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Alternative Routes for Middle East Oil and Gas Due to Hormuz Disruption

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(Reuters) – The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, the world’s most important oil chokepoint, exposing the Middle East’s limited alternatives for exporting its hydrocarbons. The International Energy Agency (IEA) called it the largest supply disruption on record, bigger than the oil shocks of the 1970s and the loss …

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Russia Cuts Oil Output in April, Sources Say

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(Reuters) – Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe, according to five sources and Reuters calculations. In what could be the sharpest monthly decline to Russian output …

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Shipping Traffic Through Hormuz Still Largely Halted

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Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the …

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War in Iran is Causing Biggest Energy Crisis in History, IEA Says

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(Reuters) – The conflict between Iran and the United States and Israel is creating the ​worst energy crisis ever faced by the ‌world, the head of the International Energy Agency (IEA) said on Tuesday. “This is indeed the biggest crisis ​in history,” Birol told France Inter ​radio in an interview broadcast on Tuesday. “The ⁠crisis is …

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EU Has Reserves, Production for Five-Months Supply of Jet Fuel, Dutch Government Says

CDN and International News, Conventional Energy, Energy Topics & Technology, Gasoline, Latest, Oil / By

AMSTERDAM, April 20 (Reuters) – The Dutch government on Monday estimated that the European Union could supply enough kerosene ​to the EU’s economy to last about five months, drawing on ‌domestic production and strategic reserves. European airlines have warned of potential jet fuel shortages within weeks as a result of the Iran war. The Dutch …

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Energy Services Set to Benefit Once Iran War Ends, Barclays Says

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By Joshua Gaunt-Warner The European energy services sector faces a brighter future once the Middle East conflict de-escalates as a result of work that oil producers need to undertake to resolve disruption, according to Barclays Plc analysts. Companies such as Technip Energies SA and Viridien SA are set to see increased demand as countries look …

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Global Oil Stocks Could Fall by 900 Million bbl Even if Ceasefire is Extended, Citi Says

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(Reuters) – Researchers at Citi said on Monday that global crude and product inventories could decline by roughly 900 million barrels even if the United States and Iran agree to a ceasefire extension this week, and both Strait of Hormuz flows and oil production recover to normal levels by the end of June. The bank …

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Fate of Iran Peace Talks Uncertain as Deadline Approaches for End of Ceasefire

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(Reuters) – 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 Tehran to rejoin peace efforts. However, the official stressed that no decision had been made. Adding to …

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Kuwait Declares Force Majeure on Oil Shipments Amid Hormuz Blockade, Bloomberg News Reports

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(Reuters) – Kuwait has declared force majeure on shipments of crude oil and refined products after a blockade of the Strait of Hormuz prevented some vessels from entering the Persian Gulf, hindering its ability to meet certain customer commitments, Bloomberg News reported on Monday, citing a document. State-run Kuwait Petroleum Corp. notified customers on Friday …

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Shipping Traffic Remains at Virtual Standstill Through Hormuz, Data Shows

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Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday with just three crossings in the space of 12 hours, according to shipping data. The oil products tanker Nero, which is under British sanctions for Russian oil activities, left the Gulf and was sailing through the Strait, according to satellite analysis …

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