Workers at Australian LNG Plant Vote overwhelmingly for Strike Action
The Offshore Alliance, a union group, said that workers at Inpex's Ichthys facility, which produces liquefied gas in Australia, have voted to strike over pay and conditions. This decision could worsen the already strained energy supply globally. A spokesperson stated that over 98% of the workers who voted favored strike action.
Top sector official: Iran war could cause systemic gas demand destruction
Gas Exporting Countries Forum head said that if the conflict continues, the natural gas demand destruction caused by the 'Iran war' will become structural. Kpler data shows that since the Middle East Crisis began in February, over 500 million barrels have been removed from the global market. This is the biggest disruption of energy supply in modern history.
Can Big Tech survive the energy squeeze with profits that are 'AI-or-die'? McGeever
Last week, Kristalina Georgeeva, Managing Director of the International Monetary Fund, spoke to a panel during the IMF/World Bank Spring Meetings in Washington about the challenges facing businesses, industries and economies across the globe, given the 'transformative power' of artificial intelligence. Her remarks also apply to the stock exchange. U.S.
Singapore GasCo secures additional LNG cargoes and looks for term deals despite the war volatility
GasCo, Singapore's state-owned gas buyer, has purchased additional cargoes to offset the supply shortages caused by a U.S./Israel war against Iran. Kpler data show that the city-state imports increasing amounts of LNG. It reached 5.93 million tonnes last year. Nearly half of this was shipped from Qatar. In an email response…
Australia lifts fuel restrictions following fire at its largest refinery
The Australian Prime Minister Anthony Albanese stated 'on Friday that a fire in 'the larger of Australia's two oil refineries would not trigger any fuel restriction, as the Government ramps up its efforts to secure fuel supply due to the War on Iran. The fire at Viva Energy’s refinery, located in Geelong an hour from Melbourne, is a terrible time for Australia.
Source: Trump's energy leaders will hold a call with CEOs about the Iran war
The U.S. The Interior and Energy Departments are holding a conference call on Thursday to discuss the 'potential' of energy companies such as Exxon & Chevron in boosting oil and gas production. Prices are now returning to the levels that were seen in the aftermath of the?Russian invasion of Ukraine? in 2022. This…
Palm prices flatten on fears of higher production and weaker demand
Malaysian palm futures were little changed on Thursday due to a subdued demand from India and China. There are also rising expectations for increased production and a strengthening of the ringgit. The benchmark palm oil?contract?for July delivery at Bursa Malaysia derivatives Exchange fell 2 ringgit or 0.04% to 4,495 Ringgit ($1,137.40), a metric tonne, at the close.
Meloni, an Italian diplomat, says that economic pressure on Russia is key to peace.
When asked if Europe should lift its ban on Moscow gas imports, Italian Prime Minister Giorgia Mello said that economic pressure was still the "most effective weapon" for putting pressure on Russia to end its conflict in Ukraine. Meloni made his remarks on the sidelines a wine fair after the chief of energy group…
Eni CEO: EU should reconsider plans to ban Russian gas imports
Eni's head, an Italian energy company, says that the?European Union needs to reconsider its plans for a gradual?ban on imports of russian gas at the start of next year. The European Union will ban the import of Russian liquefied gas under short-term contracts starting April 25, and on long-term agreements beginning January 1, 2027.
Japanese shares fall as US-Iran negotiations fail and a naval blockade is looming
Japanese shares closed lower on Monday after the U.S.-Iran talks broke down over the weekend. The American Navy also prepared a naval blockade of Iranian ports, raising new doubts about the sustainability of a ceasefire. The Nikkei dropped?0.7%?to close at?56,502.77 after posting its steepest week-to-week gain in over a year last week.
Australia PM Albanese will visit Brunei and Malaysia to shore-up fuel supply
The Australian Prime Minister Anthony Albanese is visiting Brunei this week and Malaysia next, as part of his diplomatic efforts to secure fuel supplies for Asian allies following disruptions caused by the Middle East conflict. Albanese's office announced in a Sunday statement that he will be traveling to Bandar Seri Begawan, Kuala Lumpur and Bandar Seri Begawan from April 14-17.
Gas prices in Europe fall ahead of Iran and US peace negotiations
Dutch and British gas prices dropped on Friday morning, as the market took a more cautious approach in anticipation of the upcoming 'peace talks' between the United States & Iran at the weekend. Israel also appeared to be willing to start peace negotiations with Lebanon. Data from the Intercontinental Exchange showed…
Palm oil prices rise over 1% as bargain-buying and crude oil price rebound
Malaysian palm futures closed?more that 1% higher Thursday, recovering?some losses from the previous session, backed by bargain-buying amid a rebound in crude oil prices. The gains were however, capped because of pressure from Dalian's weaker rival oils, and confusion about Indonesia's biodiesel blend timeline.
ROI-Oil shock turbocharges Asia FX intervention risk: McGeever
Since the Iran War broke out, several Asian countries have intervened on the foreign exchange market to support their currencies. It's unlikely that they will be the last. Asia, which imports 60 % of its crude oil from Middle East, is most vulnerable to the energy shock caused by the Iran War. Brent crude prices have increased by 55% since the conflict began on February 28.
Turkey's energy security is not a problem despite the war, but the situation is volatile
Turkish media reported that Energy Minister Alparslan. Bayraktar said on Tuesday, "Turkey is not facing any issues regarding energy supply security due to the Iran War but...the situation is volatile". "We hope that the?war?will not last much longer." Bayraktar said to reporters Monday night after a cabinet session that the process was under his control.
IEA chief says current oil and gas crises worse than 1973, 1978, 2002 combined
Fatih Binol, head of the International Energy Agency, told Le Figaro that the current oil and 'gas crisis triggered a by the 'blockade of Strait of Hormuz is?more serious compared to the corresponding?crises?in 1973 1979 2002". He said that the European countries as well as Japan, Australia, and other nations will'suffer.
Oil shock resilience in march - or just smoke and mirrors? Mike Dolan
The energy shock caused by the Iran war is unprecedented. So far, the real economy has been hit hard. The fact that the only immediate information available is market sentiment, pricing or anecdotes makes it difficult to invest in a sudden crisis such as the Middle East conflict. When reliable data about the economic impact of a crisis finally appears…
Oil Sales from California’s Santa Ynez Pipeline Begin
Sable Offshore said on Monday it has begun selling oil from its Santa Ynez Pipeline System offshore California to Chevron, after resuming crude transportation earlier this month.Shares were up more than 3% in premarket trading.The pipeline system, which runs along California's Gaviota Coast, had been shut since a 2015 oil spill that polluted miles of coastline, killed wildlife and damage
Vucic: Serbia has signed a gas import agreement with Russia
Aleksandar Vucic, President of the Balkan nation, said that Serbia has secured three more months' worth of gas imports from Russia after talks with Russian leader Vladimir Putin. The cheaper imports of Russian natural gas?cover?up to 90%?of Serbia's need, although Belgrade has tried to diversify its supply by importing…
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March.
