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, days after the world's biggest crude exporter closed its East-West pipeline due to an attack by Yemen's Iran-aligned Houthis, shipping industry sources said on Tuesday. Saudi Aramco, which has increased use of the Yanbu terminal since the U.S. war with Iran began on February 28, declined to comment. (Reporting by Jonathan Saul) [Read more]
LNG demand in China and India expected to recover when Mideast war ends
China and India's LNG imports are likely to rebound from multi-year lows once the Middle East supply crunch ends and prices ease, industry executives expect, reversing a pick-up in coal and oil use to generate power due to the U.S.-Iran war. The conflict has prevented Qatar and the United Arab Emirates from exporting most of their LNG via the Strait of Hormuz, where a fifth of global supplies used to pass, driving up prices and curbing demand in Asia. Shell, the world's biggest LNG trader, [Read more]
Trump’s Ukraine energy truce won’t fix global diesel crunch: Bousso
An energy infrastructure truce that U.S. President Donald Trump brokered between Russia and Ukraine could reduce one of the biggest immediate threats facing the global diesel market. But it is unlikely to reverse the severe supply crunch that has emerged this year. On Monday, the Republican president said Ukraine and Russia had agreed not to attack each other's energy infrastructure. Ukrainian President Volodymyr Zelenskiy said in response that he wanted more details before halting [Read more]
Hormuz crisis will end soon, Oman LNG chief exec says
The crisis around the Strait of Hormuz will end soon, the chief executive of Oman LNG said on Tuesday. The Hormuz crisis will not change the company's long term plans, Hamed Al Naamany told an industry forum in Bangkok. "We have already been planning to produce more, we've been working on it for a couple of years. So we don't plan for crisis: we're planning for more," he said. (Reporting by Helen Clark; Editing by David Stanway) [Read more]
Kremlin welcomes Trump’s idea of energy truce with Ukraine, calls for sanctions removal
The Kremlin said on Tuesday it welcomed a U.S. proposal for a Russia-Ukraine moratorium on attacking each other's energy infrastructure, while saying it was also necessary to protect seaborne exports and remove "illegal" sanctions on Russia. U.S. President Donald Trump said on Monday that Ukraine and Russia had agreed not to hit each other's energy targets, though neither side has confirmed such an agreement. Russia hit petrol stations in Kyiv on Tuesday and Ukraine said it struck a Russian [Read more]
Trump’s Ukraine energy truce won’t fix global diesel crunch: Bousso
An energy infrastructure truce that U.S. President Donald Trump brokered between Russia and Ukraine could reduce one of the biggest immediate threats facing the global diesel market. But it is unlikely to reverse the severe supply crunch that has emerged this year. On Monday, the Republican president said Ukraine and Russia had agreed not to attack each other's energy infrastructure. Ukrainian President Volodymyr Zelenskiy said in response that he wanted more details before halting [Read more]
China draws on crude inventories in August as refinery runs rise: Russell
China dipped into its massive crude oil stockpile in August for the third month in the past four as increased refinery processing exceeded a modest increase in oil imports. Refineries processed about 640,000 barrels per day (bpd) more than what was available to them from imports and domestic oil production, according to calculations based on official data. China, the world's biggest crude importer, slashed its purchases to the lowest in a decade in the wake of the higher oil prices caused [Read more]
Thailand’s PTT looking at new sources for LNG such as Oman, Mexico and Canada, executive says
Thailand's PTT is looking at new sources for liquefied natural gas such as Oman, North America and West Africa as it looks to diversify its portfolio amid geopolitical disruption, a senior company executive told Reuters on Tuesday. The largest LNG importer in Southeast Asia relies on spot supplies to meet 50% of its demand. Thailand boosted imports from the United States this year after exports from Qatar, its biggest supplier, were severely disrupted when the Iran war closed the Strait of [Read more]
Australia’s Santos signs two separate LNG agreements with POSCO Steel and Western LNG
Australia's Santos said on Tuesday it had signed a liquefied natural gas (LNG) supply agreement with POSCO Steel and a purchase agreement with Western LNG. Santos will supply LNG to POSCO Steel on a "delivered ex ship" basis for 10 years. It will be sourced from Santos' diversified global LNG portfolio, with supply starting in 2030 or 2031. Santos will purchase about 1 million metric tons per annum (mtpa) of LNG from the proposed Ksi Lisims project in British Columbia, Canada, on a [Read more]
Houthis strike Saudi targets anew as talks over Strait of Hormuz stall
Yemen's Iran-aligned Houthis launched a new wave of attacks on Saudi Arabia and were digging into positions on the western coast of Yemen along the Red Sea, Yemeni officials said, as urgent deliberations took place in Riyadh over how to respond to their lightning advance. Meanwhile, Gulf Arab states postponed planned talks with Iran, raising concerns the Middle East conflict could spread further and threaten global oil supplies. The Houthis on Monday said they fired dozens of missiles and [Read more]
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