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Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel…
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Sources say that Bangladesh has secured diesel supplies amid major disruptions in energy supply
After the U.S. - Israel war 'on 'Iran, which disrupted shipments to garments and other industries, Bangladesh began receiving diesel from suppliers such as?China, India, officials said. The country has enough fuel for about a?month worth of demand. As the Middle East oil trade is severely disrupted by the war against Iran…
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India's small-scale steelmakers are facing production cuts due to LNG shortages caused by the Iran war
Industry officials say that a number of small 'Indian steel' producers have warned of production cuts due to the Middle East conflict, which is disrupting gas supplies for the world’s second largest producer of the alloy behind China. Triveni Iron and Steel Industries, based in Gujarat…
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G7 and EU discuss energy prices and strategic reserves
Officials said that the G7 energy minsters will discuss the soaring prices of energy due to the war in Iran during a Tuesday call. A group of European Union Leaders will also do the same later in the day. On Monday, oil?prices soared to $119 per barrel, their?highest level in nearly four years.
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S&P: Central Europe is more resilient to supply shocks in the face of Iran war
S&P Global reported?on Tuesday that Central and Eastern Europe is more resilient to energy?shocks as a result of efforts to diversify the sources of energy since Russia's invasion in?Ukraine 2022. This provides buffers against economic impacts of the war in the Middle East. S&P Global…
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Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and the attacks of Iran on Gulf neighbours has caused oil and natural gas production to stop in the Middle East.
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Hungary Central Bank to use reserves to fund energy imports
In a Tuesday statement, the central bank of Hungary said it would?provide foreign exchange liquidity from its reserves in…
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Repsol, a Spanish company, may attract new investors to the US renewables unit
Josu Imaz, CEO of Spanish energy company Repsol, said that the group is reviewing its approach to renewable power generation…
Latest news
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Zambia seeks global investors to triple copper production by 2031
Zambia is wooing investors from around the world, including those in the United States. It aims to triple its copper production…
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Qatar is looking to strengthen its security partnership with the US following Iran's attacks
Qatar wants to strengthen its defense partnership with the United States after Iranian air strikes on Qatari territory, said…
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VEGOILS - Palm oil drops more than 3%, as crude and rival oils slump
Malaysian palm futures dropped more than 3% on Monday, following declines in rival edible oils traded in Dalian, Chicago and Dalian markets…
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G7 and EU will hold a call on the soaring prices of energy
Officials have confirmed that the G7 energy ministers are scheduled to discuss the rising energy prices due to the war with…
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EUROPE GAS - European prices fall in line with crude oil as Middle East hopes for de-escalation are raised
Dutch and British wholesale gasoline prices fell from their 3-year highs in the morning of?Tuesday, mirroring oil market movements after?U.S.
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Thailand orders bureaucrats in its energy-saving drive to use stairs instead of elevators and to work from home
A government spokesperson said that the Thai Prime Minister Anutin Charnvirakul had ordered civil servants to conserve energy…
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Aramco warns of 'catastrophic' consequences for oil in the Strait of Hormuz if shipping is not resumed
Saudi Arabia's Aramco, the world's largest oil exporter, said on Tuesday there would be "catastrophic" consequences for the…
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German startup plans to build 30-megawatt AI Data Centre in order to boost sovereign control
Polarise, a German start-up, plans to build an artificial intelligence data center with a 30-megawatt capacity. This would…
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Palm oil falls as crude and rival oils slump
Malaysian palm oil futures declined on Tuesday, following rival edible oils in Dalian and Chicago and crude oil prices. By midday…
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In Brazil, biodiesel is cheaper than imported diesel amid debate about higher blend
A survey revealed on Monday that the 'cost of imported diesel has exceeded the price of biodiesel in Brazil. This is a 'rare situation…
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Brazil's sugar mills will reduce production and switch to ethanol due to the energy price spike
Analysts said that the sharp rise in energy prices due to the ongoing 'war' in the Middle East will cause Brazilian sugarcane…
Shale Oil & Gas
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Indian restaurants are warning of closures due to the shortage of cooking gas as a result of the Iran war
The Iran war has caused a shortage of cooking gas in India, and restaurants and hotels have warned that they may be forced to close their doors.
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Thailand orders bureaucrats in its energy-saving drive to use stairs instead of elevators and to work from home
A government spokesperson said that the Thai Prime Minister Anutin Charnvirakul had ordered civil servants to conserve energy…
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Aramco warns of 'catastrophic' consequences for oil in the Strait of Hormuz if shipping is not resumed
Saudi Arabia's Aramco, the world's largest oil exporter, said on Tuesday there would be "catastrophic" consequences for the…
LNG
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Venture Global Able to Support LNG Shortfall as Qatar Pauses Output
Venture Global has the biggest amount of LNG cargoes in the world that are not contracted and is ready to help stabilize…
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Cheniere Raises Share Repurchase Target After Q4 Profit Doubles
Cheniere Energy said its fourth-quarter profit more than doubled on strong liquefied natural gas (LNG) demand and the company…
Renewables
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German startup plans to build 30-megawatt AI Data Centre in order to boost sovereign control
Polarise, a German start-up, plans to build an artificial intelligence data center with a 30-megawatt capacity. This would…
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Palm oil falls as crude and rival oils slump
Malaysian palm oil futures declined on Tuesday, following rival edible oils in Dalian and Chicago and crude oil prices. By midday…
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In Brazil, biodiesel is cheaper than imported diesel amid debate about higher blend
A survey revealed on Monday that the 'cost of imported diesel has exceeded the price of biodiesel in Brazil. This is a 'rare situation…