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Attacks Cut Saudi Oil Output and East-West Pipeline Flow, State News Agency Says

CDN and International News, Conventional Energy, Latest, Oil / By

Attacks on Saudi energy facilities have cut the kingdom’s oil production capacity by around 600,000 barrels per day and the throughput on its East-West pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the energy ministry. The attacks, including previous strikes on some facilities, also disrupted …

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Venezuela Dragging Out on New Oil Contract Models as Energy Investors Wait

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Missed deadlines for contract review delay investment decisions Some firms await contract details before moving forward Meetings with officials yield limited information (Reuters) – Energy companies evaluating whether to invest in Venezuela are waiting for the OPEC nation’s oil ministry to release contract models that will provide specific terms to continue, expand or start businesses …

Venezuela Dragging Out on New Oil Contract Models as Energy Investors Wait Read More »

Iran Supreme Leader Says Hormuz Strait’s Management Will Enter New Phase

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(Reuters) – Iran will move the management of the strategic Strait of Hormuz into a new phase, its Supreme Leader Ayatollah Mojtaba Khamenei said on Thursday in a statement read out on state TV. “Iran is not seeking war but will not forfeit its rights and considers all resistance fronts as a unified entity,” Khamenei …

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Hormuz at Near Standstill as Iran Warns Ships to Keep to its Waters

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(Reuters) – Iran’s Islamic Revolutionary Guard Corps (IRGC) warned ships to keep to a route passing through its territorial waters when crossing the Gulf’s Strait of Hormuz as traffic on Thursday remained well below 10% of normal volumes. Mitsui O.S.K. Lines, one of Japan’s big three shipping firms, is among those caught up in the …

Hormuz at Near Standstill as Iran Warns Ships to Keep to its Waters Read More »

Ceasefire Uncorks Market Relief, But Outlook Remains Sobering: McGeever

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The huge relief rally across global markets and oil price plunge sparked by the ceasefire in the Iran war are no surprise. What follows, once the initial euphoria dissipates, is far less certain – and far less rosy than investors seem to believe. And the euphoria should dissipate pretty quickly. Leaving aside the very real …

Ceasefire Uncorks Market Relief, But Outlook Remains Sobering: McGeever Read More »

A Toll for Using Hormuz Would be a ‘Dangerous Precedent’, UN’s Ship Agency Says

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(Reuters) – Imposing a toll on ships sailing through the critical Strait of Hormuz would “set a dangerous precedent” and countries should not impede freedom of navigation, the UN’s shipping agency said on Thursday. Iranian officials have raised the idea of charging a toll for using the Strait after a two-week ceasefire between the United …

A Toll for Using Hormuz Would be a ‘Dangerous Precedent’, UN’s Ship Agency Says Read More »

Iran to Let No More Than 15 Vessels a Day to Pass Strait of Hormuz, TASS Cites a Senior Iranian Source

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(Reuters) – Iran will allow no more than 15 vessels a day to pass through the Strait of Hormuz under the ceasefire agreement it agreed with the United States, Russia’s state TASS news agency quoted an unnamed senior Iranian source as saying on Thursday. The Strait, a strip of water only 34 km (21 miles) …

Iran to Let No More Than 15 Vessels a Day to Pass Strait of Hormuz, TASS Cites a Senior Iranian Source Read More »

Iran Ceasefire Eases Fears but LNG Sector Left Scarred, Industry Executive Says

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Summary LNG price surge and supply chain disruption hit poorer Asian buyers hardest, Ydreos says Reliability concerns prompt some Asian countries to reconsider LNG in energy transition plans Gulf producers’ reputations impacted, with Qatar’s supply reliability now under scrutiny (Reuters) – A Middle East ceasefire signals de-escalation, but the conflict has scarred the global ‌LNG …

Iran Ceasefire Eases Fears but LNG Sector Left Scarred, Industry Executive Says Read More »

Strait of Hormuz is Shut, Must Reopen Without Conditions, UAE Oil Giant ADNOC’s CEO Says

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Summary Iran has made clear passage subject to conditions, ADNOC CEO says Global economic stability depends on unconditional reopening, he says UAE oil output halved after strait’s effective closure, Reuters has reported ADNOC loading oil cargoes, will expand output within constraints ​of damage suffered (Reuters) – The Strait ‌of Hormuz is shut and Iran must …

Strait of Hormuz is Shut, Must Reopen Without Conditions, UAE Oil Giant ADNOC’s CEO Says Read More »

Iran’s Hormuz ‘Toll Booth’ Set to Hardwire Higher Energy Prices: Bousso

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The war that closed the Strait of Hormuz has ended – for now. But Tehran’s demand to act as toll booth keeper at the world’s most critical oil chokepoint could leave energy markets vulnerable and hardwire higher prices for years to come. The U.S. and Iran agreed on Tuesday to a two-week ceasefire brokered by …

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