Whatever the outcome of the Iran war, one question is already inescapable for the Gulf's energy-rich economies: is the U.S. security umbrella still worth the price? Since the U.S. and Israel launched strikes on Iran on February 28, it's been its Gulf neighbours who have suffered most from missiles and drones that followed - tearing through energy infrastructure, damaging economies,and exposing the limits of a supposed U.S. security umbrella. That reckoning carries consequences far beyond the [Read more]
News
Western powers were unable to secure shipping in the Red Sea. Hormuz will be harder
The Western allies trying to negotiate a way to protect the Strait of Hormuz for energy shipping face a stark reality: a similar effort in the Red Sea that started years earlier cost billions of dollars and ultimately failed against Yemen's Houthis. The costly Red Sea experience - four ships sunk, more than $1 billion in weapons expended, and a route that the shipping industry still largely avoids - looms over the more complex Strait of Hormuz, the shipping artery used by roughly a fifth of [Read more]
US shale firms unlikely to drill at $100 a barrel unless high prices last longer, executives say
Oil prices above $100 a barrel would not trigger a meaningful production increase in the U.S. unless they stay elevated for more than a quarter, shale executives said at the CERAWeek energy conference in Houston, troubling news for consumers slammed by the energy crisis during the U.S.-Israeli war on Iran. Shale producers helped make the U.S. the top producer in the world and are often counted upon to fill supply gaps because their operations can produce crude relatively quickly. Yet in [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Mar. 23 Junior Learning Management System (LMS) Administrator Roska DBO Calgary Mar. 23 HR & Payroll Administrator Roska DBO Grande Prairie Mar. [Read more]
Global energy crisis deepens; efforts to plug supply gap fall short, industry executives warn
The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the U.S.-Israeli war on Iran, executives and oil ministers said on Tuesday. Costs for energy, fertilizers and petrochemicals are soaring as the world is losing as much as 20 million barrels of oil per day from Middle East producers due to Iran's effective closure of the shipping chokepoint of the Strait of Hormuz. The impact of [Read more]
Venezuela opposition leader Maria Corina Machado pushes for energy investment security, transparency
Venezuela opposition leader Maria Corina Machado told Reuters on Tuesday that early interest in Venezuela's oil sector is positive but she called for more transparency and contract security, including a new oil law, to further increase crude and gas output in the South American country. In January, Venezuela's National Assembly approved a sweeping reform of the country's main oil law after the U.S. capture of President Nicolas Maduro this year. The new law grants foreign producers autonomy to [Read more]
US says it is working with Canada on permitting for proposed partial Keystone XL revival
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday. The pipeline, proposed by Canadian pipeline company South Bow and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead. The Keystone XL project, which was cancelled by the administration of former President Joe Biden, is fully permitted on the Canadian [Read more]
Iran says ‘non-hostile’ ships can transit Strait of Hormuz, FT reports
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]
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]
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