Aramco requests dual loading nominations from buyers amid the Hormuz Crisis, sources claim
Multiple sources have confirmed that Saudi 'Aramco asked buyers to provide a crude loading plan for its main 'export terminal in Ras Tanura and Yanbu at the Red Sea for shipments scheduled for April, as the U.S. Iran conflict has disrupted exports out of the Middle East. The U.S.
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. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global oil and LNG supplies. Saudi Aramco…
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…
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 oil markets of the world if the Iran War continues to disrupt shipping through the Strait of Hormuz. Aramco CEO Amin Nasser said on a earnings call that the disruption will not only have a drastic impact on the aviation…
Aramco announces first buyback after announcing a drop in profit
Saudi Arabia's Aramco reported a 12% decline in annual profits due mainly to lower crude prices. However, it announced that up to $3 billion worth of shares would be repurchased in its first ever buyback. The buyback will take place over the next 18-months. The company had relied…
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and Tehran's attacks upon Gulf neighbours has caused oil and gas?exports to be disrupted and production stopped. Sources say that Saudi Aramco, the world's largest oil producer, cut its output Monday. The Strait of Hormuz is the most important oil artery in the world…
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global…
The Iran War threatens to have a long-lasting impact on global energy markets
Even if the conflict with Iran ends soon, consumers and businesses could face weeks or even months of higher fuel prices. This is because suppliers are dealing with damaged facilities, disrupted logistic, and increased risks in shipping. This outlook is a greater threat to global economic stability and a political vulnerability to U.S.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East…
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk.
SABIC, the Saudi chemical giant, will lose $6.9 billion in 2025 due to asset sales
SABIC, the Saudi chemical giant, reported on Wednesday that it would suffer a "massive" net loss by 2025. This was mainly because of impairments and losses relating to divestment assets in Europe and America. Chemicals industry is struggling with overcapacity. This has led to squeezed margins, and a decline in utilization rates.
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…
Aramco suspends Juaymah LPG Exports After Damage to Butane and Propane Delivery Systems
Saudi Aramco has halted exports of liquefied petroleum gas (LPG) from its Juaymah Terminal in eastern Saudi Arabia after a structurally damaged part of the delivery system that carries propane and butane. Aramco said that the incident took place on February 23. The company halted LPG deliveries as it activated their emergency response plan.
Saudi Aramco has sold its first Jafurah condensate cargos to US firms and India, according to sources
Four 'trade sources' said that Saudi Aramco, the state energy giant, has sold several cargoes - of ultra-light crude oil from its $100 billion Jafurah plant - to U.S. refiners and majors in India as it prepares to ship its first cargo this month. Aramco is aiming to increase its…
Caturus to purchase some South Texas assets from SM Energy for $950 Million
SM Energy, a U.S. oil and gas company, announced?on Wednesday that it would sell selected assets in South Texas for $950 millions?in order to reduce its debt and bolster its capital structure. SM Energy shares increased 4.8% during afternoon trading on the back of a rise in crude oil prices.
Caturus signs a 20-year LNG Supply Deal with Saudi Aramco
U.S. Gas Producer 'Caturus' said on Friday that its unit, Commonwealth LNG, had signed a twenty-year agreement with Saudi Aramco to supply 1,000,000 tonne per year of lNG from?its proposed Louisiana Export Project. The U.S. is working hard to surpass Qatar and Australia as the largest LNG exporter in the world.
Gulf stock markets fall due to US-Iran tensions and earnings.
Stock markets in the Gulf slowed in early trading on Thursday, pressured both by a lacklustre earnings report and investor unease over tensions between the United States and Iran. U.S. president Donald Trump met with Israeli prime minister Benjamin Netanyahu on a Wednesday. He…
MIDEAST - STOCKS-Major Gulf stock exchanges gain from earnings and oil
Investors focused on rising oil prices and corporate earnings as they boosted the major Gulf stock exchanges in the early trading on Wednesday. Saudi Arabia's benchmark stock index rose?0.4%. Oil major Saudi Aramco gained?1.2%. Alinma Bank gained 2.6% after a dramatic increase in net profit.
Kuwait Readies $7b Pipeline Deal as Gulf Turns to Foreign Investors
Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the matter said.The shift comes as oil prices…
Oil Prices Drop 2% as Trump Tones Down Threats Against Greenland, Iran
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents…