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Some oil majors and top trading houses have suspended crude oil and fuel shipments via the Strait of Hormuz amid ongoing U.S. and Israeli attacks on Iran and Tehran’s retaliation, four trading sources said on Saturday “Our ships will stay put for several days,” one top executive at a major trading desk said. (Reporting by …
The United States and Israel launched an attack on Iran on Saturday. The attack could disrupt oil and gas output and cause damage to energy infrastructure in the Middle East. Following are facts on Iran’s energy industry, exports, and the impact of Western sanctions: OIL PRODUCTION AND INFRASTRUCTURE Iran, the third largest producer in the …
Iran’s Main Oil and Gas Production and Infrastructure Read More »
OPEC+ will discuss the possibility of a larger output increase when key members meet on Sunday, after Israel carried out airstrikes on targets in Iran, Bloomberg News reported on Saturday, citing a delegate.
Feb 27 (Reuters) – Barclays said Brent crude could rise to around $80 per barrel in the event of a material supply disruption, as U.S.-Iran tensions remain elevated. “While it is entirely possible that an escalation does not lead to a supply disruption and the $3-5/b risk premium in oil prices fades quickly, even a …
Barclays Says Brent Could Reach $80 a Barrel on US-Iran Tensions Read More »
(Reuters) – The shale revolution that made the United States the world’s top oil producer is taking shape in the Arabian Desert. Deep in the sands southeast of Saudi Arabia’s giant Ghawar oilfield, state oil company Aramco is pushing ahead with a natural gas megaproject that could boost the kingdom’s revenues by billions of dollars …
Saudi Aramco Bringing Shale Gas Revolution to Arabian Desert Read More »
Venezuela’s oil ministry has suspended 19 oil production-sharing contracts with private companies signed under the administration of President Nicolas Maduro, four sources with knowledge of the move told Reuters on Thursday. The suspension has had no impact on the country’s oil and gas output so far, the sources said. State oil giant PDVSA is selling …
The Canadian oil-producing province of Alberta forecast a budget deficit of C$9.4 billion ($6.87 billion) for its 2026/27 fiscal year on Thursday, breaking its own rules on allowable deficit financing and blaming lower global crude prices that have walloped the government’s resource revenues. The outlook reflects Alberta’s vulnerability to commodity price fluctuations, prompting the provincial …
Oil Producing Province Alberta Projects C$9.4 Billion Deficit on Lower Oil Prices Read More »
Ron Bousso LONDON, Feb 26 (Reuters) – OPEC+ meets on Sunday to set its next production move amid heightened geopolitical friction affecting nearly a third of its output. That volatility may give the group cover to stick to its balanced-market narrative, even if the facts on the ground suggest otherwise. The group, which comprises the Organization of …
Geopolitical Turmoil Gives OPEC+ Cover for Cautious Output Hike Read More »
(Reuters) – Several countries have begun withdrawing dependents of diplomatic personnel and non-essential staff from some locations in the Middle East, or advising citizens to defer travel to Iran, amid rising tensions between Washington and Tehran. Here are some of the moves: AUSTRALIA: The government has told dependents of Australian diplomats in Israel and Lebanon …
Countries Issuing Middle East Travel Advisories as Iran Tensions Rise Read More »
(Reuters) – OPEC+ is likely to consider raising its oil output by 137,000 barrels per day for April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand and a price boost from tensions between the U.S. and OPEC member Iran. The resumption of output increases after a three-month …
OPEC+ to Consider 137,000 bpd Oil Output Increase for April, Sources Say Read More »
