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]
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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]
Iraq cuts Basra oil output to 900,000 bpd from 3.3 million bpd after southern exports halt
Iraq's Oil Minister Hayan Abdel-Ghani said crude production at Basra Oil Company has been cut to 900,000 barrels per day (bpd) from 3.3 million bpd after exports from the country's southern ports were halted, the ministry said on Friday. The produced quantities were being pumped to operate refineries, the ministry added in a statement. (Reporting by Muhammad Al Gebaly and Enas Alashray;) [Read more]
Kevin Warsh’s first move as Fed chair could be a rate hike: McGeever
Assuming Kevin Warsh succeeds Jerome Powell as Federal Reserve chair by mid-May as planned, one of his first acts may be to preside over an interest rate hike, a true baptism of fire which would raise the ire of his boss, President Donald Trump. With the Middle East conflict triggering a massive global energy shock, oil soaring above $100 a barrel, and pre-conflict U.S. inflation figures already flashing red, it's not an outlandish scenario. Fed officials are discussing it, and financial [Read more]
Iraq declares force majeure on foreign-operated oilfields over Hormuz disruption, sources say
Iraq has declared force majeure on all oilfields developed by foreign oil companies after military operations in the region disrupted navigation through the Strait of Hormuz, halting most of the country's crude exports, three energy officials with direct knowledge of the decisionsaid. Navigation through the Strait of Hormuz — a chokepoint for around 20% of global oil and liquefied natural gas supplies — has been severely affected by unprecedented military activity, the oil ministry said in a [Read more]
US drillers cut oil and gas rigs for first time in three weeks, says Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 552 in the week to March 20, the lowest since early March. Baker Hughes said this week's decline puts the total rig count down 41 rigs, or 7% below this time last year. Baker Hughes said oil rigs rose by two to 414 [Read more]
CERAWeek energy conference returns to Houston as Iran conflict rocks global energy markets
The world’s top energy executives return to Houston next week as the escalating U.S.-Israeli war on Iran has become a nightmare for energy markets, as unprecedented attacks on infrastructure and shipping disruptions sent global oil prices soaring while governments scrambled to fight inflation and avoid recessions. Global oil prices jumped this week, hitting almost $120, levels not seen since Russia's war on Ukraine disrupted markets in 2022. Industry experts and analysts expect prices to [Read more]
India sees Qatar LNG supply cut after Iran strike
Liquefied natural gas (LNG) supplies from Qatar to India could be impacted following Iranian strikes on energy facilities in the Middle Eastern nation, a government official said on Friday. India, the world's fourth-largest LNG importer, relies on Qatar for about 41% of its gas imports. In 2024/25, India imported over 27 million metric tons of LNG, with Qatar supplying 11.2 million tons, according to government data. "(LNG) capacity of Qatar has been hit, this will hit us too," Sujata [Read more]
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