(World Oil) – Kuwait declared force majeure on shipments of crude oil and refined products as the blockade of the Strait of Hormuz makes it impossible to meet obligations to customers that can’t bring vessels into the Persian Gulf. State-run Kuwait Petroleum Corp. notified customers Friday that it was invoking the contractual clause that allows a supplier to miss deliveries,
(Investing) – DUBAI – Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran’s ports, a major hurdle for Iran to rejoin peace efforts. However, the official stressed that no decision had been made. With a two-week ceasefire set
(Oil & Gas 360) By Greg Barnett, MBA – As the United States leverages its LNG and crude oil exports amid geopolitical turmoil, its economic relationship with Asia is coming sharply into focus. Tightening trade balances, tariff dynamics, and energy diplomacy are reshaping ties with China, Japan, South Korea, and India , each driven by their own urgency to diversify
(By Oil & Gas 360) – Energy markets whipsawed again this week, moving from escalation to partial relief almost overnight. Prices surged on fears of a broader supply shock, then dropped sharply as signals emerged that the Strait of Hormuz would remain open, at least for now. Beneath the volatility, the bigger story is taking shape: supply chains are shifting, capital
(By Oil & Gas 360) – Queensland’s Taroom Trough is quickly emerging as one of the most closely watched new oil developments in the developed world, not just for its resource potential, but for how aggressively it is being positioned for development. After decades without a major new onshore oil province, Australia may be on the verge of bringing a new
(World Oil) – A new oil and gas company backed by Talos Energy founder Tim Duncan has entered the U.S. Gulf through the acquisition of Renaissance Offshore, marking its first move into U.S. offshore production. The company, 1947 Oil & Gas Plc, was co-founded by Duncan alongside former Goldman Sachs commodities strategist Jeff Currie and investor Ivan Murphy. The deal gives the new venture an initial
(Oil Price) – Empty supertankers have left Asia en route to the U.S. via the Cape of Good Hope in one of the biggest queue of vessels ever seen at sea, as Asian buyers rush to load U.S. crude to replace part of the supply lost in the Middle East. “Tankers are forming what looks like a fleet, an unbroken line
This week’s Baker Hughes Rig Count shows that the U.S. decreased by 2 last week, resulting in a total count of 543 rigs. Canada had a decrease of 5 over last week, resulting in a total Canadian count of 130 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions experienced an increase this week. Meanwhile, 2
(BOE Report) – The heads of the U.S. Interior and Energy Departments will hold a call on Thursday with CEOs from energy companies including Exxon and Chevron on their potential to boost oil and gas output, an administration official said, as the Iran war hikes global energy prices. The prices, which are returning to levels seen during the aftermath of Russia’s
(Investing) – Oil prices tumbled below $90 a barrel on Friday after Iran and the U.S. declared the Strait of Hormuz temporarily open, removing constraints on a critical shipping bottleneck that have sparked worries over a widespread inflation spike. Investors were also assessing a media report which said the U.S. was considering a $20 billion cash-for-uranium deal to end the war
(Oil & Gas 360) – The Middle East remains the center of gravity in global energy, but it is no longer viewed as a stable foundation. It is now both the system’s anchor and its primary fault line. No other region combines scale, cost advantage, and spare capacity the way the Middle East does. Saudi Arabia and the UAE continue
(Oil Price) – Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its global oil and gas output, while
