The loss of as much as 20% of the world's crude oil and refined fuels through the ongoing effective closure of the Strait of Hormuz gathers most of the media attention as the main fallout from the attack on Iran by the U.S. and Israel. But of more pressing concern is the rapid tightening of refined product markets in Asia, with major importing countries such as Australia and Indonesia potentially facing an emergency situation of lower supplies and massively higher prices. Australia is [Read more]
News
US oil CEOs warn Trump administration that energy crisis likely to worsen, WSJ reports
Chief executives of major U.S. oil companies warned official of U.S. President Donald Trump's administration that the energy crisis triggered by the Iran war is likely to get worse, The Wall Street Journal reported on Sunday, citing people familiar with the matter. The CEOs of Exxon, Chevron and Conocophillips warned in a series of White House meetings last Wednesday and in recent conversations with Energy Secretary Chris Wright and Interior Secretary Doug Burgum that the disruption to energy [Read more]
Alaska LNG needs more offtake commitments before final investment decision, CEO says
Energy developer Glenfarne needs to secure offtake agreements for a further 3 million metric tons of liquefied natural gas before making a final investment decision on the $44 billion Alaska LNG project, its chief executive said on Sunday. The lead developer of the Alaska project is in talks with two potential buyers to add the remaining volumes on top of 13 million tons of annual sales preliminarily agreed so far, Glenfarne CEO Brendan Duval told the Indo-Pacific Energy Security Ministerial [Read more]
Emergency stockpile oil coming soon to Iran-wracked markets, IEA says
More than 400 million barrels of oil from International Energy Agency emergency reserves will begin flowing soon, the agency said in its most detailed account of the rollout of the plan to combat a spike in crude prices since the start of the Iran war. Stocks from Asia and Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March, the agency said on Sunday, four days after the agreement was announced. Governments have [Read more]
Oil poised for further gains as Middle East conflict threatens export facilities
Oil prices could extend gains at Monday's open as the U.S.-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the world's largest supply disruption. The International Energy Agency on Sunday said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the Middle East war. Stocks from Asia Oceania will be released immediately and those from [Read more]
Iran holds the key to reopening global energy markets
When Saudi Aramco told its oil buyers in a letter this week that it had no clear idea which port it would use for April exports, it laid bare a new reality: Iran, not the United States, holds the key to reopening the global energy market. The letter, sent to Saudi oil buyers around the world, said they might receive oil from the Red Sea, but they might still get it from the Gulf. "I might as well call Iran to find out when this war ends so I can get my oil," one regular Saudi oil buyer said upon [Read more]
Oil loading operations at UAE’s Fujairah have restarted, industry source says
Oil loading operations at the United Arab Emirates' Fujairah emirate, a major bunkering hub and crude export terminal, have resumed following a drone attack and fire on Saturday, a Fujairah-based industry source told Reuters. Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day of the UAE's Murban crude oil - a volume equal to about 1% of world demand. Abu Dhabi state oil giant ADNOC, which operates in the emirate, did not immediately respond to a request [Read more]
US Energy secretary sees Iran war ending in weeks, oil supplies rebounding
U.S. Energy Secretary Chris Wright said on Sunday that he expects the U.S. war with Iran to end within "the next few weeks," with oil supplies rebounding and energy costs declining afterwards. "I think that this conflict will certainly come to the end in the next few weeks - could be sooner than that. But the conflict will come to the end in the next few weeks, and we'll see a rebound in supplies and a pushing down in prices after that," Wright told ABC's "This Week" program. (Reporting by [Read more]
Iraq says Kurdish authorities refusing to let it send oil through their pipeline
Iraq’s oil ministry said the Kurdistan Regional Government had refused to let it use a pipeline as an alternative route for crude flows disrupted by the Iran conflict, accusing authorities there of putting up irrelevant conditions. A senior Kurdish government official told Reuters authorities there would be happy for the Iraqi government to use the pipeline, but said Baghdad first needed to lift what he called a "dollar embargo" on the region. "We want a deal. We want to help Iraq and bring [Read more]
Trump threatens more strikes on Iran’s Kharg Island, pushes allies on Strait of Hormuz
U.S. President Donald Trump threatened further strikes on Iran's Kharg Island oil export hub and urged allies to send warships to secure the Strait of Hormuz, as Tehran vowed to step up its response and the war showed no sign on Sunday of coming to an end. Trump said the U.S. strikes had "totally demolished" most of Kharg Island and warned that more could follow, telling NBC News, "We may hit it a few more times just for fun." While he said Tehran appeared ready to make a deal to end the [Read more]
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