Venezuela's oil exports fell 6.5% in February from a month earlier to some 737,000 barrels per day as more shipments to the United States and Europe could not fully offset the loss of what used to be the OPEC country's main market, China, according to vessel monitoring data and documents from state company PDVSA. Washington has controlled the South American nation's oil exports since early January, when U.S. forces captured President Nicolas Maduro. Trading houses Trafigura and Vitol and U.S. [Read more]
Trump says US to provide insurance to all maritime trade in Gulf
President Donald Trump said on Tuesday he had ordered the United States Development Finance Corporation to provide insurance and guarantees for the financial security of all maritime trade, including oil tankers, traveling through the Gulf region. He made the comments in a Truth Social post. (Reporting by Bhargav Acharya and Ryan Patrick Jones in Toronto; Editing by David Ljunggren) [Read more]
US considering oil tanker insurance support to ease Middle East crude shipments, sources say
President Donald Trump will review a set of policy options on Tuesday aimed at controlling energy prices during the escalating Middle East conflict, including a proposal for the U.S. government to help oil tankers in the region obtain insurance, two sources said. Global crude prices have spiked since Israeli and U.S. forces began striking Iran over the weekend, leading to fighting that has interrupted Middle East oil tanker shipments. Treasury Secretary Scott Bessent and Energy Secretary Chris [Read more]
Iraq reduces oil output, more cuts to come if Hormuz disruptions persist, Iraqi oil officials say
Iraq has cut oil production by nearly 1.5 million barrels a day and those cuts could widen to more than 3 million bpd within days as the country runs out of storage and cannot export crude due to the Iran crisis, two Iraqi oil officials told Reuters on Tuesday. As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, from the West Qurna 2 field by 460,000 bpd and from the Maysan field by 325,000 bpd, the officials, who did not wish to be named, said. That output [Read more]
China imports the most energy, but is best placed on Iran: Russell
China is the world's largest energy importer and would therefore appear vulnerable to the surge in crude oil and natural gas prices from the conflict between Israel and the United States against Iran. But the opposite is most likely the case, with China's vast stockpile of crude a cushion against price spikes, meaning that any energy-led inflation in the rest of the world will not hit China. It is also possible that China's refiners could reap windfall profits in the event of a prolonged [Read more]
Saudi Aramco seeks to reroute crude away from Strait of Hormuz, sources say
Saudi oil giant Aramco is attempting to reroute some of its crude exports to the Red Sea to bypass the Strait of Hormuz where the risk of attacks has slowed shipping to a near halt, sources said on Tuesday. The world's largest oil firm hopes to avert production cuts by rerouting oil to its Red Sea port of Yanbu but sources, including buyers, traders and analysts, said the East-West Pipeline had limited capacity and could become a target of attacks by Iran's allies. The pipeline has a [Read more]
US natural gas futures leap 6% as Middle East conflict disrupts global supplies
U.S. natural gas futures jumped about 6% to a two-week high on Tuesday on soaring oil and gas prices around the world as the U.S.-Israeli war against Iran widened across the Middle East region, disrupting the movement of energy supplies. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 18.7 cents, or 6.3%, to $3.147 per million British thermal units, putting the contract on track for its highest close since February 13. In the cash market, average prices at [Read more]
Shell sees ‘enormous opportunity’ for Brazil oil amid Middle East conflict
The U.S.-Israeli conflict with Iran presents Brazil with an "enormous opportunity" to attract investments to develop its oil assets, Shell's CEO in the country told reporters on Tuesday. Brazil's geopolitical stability and track record as a reliable oil producer give it an advantage over other nations, Cristiano Pinto da Costa said, though acknowledging the country has limited ability to increase output in the short term. Brazil would likely benefit over the medium to long term, he added, [Read more]
Iran war traps Treasuries investors in stagflationary oil dilemma: McGeever
U.S. Treasuries just clocked their best month in a year. But with war suddenly raging in the Middle East, investors must decide whether safe-haven demand will accelerate the bond market rally or if an inflationary surge in oil prices will send it screeching into reverse. The joint U.S.-Israeli attack on Iran on Saturday, in which Supreme Leader Ayatollah Ali Khamenei was killed, marked a dramatic escalation in regional tensions. In recent weeks, the simmering conflict had already helped lift [Read more]
Iran war exposes 60-40 portfolio frailty: McGeever
For investors, the conflagration in the Middle East and flaring geopolitical tensions worldwide raise an uncomfortable question: how can you hedge these risks if the traditional equity-bond portfolio no longer works? The answer isn't immediately obvious, but the volatility that has rocked world markets since the U.S.-Israeli attacks on Iran over the weekend suggests the pressure on investors to find one is only going to intensify. Implied volatility in U.S. Treasuries on Monday rose the [Read more]
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