(BOE Report) – Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as
(BOE Report) – The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term peace elusive and buffer reserves now drained, it still faces the looming risk of future price spikes. Tehran’s throttling of the Strait of Hormuz in response to the U.S. and Israeli attacks
(World Oil) – India plans to build larger oil inventories, expand storage capacity and deepen supply partnerships to hedge against the kind of price volatility seen during the Iran war. “I’m not worried about it, but I have to prepare for it,” Oil Minister Hardeep Singh Puri told reporters in New Delhi on Thursday, replying to a question on whether
(BOE Report) – Revived tanker movement through the Strait of Hormuz pushed U.S. crude prices below $70 a barrel briefly on Wednesday even though inventories at the country’s crude storage hub in Cushing, Oklahoma have dropped to their lowest in 12 years. Stocks of oil at Cushing fell to about 19 million barrels last week, the lowest level since 2014,
(BOE Report) – Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a fifth of global oil
(Oil price) – India is scrambling to contain the economic and financial impact of the worst oil supply disruption in history as analysts say the high oil prices would continue to weigh on the Indian currency, economic growth, and public finances as long as supply is choked at the Strait of Hormuz. More than three months after the Iran war
(By Oil & Gas 360) – The global oil market remains focused on the immediate disruption caused by the Iran conflict, vessels trapped inside the Strait of Hormuz, reduced exports, tightening inventories, and volatile prices. Yet some of the industry’s largest players are increasingly warning that the bigger challenge may not be the current supply shock, but what happens after it.
(Oil Price) – Concerns about energy security and the push in many countries to boost electrification to replace road transportation fuels are making clean energy investments hot again. As the Middle East crisis and the still closed Strait of Hormuz forces governments into action, renewable stocks and markets are poised for a rebound from institutional investors and hedge funds after
(BOE Report) – Brent crude futures rose nearly 2% in early Asian trade on Tuesday after the U.S. military carried out strikes in southern Iran in what it described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides. Brent futures climbed $1.40, or 1.5%, to $97.56 a barrel as of 0006 GMT,
(Oil Price) – The new U.S. strikes on missile sites and boats in southern Iran are further clouding the market view of how the nearly three-month-long crisis will unfold. Oil prices jumped early on Tuesday in Asian trade following the strikes. Prices slumped by 5% on Monday due to hopes of a U.S.-Iran deal. The fresh strikes, however, are complicating the situation
(BOE Report) – Iran’s foreign ministry spokesperson said on Monday that conclusions have been reached on many topics discussed in a potential 14-point memorandum of understanding, but this does not mean a deal to end the Middle East war is imminent. The framework is focused on an end to the war and a U.S. naval blockade in exchange for Tehran
(Oil Price) – Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are
