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]
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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]
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]
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