Iran has told International Maritime Organization member states that "non-hostile vessels" may transit the Strait of Hormuz if they coordinate with Iranian authorities, the Financial Times reported on Tuesday, citing a letter. The U.S.-Israeli war against Iran has all but halted shipments of about one-fifth of the world's oil and liquefied natural gas through the Strait of Hormuz, causing oil supply disruption. In the letter circulated among IMO members on Tuesday, Iran’s foreign ministry [Read more]
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Kuwait oil CEO says Iran is ‘holding the world’s economy hostage’
Emergency measures to alleviate the disruption to energy supply caused by the U.S.-Israeli war on Iran are "not even a drop in the proverbial barrel" compared to normal oil and gas export flows from the Middle East Gulf, the CEO of Kuwait Petroleum Corporation said on Tuesday. Kuwait and Gulf neighbors Saudi Arabia, the United Arab Emirates and Iraq have been forced to cut millions of barrels of crude production after Iranian missile and drone attacks on infrastructure across the region and on [Read more]
Energy security key to national security, Shell CEO says
Energy security is key to securing national security, Shell CEO Wael Sawan said on Tuesday, warning that the supply disruptions from the U.S.-Israel war with Iran that have hit Asia could creep into Europe by next month. "We are trying to work with governments to just alert them to the various levers they will need to pull, including on the demand side, including what they need to do around storage, what they need to do around purchasing," he said while speaking at the CERAWeek conference in [Read more]
Canada discusses Keystone XL revival with Trump administration officials
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the cancelled Keystone XL oil pipeline in a meeting in Houston this week, Canada's Natural Resources Minister Tim Hodgson said Tuesday. The project proposed by Canadian pipeline company South Bow and its U.S. partner Bridger Pipeline - which could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead - was one of the topics Hodgson said he and Canada's Ambassador to the [Read more]
Cost to build gas plants has tripled over the last decade, Carlyle energy investment officer says
The cost of building gas plants has topped $3,000 per kilowatt, more than tripling over the last decade, Carlyle's energy investment officer said on Tuesday. "There's a real increase that's happened, and that's flowing into the power prices in the market today," Matt O'Connor, chief investment officer of international energy at Carlyle, said at the CERAWeek conference in Houston. (Reporting by Laila Kearney in New York; Editing by Chris Reese) [Read more]
Kuwait would take 3-4 months to hit full oil output if war ended today, KPC CEO says
Kuwait could ramp up oil production relatively quickly if the U.S.-Israel war with Iran were to end today, hitting full production capacity in 3-4 months, Shaikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation, said on Tuesday in a video address to the CERAWeek energy conference. He said supplies from alternative pipelines to the Strait of Hormuz and releases from strategic reserves were "not even a drop in the proverbial barrel" compared to normal export flows. (Reporting by Stephanie [Read more]
Venezuela needs to “rewire” fiscal system to attract investment, ConocoPhillips CEO says
Venezuela needs to "completely rewire" its fiscal system to attract new investment, ConocoPhillips CEO Ryan Lance said on Tuesday at the CERAWeek conference in Houston, underscoring the challenges facing the country's oil industry in the wake of President Nicolas Maduro's capture in January. Lance called a reformed hydrocarbon law in the OPEC-member country "woefully inadequate" and said the country needed to guarantee contract durability to attract large-scale investment. Following the [Read more]
Energy shortages in Europe could hit by next month, warns Shell CEO
Energy shortages could hit Europe by next month, Shell CEO Wael Sawan said on Tuesday, adding that securing adequate energy supply was critical to national security. Countries cannot have national security without energy security, Sawan said, adding that Shell was trying to work with governments to help them address the energy crisis, including with storage and purchasing. The Middle East conflict, now in its fourth week, has already affected supplies of jet fuel, with diesel set to be next, [Read more]
Microsoft president says building data centres requires trust of US communities
Gaining the approval of local communities has become paramount to building data centers in the U.S., Microsoft President Brad Smith said on Tuesday, as towns across the country increasingly protest the developments. The rapid proliferation of Big Tech data centers is driving up the country's electricity demand and power bills, and drawing scrutiny from states and local communities. "You have to win over the local community and sustain their trust if you are going to build a (data center)," [Read more]
National Bank CEO urges Canada to move faster on priorities in ‘dangerous’ world
MONTREAL - The chief executive of National Bank of Canada says he's not changing the bank's strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad. Speaking at the bank's financial services conference in Montreal, Laurent Ferreira says the country should be moving quicker on reducing internal trade barriers and boosting energy supplies. He says Canada needs to look to export more liquefied natural gas westward and transport [Read more]
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