Global energy markets face one of their gravest shocks in decades as joint U.S. and Israeli strikes on Iran and Tehran’s retaliatory missile attacks across the Gulf disrupt oil exports from the world’s most important producing region. The scale of the disruption will likely be determined by the duration of the conflict, but for now the threat and the uncertainty are already enough to severely impact flows from the region that accounts for 20% of global oil supplies. Barring a swift resolution, [Read more]
News
DNO shuts oil output in Iraqi Kurdistan as precaution after strikes on Iran
Oslo-listed DNO shut down its oil production in the Kurdistan region of Iraq as a precautionary measure after Israel and the United States launched strikes on neighbouring Iran, the company told Reuters on Saturday. "We've been preparing for the hard stop of operations for the last several weeks. Today, as a precautionary measure, we temporarily stopped operations and moved our people to safe locations," DNO Executive Chairman Bijan Mossavar-Rahmani said in an interview. DNO and its [Read more]
Iran’s main oil and gas production and infrastructure
The United States and Israel launched an attack on Iran on Saturday. The attack could disrupt oil and gas output and cause damage to energy infrastructure in the Middle East. Following are facts on Iran's energy industry, exports, and the impact of Western sanctions: OIL PRODUCTION AND INFRASTRUCTURE Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, pumps about 4.5% of global oil supplies. Iran's output is about 3.3 million barrels per day of [Read more]
President Trump makes statement on United States military combat operations in Iran
The official White House X account released remarks from President Trump early this morning, in regards to the United States combat operations in Iran, which began overnight. The President appears to be seeking regime change in Iran, and said to the Iranian people: "When we are finished, take over your government. It will be yours to take." President Donald J. Trump on the United States military combat operations in Iran: pic.twitter.com/LimJmpLkgZ — The White House (@WhiteHouse) February [Read more]
Israel shuts down gas fields after US-Israel strikes on Iran
(Adds details, paragraph 3 onwards) By Shadia Nasralla and Marwa Rashad LONDON, Feb 28 - The Israeli Energy Ministry has ordered the temporary shutdown of parts of the country's natural gas reservoirs after Israel and the United States launched strikes on Iran on Saturday. The Leviathan gas field offshore Israel, operated by Chevron has been shut down, three sources told Reuters. Energean’s production vessel that serves several Israeli fields has also been shut down, the company said in [Read more]
What is the Strait of Hormuz and why is it so important for oil?
The United States and Israel attacked Iran on Saturday in a development that could lead to a closure of the Strait of Hormuz, a major oil export route, for days. Below are details about the strait: WHAT IS THE STRAIT OF HORMUZ? The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. WHY [Read more]
Some oil majors, traders suspend shipments via Hormuz amid US attack on Iran, sources say
Some oil majors and top trading houses have suspended crude oil and fuel shipments via the Strait of Hormuz amid ongoing U.S. and Israeli attacks on Iran and Tehran's retaliation, four trading sources said on Saturday. "Our ships will stay put for several days," one top executive at a major trading desk said. (Reporting by Dmitri zZhdannikov; Editing by Aidan Lewis) [Read more]
OPEC+ to consider bigger hike after Iran strike, delegate says, Bloomberg News reports
OPEC+ will discuss the possibility of a larger output increase when key members meet on Sunday, after Israel carried out airstrikes on targets in Iran, Bloomberg News reported on Saturday, citing a delegate. Reuters could not immediately verify the report. (Reporting by Mihika Sharma in Bengaluru; Editing by Kate Mayberry) [Read more]
North Dakota judge finalizes $345 million judgment against Greenpeace in pipeline case
A North Dakota judge on Friday finalized a $345 million judgment against Greenpeace in a lawsuit pursued by pipeline company Energy Transfer over the environmental group's role in protests against the construction of the Dakota Access Pipeline. The final judgment by Judge James Gion was in line with a decision he issued in October, in which he slashed by almost half a damages award of about $667 million that a jury had awarded Energy Transfer in March. Greenpeace in a statement said it [Read more]
Barclays says Brent could reach $80 a barrel on US-Iran tensions
Barclays said Brent crude could rise to around $80 per barrel in the event of a material supply disruption, as U.S.-Iran tensions remain elevated. "While it is entirely possible that an escalation does not lead to a supply disruption and the $3-5/b risk premium in oil prices fades quickly, even a 1 mb/d supply outage would further question the widely expected supply glut and push Brent to $80/b, in our view," the bank said. Oil prices rose about 2% on Friday, with traders bracing for [Read more]
- « Previous Page
- 1
- …
- 209
- 210
- 211
- 212
- 213
- …
- 3772
- Next Page »