Russell: The war in Iran has a greater impact on refined fuels than crude oil and importers must act.
Media attention is focused on the loss of up to 20% of crude oil and refined fuels due to the continued closure of the Strait of Hormuz. The rapid tightening in the markets for refined products in Asia is a greater concern. Major importing countries like Australia and Indonesia could be facing an "emergency" situation with lower supplies and much higher prices. According to Kpler commodity analysts, Australia is Asia's biggest importer of refined petroleum products. It averages around 900,000. Indonesia comes in second with arrivals of about 600,000.
Japan Industry Ministry asks Australia for increased LNG production amid Iran Crisis
Japan's Industry Minister Ryosei AKazawa?on Saturday asked Australia to increase its output of liquefied gas in light of the Middle East crisis. Around 11% of Japan's LNG imports come from the Middle East, and 6% of that is shipped through the Strait of Hormuz. This route has been effectively closed by the U.S./Israeli war against Iran. Japan is also dependent on the Middle East for 95% of its crude oils. The U.S./Israeli war against?Iran shut down QatarEnergy LNG plants, disrupting Middle East energy supplies. Last week, the?Qatari energy minister Saad al Kaabi?
Globally, governments are taking measures to mitigate the impact of Iran's war on energy prices for consumers
Fuel subsidies, price caps and emergency commodity releases are just some of the measures that governments from Asia to Europe have taken to protect consumers from rising fuel and food prices - a result of the U.S. and Israeli war against Iran. The conflict in the Middle East has caused a halt to a fifth of world oil and gas supplies. It has also forced the top energy producers Saudi Arabia, the United Arab Emirates Kuwait, Iraq, and Qatar to reduce their output. This is what the International Energy Agency has called the biggest disruption to global energy supply ever.
Glencore hopes to revive Rio Tinto's deal with coal prices turning
Three investors who met with the leaders of both companies in Australia this week said that Glencore CEO Gary "Nagle" hopes the recent rise in coal prices can help Rio Tinto return to the table for a new attempt at creating the largest mining company. Both companies were in discussions?earlier in the year? to create a $240 billion company. The two were in talks earlier this year to create a $240?billion company. The companies stated that discussions ended in February with no agreement due to disagreements over valuation. Rio Tinto and Glencore are not allowed to resume talks for six months under UK regulations.
Australia releases petrol, diesel and other emergency reserves
Australia announced on Friday that it would release petrol and?diesel from its reserves to help counter disruptions?to the fuel?supply?chain?from the Iran?war and ease shortages?in many regional parts of Australia. Energy Minister Chris Bowen stated that the decision to release up to 20% from the baseline minimum stockholding requirement is equivalent to "up to 762 millions litres" of petrol and diesel. Bowen's office said that it will take time to get the fuels from regional storage areas to where they are needed through Australia's "long and complex supply chain".
After failed pay negotiations, workers at Glencore Australia plan to strike
The Australian Workers' Union (AWU), which represents workers at Glencore's copper'refinery' in North Queensland, announced on Wednesday that they plan to 'go on strike' after nearly a year of 'failed' negotiations over pay and conditions. The union has said that workers at Townsville refinery will walk off their jobs on Friday if they do not get their concerns addressed at a Thursday bargaining session. The AWU said that Glencore has refused to give workers a wage increase "decent enough" to keep pace with the cost of living. Talks began between the London-listed company and the AWU in late March last year.
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 due to the energy crisis caused by the Middle East conflict. This included suspending overseas trips and using the stairs instead of elevators. Lalida Periswiwatana, a spokesperson for the prime minister, told reporters that civil servants must now work from home. However, officials who serve the public will be exempted. Southeast Asia's second-largest economic powerhouse has 95 days worth of energy left.
AFR reports that Glencore is open to listing Australia if it's beneficial.
The Australian Financial Review reported that Glencore was "open" to considering a listing in Australia if it proved beneficial for the company. This follows the failure of merger negotiations with Rio Tinto. According to the report, a secondary ASX listing could attract more investors. "It would give investors an alternative option other than Rio and BHP," CEO Gary Nagle said. Nagle, a newspaper reporter, said that the company would have to consult with its shareholders before proceeding?with any listing. Glencore declined to provide any further comment on the report.
Santos and Beach Energy have approved the Moomba Central Optimization project
Australia's Santos said Monday that it would?proceed?with?the Moomba Optimisation Project in the Cooper Basin of South Australia with its joint -venture partner,Beach Energy. Santos announced that it would invest $357 million into the project. The project is expected to?be delivered over three years. Santos, Australia's No. Santos, Australia's No. The company said that the project would replace seven gas-driven compression stations with one electric-driven station. This was to ease bottlenecks and enable future production growth in the Central Fields of the Cooper Basin.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked.
Futures on the TSX are muted due to Middle East conflict
The futures that track Canada's main index of stocks were relatively muted on Thursday, even though gold and oil prices rose. Investors are cautious due to the Middle East conflict. As of 5:34 a.m., March?futures were down 0.02% on the 'S&P/TSX 'composite index. ET. Israel launched a massive wave of attacks on 'Tehran, after Iranian missiles had sent millions of Israelis running into bomb shelters. Wall Street's S&P 500 E-mini Futures and Nasdaq100 E-minis were flat. Gold spot prices rose 0.4%, despite a stronger dollar and concerns about the Federal Reserve’s monetary policies.
Australian shares rise as investors buy battered stocks, with banks leading the way
Australian shares eked modest gains on Thursday, as investors picked up beaten-down tech, bank, and energy stocks after a two-day slide triggered by the escalating Middle East conflict. After a 3.2% decline in the two previous sessions, the S&P/ASX 200 rose 0.4% to 8,940.30. Global equity markets rallied after a significant selloff during the previous sessions, following gains in U.S. stocks overnight. Financials in Australia led the way on Thursday with a 0.8% gain, its best session since February 19. Three of the "Big Four' banks increased between 0.4% to 0.6%.
Spain cannot claim immunity as a state in the UK dispute over renewable energy incentives
The United Kingdom's top court ruled that Spain cannot claim immunity in order to prevent a multimillion euro award being made?over the reduction of renewable energy incentives. This limits states' rights to claim immunity when they are involved in disputes with investors. The Supreme Court stated, however, states can claim immunity with respect to the execution of a arbitration award against state property. Infrastructure Services Luxembourg, Energia Termosolar and other companies that had invested in renewable energies in Spain brought Spain before the Energy Charter Treaty arbitration more than 10 year ago…
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. Around 95% of Japan's oil imports come from the Middle East. In January, Japan imported an average of 2.8 million barrels per day of crude oil, of which 1.6 millions bpd were from Saudi Arabia, with additional supplies coming from Kuwait, Qatar, and the United Arab Emirates.
Russell: China imports most energy but has the best position on Iran
China is the largest energy importer in the world and would appear to be vulnerable to the rise in crude oil and gas prices caused by the conflict between Israel, the United States and Iran. China's huge crude oil stockpile is a buffer against price spikes. This means that any energy-driven inflation in other parts of the world won't hit China. By increasing the exports of refined goods, China's refiners may also be able to reap a windfall profit in 'the?event?of a prolonged disruption of crude oil supplies from the Middle East.
Russell: China imports most energy but has the best position on Iran
China, the world's biggest energy importer, is vulnerable to the rise in prices of crude oil and natural gas caused by the conflict between Israel and United States against Iran. China's huge crude oil stockpile is likely to be a buffer against any price spikes in the world, so that any energy-driven inflation will not affect China. In the event that crude oil supplies from the Middle East are disrupted for a long time, it is possible that China’s refiners could make a windfall profit by increasing exports of refined goods.
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022. This is amounted to?about 2,74 million barrels a day. Refiners have reduced their intakes of Russian oil. India has enough crude and refined fuel in its inventory to cover demand for 74 days.
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas. CHINA China is currently the largest crude oil importer in the world and also the biggest buyer of Iranian crude. However, record amounts of crude are stored in strategic and floating stockpiles which limit the risk of shortages. About half of China's crude oil imports are from the Middle East.
California woman sues Meta, YouTube testifies that social media has a negative impact on mental health
A young Californian woman who is suing Meta Platforms for Instagram and Google for YouTube gave testimony on Thursday at a landmark trial that her childhood addiction to social media left her depressed, anxious and insecure about her appearance. She was unable, however, to give up her phone without feeling further anxiety. Kaley G.M. was the plaintiff, who appeared in court as Kaley G.M. She told jurors that her mental health had become so compromised, she began to harbor suicidal feelings and…
A woman who sued Meta and YouTube for social media addiction is set to testify in court
On Wednesday, a young California woman will testify about how her childhood use on Meta Platforms' Instagram or Google's YouTube has affected her mental health. This is a landmark case in her social media addiction. She was to 'take the witness stand after the testimony of a licensed therapist who treated Kaley G.M. for several months starting in 2019 when she was just 13 years old. Victoria Burke, Kaley's therapist, testified in court that she first diagnosed her with generalized anxiety disorder but then revised the diagnosis to include both body dysmorphic and social phobia.