The U.N.'s shipping agency said on Monday that it opposes fees on ships passing through maritime waterways but would await more details after U.S. President Donald Trump said he would reinstate a naval blockade on Iran and charge 20% on all cargo shipped through the Strait of Hormuz. Trump said in a Truth Social post the process would begin immediately, but did not elaborate. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime [Read more]
Crude stocks in US strategic reserve fall 3 million barrels to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 98.9 million barrels as of July 10. Overall U.S. inventories, including commercial and SPR [Read more]
UN shipping agency opposes fees for any strait, more details sought on Trump post on cargo charge
More details are awaited after U.S. President Donald Trump said in a post that Washington was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, the U.N.'s shipping agency said on Monday. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime Organization said. "We have always been consistent on our stance on fees – IMO stands firmly against charging fees for passage through [Read more]
Iraq’s prime minister seeks big energy investments on US trip
* Zaidi bets on US companies to bolster energy sector * Iran war dealt major blow to Iraq's economy * Zaidi expected to discuss deals with Trump By Ahmed Rasheed and Muayad Hameed BAGHDAD, July 13 - Iraq's new Prime Minister Ali al-Zaidi aims to secure major U.S. investment in his country's oil, gas, and power sectors during a visit to the White House this week after the Iran war hammered crude output and state finances. Iraq's government is increasingly focused on diversifying [Read more]
Canada’s Greenfire Resources to buy Connacher for about USD $900 million
Greenfire Resources said on Monday that it has agreed to acquire privately held Connacher Oil and Gas Limited for around C$1.27 billion ($900 million) in cash. On a combined basis, Greenfire's 2026 production is expected to rise to about 34,000 barrels per day, with combined reserves of 850 million barrels, with a long-term plan to increase production to about 65,000 barrels per day. * Connacher is a thermal oil sands company with a 100% operated interest in the Great Divide oil sands [Read more]
Trump says the US will control Strait of Hormuz and get paid for it
President Donald Trump said on Monday that the United States would probably take over the Strait of Hormuz and should be reimbursed for controlling the vital waterway. "We're going to keep the strait, and we'll probably run it. We'll become the guardian of the strait. Maybe we'll call it the guardian angel of the strait. And we should be reimbursed for that," he said in a phone interview on Fox News' "Fox & Friends" program. Control of the Strait of Hormuz, a vital route for global oil [Read more]
Asia’s LNG imports recover, drawing cargoes from needy Europe: Russell
Asia's imports of liquefied natural gas (LNG) are poised to hit a six-month high in July while Europe's imports plunge to their lowest in nearly two years. While some of the strength in Asia is because of seasonal demand during the summer peak, the weakness in Europe underscores just how far the second-biggest consuming region is falling behind in building inventories for winter demand. Asia's imports of the super-chilled fuel are estimated at 23.05 million metric tons in July by commodity [Read more]
Cheap drones turn energy into the global economy’s weak spot: Bousso
Cheap, mass-produced drones have transformed modern warfare, exposing critical energy infrastructure as an Achilles' heel for modern economies. Lessons from the battlefields of Ukraine, Russia and the Middle East have shown how unmanned aircraft can evade traditional air defences, turning oil refineries, power stations, export terminals and pipelines into prime targets. The implications for the energy industry are profound. Facilities that took decades and billions of dollars to build can now be [Read more]
Iran escalates attacks on US bases in Gulf states, warns of more ‘incidents’ in strait
U.S. and Iranian forces exchanged heavy missile and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf and saying it had again closed the vital Strait of Hormuz, sending oil prices higher. Iran's Revolutionary Guards said on Monday they targeted U.S. military facilities in Bahrain and Kuwait, destroyed radar systems in Oman, and struck fuel tanks and ammunition depots at Prince Hassan Air Base in Jordan in their latest response to another wave of U.S. [Read more]
Hormuz traffic slows to multi-week low as renewed US, Iran strikes raise safety risk
The number of vessels transiting the Strait of Hormuz fell to multi-week lows on Sunday, shipping data showed, as renewed strikes between the U.S. and Iran and attacks on ships in the Middle East heightened safety concerns. Six vessels transited the strait on Sunday, ship-tracking data from Kpler showed, the lowest number in five weeks. Tankers that exited the strait included the Very Large Crude Carrier Humanity, laden with 2 million barrels of Iranian oil and another tanker, Capetan [Read more]
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