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COMMENTARY: Israel-Iran War Already Takes Toll on Oil and Gas Sector – Bousso

CDN and International News, Conventional Energy, Energy Commentary, Energy Topics & Technology, Latest, Natural Gas, Oil / By

(Reuters) – Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries’ escalated conflict. Worst-case scenarios have yet to be realized, but the war is already having a notable impact on energy production and exports in both countries. Benchmark Brent crude oil prices jumped 7% to …

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Beijing Has More at Stake in Iran Besides Just Oil

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

By Ka Sing Chan HONG KONG, June 17 (Reuters) – Beijing has far more at stake in Iran besides just oil. China has not only benefited from importing heavily discounted Iranian crude, it has inched up its strategic infrastructure investments into the country since the duo signed a $400 billion pact in 2021. If the …

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Two Oil Tankers Collide and Catch Fire Near Strait of Hormuz

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

 Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged during conflict between Iran and Israel, but there were no injuries to crew or spillage reported.With Iran and Israel firing missiles at each other since Friday, interference has disrupted navigation systems near the vital sea route …

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Why the Strait of Hormuz Is Vital, and Risky, for Shipping

CDN and International News, Latest / By

By Julian Lee The proximity to land leaves vessels open to attack from shore-based missiles or interception by patrol boats and helicopters.Photographer: Karim Sahib/AFP/Getty Images The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles around …

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Ex-Shell US Oil Trading Boss Claims He’s Owed $29 Million Bonus

CDN and International News, Latest / By

By Lucia Kassai Shell Plc’s former head of oil trading in the US was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit that shines a light on compensation inside the oil major’s lucrative trading unit. John Dimech alleges that even though his unit’s profits doubled in 2020, his …

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COMMENTARY: What’s Not Happening to Middle East Crude Supply Matters More – Russell

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

By Clyde Russell LAUNCESTON, Australia, June 16 (Reuters) – When tensions rise in the Middle East, it can be helpful to look at what is not happening as much as what is. In the crude oil market, this means focusing on the fact that so far not a single barrel of crude oil supply has …

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EU Moves Ahead With Russian Gas Ban Proposal Despite Hungary, Slovakia Vetoes

CDN and International News, Conventional Energy, Latest, Natural Gas / By

By Kate Abnett LUXEMBOURG, June 16 (Reuters) – Hungary and Slovakia on Monday opposed a planned European Union ban on Russian gas imports, though Brussels is expected to propose the law on Tuesday, which could pass without their approval. The European Commission aims to ban EU Russian gas and liquefied natural gas (LNG) imports by …

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G7 Needs to Raise Pressure on Russia, von der Leyen Says

CDN and International News, Latest / By

More pressure must be exerted on Russia to secure a ceasefire in Ukraine urging the G7 nations to ramp up sanctions to achieve that goal, European Commission President Ursula von der Leyen said on Sunday.Leaders of the world’s largest industrial nations are meeting in Canada’s Rockies with European countries seeking to keep the war in …

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Oil and Gas Important in Times of Conflict, Saudi Aramco CEO Says

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

The importance of oil and gas can’t be underestimated at times when conflicts occur, something that was currently being seen, the head of Saudi oil giant Aramco told an energy conference on Monday. Aramco CEO Amin Nasser delivered his speech to the Energy Asia Conference in Kuala Lumpur by a video link. Oil prices jumped …

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Australia’s Santos Receives $18.7 Billion Takeover Bid from ADNOC-Led Consortium

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Natural Gas, Oil / By

Australian oil and gas producer Santos said on Monday it intended to support an $18.7 billion takeover bid from an international consortium led by Abu Dhabi’s National Oil Company (ADNOC). ADNOC, through its investment arm XRG, with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle has offered $5.76 (A$8.89) per Santos share, …

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