Cuba's national electric grid collapsed on Saturday for the second time in a week amid the U.S.-imposed oil blockade, officials announced, as the communist government struggles to keep the lights on for its 10 million people with decrepit infrastructure. "At 18:32 (2232 GMT), a total disconnection of the National Electric Power System occurred. We will continue to provide updates," the state utility Union Electrica said on social media. This incident marks the third major power outage this [Read more]
News
US will hit Iran’s power plants if Strait of Hormuz not opened within 48 hours, Trump says
U.S. President Donald Trump on Saturday wrote that the U.S. would strike Iranian power plants if the Strait of Hormuz was not opened within 48 hours. Trump posted the threat on Truth Social. (Reporting & writing by Christian Martinez) [Read more]
Saudi Arabia orders Iranian military attache, four embassy staff to leave
Saudi Arabia informed Iran's military attache, his assistant and three members of the embassy staff that they must leave the kingdom within 24 hours after being declared persona non grata, the Saudi foreign ministry said on Saturday, citing what it described as continued Iranian attacks on Saudi territory. Saudi Arabia has come under attack by hundreds of Iranian missiles and drones since the start of U.S.-Israeli war on Iran, the vast majority of which have been intercepted, authorities [Read more]
Iran war’s energy impact forces world to pay up, cut consumption
* Strait of Hormuz closure hits 20% of global oil, LNG supply * World facing rising prices, prospect of reduced consumption * Impacts could threaten global food security, UN economist warns By Alex Lawler and Arathy Somasekhar March 21 - The war in the Middle East has triggered a nightmare scenario for the global energy system, slashing so much supply that consumers around the world must both pay up big and lower consumption. The effective closure of the Strait of Hormuz, a narrow [Read more]
US allows 30-day sale of Iran oil at sea in bid to tame prices
The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X. The move reflects White House worries that the surge in oil prices after nearly three weeks of U.S. and Israeli strikes on Iran will [Read more]
Iranian gas to Iraq resumes after South Pars attack, Iraqi state news agency says
Iranian gas supplies to Iraq have resumed at a rate of five million cubic metres per day, the Iraqi electricity ministry said on Saturday, according to the state news agency. Flows had been halted after Israel attacked Iran's main gas field, South Pars, on Wednesday. The current five million cubic metres is a fraction of the contracted 50 million cubic metres. Iraqi officials say volumes will increase gradually, but have provided neither a timeframe nor details of the damage to the Iranian gas [Read more]
EU urges members to cut gas-storage targets due to Iran war, FT reports
The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday. Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, 10 percentage points below the EU’s official targets, “as early as possible in the filling season to provide certainty and reassurance [Read more]
Iran ready to let Japanese vessels transit Hormuz, Kyodo reports
Iran is ready to let Japanese-related vessels pass through the Strait of Hormuz, a vital artery for global oil supplies, Kyodo news reported, citing Iranian Foreign Minister Abbas Araqchi. Tehran has started talks with Tokyo about possibly opening the strait, Araqchi told the Japanese news agency in a phone interview on Friday. Japan's foreign and trade ministries and the Prime Minister's Office did not pick up calls from Reuters on Saturday seeking comment on the report. Japan gets around [Read more]
US loans 45.2 million barrels of strategic reserve oil in first batch since Iran war
The U.S. Energy Department said it had awarded contracts to loan 45.2 million barrels of crude oil from the Strategic Petroleum Reserve as of Friday. Companies that have been awarded the SPR contracts include BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading, the Energy Department said in a statement. The Trump administration is loaning oil from the strategic reserve as part of a wider agreement by countries in the International Energy Agency to release 400 [Read more]
Panama Canal operating at top capacity as Iran war triggers more LNG vessel traffic, chief says
The Panama Canal is operating at top capacity with a daily passage of between 36 and 38 vessels, the waterway's chief Ricaurte Vasquez told reporters on Friday, adding that the Iran war is boosting demand by owners and operators of liquefied natural gas tankers, particularly those loading at U.S. ports. The world's second busiest waterway, which was already seeing increased traffic of LNG vessels through Panama before the war, is getting ready to offer one slot per day for LNG tankers to pass [Read more]
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