Qatar's state oil giant QatarEnergy said on Wednesday that "extensive damage" has been caused after the Ras Laffan Industrial City was subjected to missile attacks, shortly after the country's interior ministry reported a fire resulting from an Iranian attack on the area. "Emergency response teams were deployed immediately to contain the resulting fires," the world's second-largest LNG exporter said in a statement. No casualties were reported and all personnel were accounted for, it [Read more]
News
US poised to waive summer gasoline regulations to ease prices, sources say
The Trump administration is expected to announce soon that it will temporarily lift federal smog-cutting restrictions on summer-blend gasoline to curb rising energy prices stemming from the Iran conflict, according to three sources familiar with the matter. The move would make standard gasoline cheaper by not forcing refiners and retailers to switch to more costly summer blends of gasoline, while also allowing fuel retailers to continue selling gasoline blended with 15% ethanol, known as E15, [Read more]
Vance to meet with oil trade group, acknowledges ‘rough road ahead’ on gas prices
U.S. Vice President JD Vance and Energy Secretary Chris Wright will meet on Thursday with the American Petroleum Institute, the nation’s largest oil trade group, as the Trump administration looks to ease rising gas prices. In the third week of the Iran war, Vance told reporters in Michigan on Wednesday the administration will announce a "couple of things" in the next 24 to 48 hours to address gas prices, now up 92 cents on average nationwide compared to last month, according to travel analyst [Read more]
Russia says Middle East conflict fuelling worst energy crisis in 40 years
Conflict in the Middle East is disrupting a significant share of global energy supplies and has triggered the most severe energy crisis in the past 40 years, Deputy Prime Minister Alexander Novak said on Wednesday. "In the context of the current Middle East conflict, this affects at least 20 million barrels per day. This is the volume of oil and petroleum products that used to pass through the Strait of Hormuz every day, as recently as 19 days ago," he said. (Reporting by Olesya Astakhova; [Read more]
Saudi Arabia’s January crude exports rose, output highest since 2023, JODI says
Saudi Arabia's crude exports in January rose to 6.993 million barrels per day from 6.988 million bpd in December while crude output hit its highest since April 2023, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. The world's largest oil exporter, Saudi Arabia currently faces trouble exporting as war in Iran reduces tanker traffic out of the Gulf to a trickle. Saudi production in January stood at about 10.100 million bpd, the JODI data showed, up from 10.084 [Read more]
Iran’s main oil and gas production and infrastructure
Iran's energy industry in South Pars and Asaluyeh came under attack on Wednesday, Iran's semi-official Tasnim news agency reported. Iran's Revolutionary Guards responded with evacuation warnings for several oil facilities across Saudi Arabia, UAE, and Qatar. The escalation is part of the U.S.-Israeli war on Iran, which has been raging since the end of February. Following are facts on Iran's energy industry, exports, and the impact of Western sanctions: OIL PRODUCTION AND [Read more]
US crude stocks rise, imports from Venezuela and Mexico highest since late 2024, EIA says
U.S. crude stocks rose last week, with flows from Venezuela and Mexico hitting their highest levels since 2024, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 383,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 944,000 barrels in the [Read more]
Oil industry facilities targeted in southern Iran, Tasnim agency reports
Some facilities belonging to Iran's oil industry in South Pars and Asaluyeh were attacked on Wednesday, semi-official Tasnim news agency reported, while Iran's Revolutionary Guards issued evacuation warnings for several oil facilities across Saudi Arabia, UAE, and Qatar. Oil prices jumped on the news, with Brent crude futures gaining over 4% to a session high above $108 per barrel. Analysts have warned that any attack in South Pars would raise the possibility of retaliatory attacks by Iran on [Read more]
Iran warns of strikes on Gulf oil facilities ‘in coming hours’, state media reports
Iran issued an evacuation warning for several oil facilities across Saudi Arabia, the UAE, and Qatar, saying they would be targeted by strikes "in the coming hours", Iranian state media reported on Wednesday. The warning was directed at Saudi Arabia's Samref Refinery and Jubail Petrochemical Complex, the United Arab Emirates' Al Hosn Gas Field, and Qatar's Mesaieed Petrochemical Complex, Mesaieed Holding Company and Ras Laffan Refinery. "These centres have become direct and legitimate [Read more]
Bank of Canada holds key rate steady as Middle East war clouds outlook
OTTAWA - The Bank of Canada held its benchmark interest rate at 2.25 per cent Wednesday as the economy performs below expectations but war in the Middle East threatens higher inflation. The central bank’s decision to hold its policy rate steady for a third consecutive time was widely expected but the future path for the policy rate is much less clear. War in the Middle East has sent global oil prices surging in recent weeks and those costs are already being felt at the gas pumps in [Read more]
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