War in Iran is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day (bpd) which could raise crude prices to $150 per barrel, research and consultancy firm Wood Mackenzie said on Tuesday. Iran's Revolutionary Guards have vowed not to let any oil out of the Middle East until U.S. and Israeli attacks cease. WoodMac said: * "Gulf countries in total produce 20 million bpd of liquids, and 15 million bpd of exports have been taken out of the [Read more]
Aramco sees ‘catastrophic consequences’ for oil if shipping doesn’t resume in Strait of Hormuz
Saudi Arabia's Aramco, the world's top oil exporter, said on Tuesday that there would be "catastrophic consequences" for the world's oil markets if the Iran war continues to disrupt shipping in the Strait of Hormuz. The disruption has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture, automotive and other industries, Aramco CEO Amin Nasser told reporters on an earnings call. Nasser noted global inventories of oil [Read more]
Exxon evacuated non-essential Middle East staff as operations scaled back, CEO says
Exxon Mobil has evacuated non-essential employees from its operations in the Middle East, CEO Darren Woods said in an interview on Tuesday, as the U.S.-Israel war on Iran continues. Some operations have been scaled back to manage oil inventory levels as traffic through the Strait of Hormuz has been challenged, he said. Exxon is a minority partner in oil and gas projects in the UAE, Qatar and Saudi Arabia. "Our first and highest priority is making sure our people remain safe, and we evacuated [Read more]
G7, EU to discuss soaring energy prices, strategic reserves
G7 energy ministers will discuss how to tackle soaring energy prices due to the war in Iran on a call on Tuesday while a group of European Union leaders will do so later in the day, officials said. Oil prices surged to $119 a barrel on Monday, their highest levels in almost four years, on fears of Gulf output cuts and disrupted exports by tanker. European governments are on edge about the prospect of a repeat of the energy crisis they faced in 2022, when prices surged to record peaks, [Read more]
Gulf energy official says stopping the war is only way to reopen Hormuz
A senior Gulf energy industry official said on Tuesday stopping the Iran war was the only option when asked if there were ways of getting oil and gas moving again through the Strait of Hormuz. The official spoke on condition of anonymity, given the sensitivity of the matter. (Reporting by Maha El Dahan; Editing by Andrew Heavens) [Read more]
Iran says oil blockade will continue until attacks end, Trump threatens to escalate strikes
Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it blocked exports from the vital energy-producing region. The heightened rhetoric did little to quell a sharp retreat in crude prices and a rally in global shares, which came after Trump expressed confidence in a swift end to hostilities even [Read more]
Trump says US is waiving certain oil-related sanctions to ensure supply
President Donald Trump said on Monday that the United States is waiving certain oil-related sanctions as a way to ensure adequate oil supply and lower prices. At a news conference at his Doral golf club, Trump said oil prices have not spiked as much as he had feared. Trump said the United States is waiving certain oil-related sanctions to cut prices. "We have sanctions on some countries. We're going to take those sanctions off till the Strait (of Hormuz) is up," Trump said. He was [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday as global oil prices continued to leap higher due to constrained Middle Eastern supply. WCS for April delivery in Hardisty, Alberta, settled at $12.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12 on Friday. * The discount on heavy Canadian crude has widened by approximately $1 since the U.S.-Israeli war on Iran began. * [Read more]
Iran’s revolutionary guards say any Arab, European country that expels US, Israel envoys will be able to navigate Strait of Hormuz
Iran's Revolutionary Guards said any Arab or European country that expels the ambassadors of Israel and the U.S. from its territory will have full authority and freedom to pass through the Strait of Hormuz, Iranian state media reported on Monday. The crisis in the Middle East has halted shipping and energy exports through the vital Strait of Hormuz, which carries roughly a fifth of global oil and liquefied natural gas flows. Hundreds of ships remain anchored on both sides of the [Read more]
Kremlin: Putin, in a phone call with Trump, shares proposals to end Iran war quickly
Russian President Vladimir Putin, in a telephone conversation on Monday with U.S. President Donald Trump, put forward proposals for a quick settlement of the conflict around Iran, Kremlin foreign policy aide Yuri Ushakov said. Ushakov, giving an account of the conversation to reporters, said the two leaders also discussed the conflict in Ukraine and noted that Russian gains should prompt Kyiv's negotiators to move towards a settlement. He described the entire discussion as "very [Read more]
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