(World Oil) – The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said. Even if movement is restored, “the vase has been broken. You can’t glue it back together,” Birol said, warning that the disruption has undermined confidence in what
(World Oil) – OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey. Output from the Organization of the Petroleum Exporting Countries declined by 420,000 bpd to 20.55 MMbpd in April, the lowest since 1990, driven by deeper
(Oil Price) – The new energy crisis triggered by the Middle East conflict could hurt European consumers and industries for years, European Commission President Ursula von der Leyen said on Wednesday. “Our shared goal is now to see a lasting end to the war,” von der Leyen told the European Parliament in a speech today. “But there is also a harsh reality
(Oil Price) – China’s imports of liquefied natural gas this month are expected to be the lowest since 2018, based on data from Kpler, Bloomberg has reported, citing soaring prices. April LNG arrivals are seen at 3.5 million tons, which would also be a 30% drop on a year ago, the report said. An earlier report by Reuters pegged China’s LNG imports
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(Oil Price) – U.S. President Donald Trump is considering extending the two-month waiver of the Jones Act to ease fuel prices that have spiked following the war in Iran, Axios reported on Wednesday, citing U.S. officials. The Merchant Marine Act of 1920, also known as the Jones Act, requires that no vessel may transport any merchandise by water, by land
(BOE Report) – The natural gas demand destruction currently resulting from the Iran war as governments implement measures to mitigate the crisis risks becoming structural if the conflict persists, the head of the Gas Exporting Countries Forum said on Wednesday. Since the Middle East crisis began at the end of February, more than 500 million barrels of crude and
(Oil Price) – Registrations of battery electric vehicles (BEVs) in Europe’s key automotive markets surged by 51% in March as the Iran war pushed gasoline prices to multi-year highs, data published by research firm New Automotive and trade association E-Mobility Europe showed on Monday. More than 224,000 new electric passenger cars were registered in March alone across 15 key EU +
(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,
(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
(BOE Report) – BP said on Tuesday it expects its huge oil trading desk to post “exceptional” results for the first quarter, signalling a windfall from the spike in oil prices triggered by the U.S.-Israeli war against Iran. The company also said its net debt would rise to between $25 billion and $27 billion from just over $22 billion in
(Investing) – The Iran conflict will fundamentally reshape global energy trade, International Energy Agency Executive Director Fatih Birol said Tuesday, as nations reassess their energy partnerships amid heightened tensions. Speaking at Semafor World Economy, Birol said the world will not return to previous energy arrangements after the Strait of Hormuz reopens, following a US blockade of Iranian ports this week. The
