Iraqi oil production has slumped as the Iran war rages, with storage tanks reaching high and critical levels while the country is unable to export crude via the Strait of Hormuz, three Iraqi energy officials said on Wednesday. Output from Iraq's main southern oilfields has further fallen by about 80% to around 800,000 barrels per day (bpd), the officials added. Earlier this month, Iraqi oil production from its main southern oilfields had already fallen by about 70% to around 1.3 million [Read more]
Which firms will clean up after the Iran war is finally over?: Maguire
When the missiles and drones eventually stop flying in the U.S.-Israeli air strikes against Iran, a new contest is likely to get underway: the scramble for contracts to rebuild damaged oil and gas infrastructure and restore shipping lanes - and influence - across the Middle East. The destruction is not confined to Iran. At least 40 energy assets across nine countries in the Middle East have been "severely or very severely" damaged, with oil and gas fields, refineries and pipelines all [Read more]
Oil falls as reports of 15-point proposal spurs ceasefire hopes
Oil prices sank about 5% on Wednesday after reports the United States had sent Iran a 15-point proposal aimed at ending the war, prompting talk of progress toward a ceasefire and despite Israel and Iran exchanging airstrikes. Brent crude futures was down $5.66, or 5.42%, to $98.83 a barrel by 1022 GMT, after falling as low as $97.57. U.S. West Texas Intermediate crude futures were down $4.82, or 5.22%, at $87.53, off a low of $86.72. Both benchmarks rose nearly 5% on Tuesday, before paring [Read more]
BlackRock CEO Fink warns of ‘global recession’ if oil goes to $150, BBC reports
BlackRock CEO Larry Fink said oil prices could reach $150 a barrel and cause a "global recession" if Iran "remains a threat" even after the war ends. "If there is a cessation of war, and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, a threat to this peaceful coexistence of the GCC region, then I would argue that we could have years of above $100 closer to $150 oil which has profound implications in the economy," Fink told BBC's Big Boss Interview podcast [Read more]
Gulf war rattles petrodollar foundations: Mike Dolan
Whatever the outcome of the Iran war, one question is already inescapable for the Gulf's energy-rich economies: is the U.S. security umbrella still worth the price? Since the U.S. and Israel launched strikes on Iran on February 28, it's been its Gulf neighbours who have suffered most from missiles and drones that followed - tearing through energy infrastructure, damaging economies,and exposing the limits of a supposed U.S. security umbrella. That reckoning carries consequences far beyond the [Read more]
Western powers were unable to secure shipping in the Red Sea. Hormuz will be harder
The Western allies trying to negotiate a way to protect the Strait of Hormuz for energy shipping face a stark reality: a similar effort in the Red Sea that started years earlier cost billions of dollars and ultimately failed against Yemen's Houthis. The costly Red Sea experience - four ships sunk, more than $1 billion in weapons expended, and a route that the shipping industry still largely avoids - looms over the more complex Strait of Hormuz, the shipping artery used by roughly a fifth of [Read more]
US shale firms unlikely to drill at $100 a barrel unless high prices last longer, executives say
Oil prices above $100 a barrel would not trigger a meaningful production increase in the U.S. unless they stay elevated for more than a quarter, shale executives said at the CERAWeek energy conference in Houston, troubling news for consumers slammed by the energy crisis during the U.S.-Israeli war on Iran. Shale producers helped make the U.S. the top producer in the world and are often counted upon to fill supply gaps because their operations can produce crude relatively quickly. Yet in [Read more]
Global energy crisis deepens; efforts to plug supply gap fall short, industry executives warn
The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the U.S.-Israeli war on Iran, executives and oil ministers said on Tuesday. Costs for energy, fertilizers and petrochemicals are soaring as the world is losing as much as 20 million barrels of oil per day from Middle East producers due to Iran's effective closure of the shipping chokepoint of the Strait of Hormuz. The impact of [Read more]
Venezuela opposition leader Maria Corina Machado pushes for energy investment security, transparency
Venezuela opposition leader Maria Corina Machado told Reuters on Tuesday that early interest in Venezuela's oil sector is positive but she called for more transparency and contract security, including a new oil law, to further increase crude and gas output in the South American country. In January, Venezuela's National Assembly approved a sweeping reform of the country's main oil law after the U.S. capture of President Nicolas Maduro this year. The new law grants foreign producers autonomy to [Read more]
US says it is working with Canada on permitting for proposed partial Keystone XL revival
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday. The pipeline, proposed by Canadian pipeline company South Bow and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead. The Keystone XL project, which was cancelled by the administration of former President Joe Biden, is fully permitted on the Canadian [Read more]
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