Australia's liquefied natural gas production remained disrupted and thousands were without power in the remote northwest on Sunday, more than a week after the Narelle storm system hit the country. The impact of Narelle, downgraded from a tropical cyclone on Saturday, on LNG plants run by Chevron and Woodside has exacerbated a global supply crunch caused by the month-old Iran war. Australia became the world’s second-largest LNG exporter when Qatar halted production following damage from Iranian [Read more]
Stocks fall, oil prices rise on darkening economic outlook from Middle East war
Global stock markets fell and oil prices rose on Friday, driven by lack of progress in bringing an end to the four-week-old Middle East conflict that is beginning to sap consumer and business confidence. The global equity market selloff has deepened in recent days, as U.S. President Donald Trump's statements about negotiations are increasingly viewed as less important than the situation in the Gulf, where attacks persist and the crucial Strait of Hormuz is still effectively blocked by Iran. [Read more]
Iran says US attacks while calling for talks ‘intolerable’, response undecided
A senior Iranian official said on Friday U.S. attacks on Iran while simultaneously calling for talks were "intolerable," adding Tehran had yet to decide whether to respond to a U.S. proposal due to attacks on industrial and nuclear infrastructure. Iran's response to U.S. proposals had originally been expected to be delivered on Friday or Saturday, the official added. (Reporting by Reuters, Editing by Louise Heavens) [Read more]
Oil, gas exploration is back: Energy giants hunt to replenish reserves
Global energy companies are getting back to basics and focusing on the hunt for new sources of oil and gas, executives declared at the CERAWeek conference in Houston this week, ending years of underinvestment in exploration. In recent years, the shale revolution in the U.S. promised abundant, flexible supply, while growth in renewable resources like wind and solar raised doubts about long-term oil demand. Many oil and gas drillers chose to funnel profits to dividends and share buybacks [Read more]
Services firms feel the squeeze as oil rally from Iran war fails to spur drilling
Global oilfield services companies are bracing for a hit to earnings as the Iran war disrupts energy infrastructure across the Middle East and producers hold back on new drilling until higher oil prices prove durable. Surging commodity prices - the Brent benchmark is up 53% since February 27, the day before the U.S. and Israel launched strikes against Iran - typically make oil and gas projects more profitable, boosting demand for rigs and crews. In the Iran war, however, security risks and [Read more]
US drillers cut oil and gas rigs for second week in a row, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-January, energy services firm Baker Hughes said on Friday. The oil and gas rig count, an early indicator of future output, fell by nine to 543 in the week to March 27, the lowest since the week of January 16. Baker Hughes said this week's decline puts the total rig count down 49 rigs, or 8.3% below this time last year. Baker Hughes said oil rigs fell [Read more]
Escalation in Middle East possible in coming days, Polish PM says
There are reasons to believe that there could be an escalation in the conflict in the Middle East in the coming days, Polish Prime Minister Donald Tusk said on Friday. "I have reasons to believe, also based on information we've received from our allies, that stabilisation is unlikely in the coming days. On the contrary, a new escalation may occur," Tusk told reporters. (Reporting by Alana Charlish, Paweł Florkiewicz, Anna Wlodarczak-Semczuk;) [Read more]
Trump’s Iran war pushes India to rekindle old friendship with Russia
As India's diplomats negotiated an accord that would ease punitive U.S. tariffs on the South Asian country's exports in January, New Delhi slashed its purchases of Russian crude oil in a move that was widely seen as a painful concession to President Donald Trump. Just two months later, however, Delhi and Moscow are deepening their energy cooperation, with both sides agreeing to prepare for Russia to resume direct sales of liquefied natural gas for the first time since the start of the Ukraine [Read more]
LNG arbitrage creates winners from energy shock
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By George Hay LONDON, March 27 (Reuters Breakingviews) - Gulf conflict has pushed European and Asian liquefied natural gas prices higher, but not American ones. Those with lots of US supply, like Shell and TotalEnergies, can make tidy trading margins. And $41 bln Venture Global, with a boatload of un-contracted LNG, has struck gold. Full view will be published shortly. Follow George Hay on Bluesky and [Read more]
Japan government asks wholesalers to switch to Brent from Dubai pricing, document shows
Japan's industry ministry has asked domestic wholesalers to switch to Brent crude oil pricing from the Dubai benchmark when setting gasoline prices, in an attempt to contain price increases, according to a document seen by Reuters on Friday. The measure adds to the tools that Japan, which is dependent on the Middle East for more than 90% of its oil, has deployed to contend with the disruptions from the Iran war. These have ranged from the partial release of oil reserves to considering an [Read more]
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