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.
JERA seeks more LNG to hedge growing Middle East risk
JERA, Japan's largest liquefied gas buyer, has begun discussions with global suppliers about possible additional purchases to protect against Middle East supplies worsening. This is despite a major LNG supplier saying the price spike would be short-lived.
BP's Kaskida project is approved by the US, a spokesperson said.
A company spokesperson said in an emailed statement sent late Friday that the Trump administration has approved the Kaskida Project in the Gulf of Mexico. The $5 billion investment would unlock 10 billion barrels in resources…
Japan's minister claims that Europe has done Tokyo a favor by releasing oil stocks.
Ryosei Acazawa, Japan's Minister of Industry, said that Europe did Japan a favor by agreeing to a joint release of oil stockpiles this week in order to reduce the price spikes and'supply crisis' caused by the Iran War. The International…
Venture Global CEO: Global LNG price volatility is'very short term' according to Venture Global
Mike Sabel, Chief Executive Officer of Venture Global, said that the volatility in liquefied natural gas prices caused by the Middle East crisis was "very short-term". QatarEnergy LNG plants are now shut down, affecting 20% of the global LNG supply.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised offer of a contract to its union?workers in its Whiting, Indiana oil refinery. This was after members of the United Steelworkers overwhelmingly refused what the 'company' had described as its "last, best and final" -proposal.
Fitch confirms Qatar's credit rating and says that the strong LNG push will help to reduce conflict risks
Fitch Ratings confirmed Qatar's long term foreign currency rating as "AA" with a "stable outlook" on Friday. It said that Qatar's strong balance sheet and its plans to increase LNG production should help cushion the impact of the escalating Middle East conflict. The U.S.
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.
European shares continue to decline as inflation fears fuelled by the Mideast conflict cause a second consecutive week of losses.
The European?shares continued to decline on Friday, marking their second consecutive week of losses. This was due to the escalating conflict in the Middle East and inflation concerns. The benchmark pan-European?STOXX?600 closed 0.5% down.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production…
Venture Global will proceed with the second phase of CP2 Liquefied Natural Gas project
Venture 'Global announced on Friday that it will move forward with the second phase of its CP2 liquefied - natural gas - project in Louisiana. The second largest LNG supplier in the U.S. said that this project was important for global energy security and supply.
India urges LPG consumers to switch to piped Gas wherever possible
Sujata sharma, an official in the oil ministry, said that India had asked consumers of liquefied petrol gas to avoid buying LPG cylinders out of panic and instead switch to natural gas piped into homes whenever possible. The U.S.
Palm oil gains over 4% on the back of higher crude oil prices
Malaysian palm futures gained on Friday and posted a second week of gains. This was due to a rise in crude oil prices as a result of the Middle East conflict, which boosted demand for feedstocks used to make biodiesel. The benchmark…
India's Jindal Steel flags operational disruption due to fuel shortage
India's Jindal Steel said on Friday that it was operating its plants at a lower?capacity due to fuel shortages as a result of the Middle -East war. India's crude, LPG and liquefied gas supplies were disrupted by a'shipping constraint'…
Palm oil is set to record a weekly gain as it rises against strong Dalian competitors
The price of Malaysian palm oils rose on Friday and was set to gain for a?second week in a row, as the prices of rival edible oils were also rising at 'Dalian. By Friday's midday, the benchmark palm oil contract for?May delivery…
USW rejects BP's last offer to Whiting refinery employees
The U.S. United SteelWorkers union members voted Thursday to 'overwhelmingly reject' what energy giant BP called their "last, best and final" contract proposal for those who work at its Whiting refinery, Indiana. Last week, BP presented the union a "Last…
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.
US and allies clash over Iran nuclear program with Russia and China
On Thursday, the U.S. and its allies faced off against Russia and China over Iran's intentions to develop nuclear weapons. Washington was attempting to justify at the United Nations the war that it started two weeks ago on Iran.
TotalEnergies production down 15% due US-Iran War; confirms UAE Outages
The French oil giant said that TotalEnergies has lost 15% of its 'oil and 'gas production as the U.S. Israel war against Iran closes down fields in the Middle East including the UAE, Qatar, and Iraq. Total said that this output represents about 10% of its?upstream cash flows.
Norway's Prime Minister says Europe shouldn't cap gas prices
The Norwegian prime minister said that Europe should not cap the price of natural gas, even though costs are rising due to the conflict in the Middle East. The benchmark TTF front-month gas contract on the continent has increased by around 60% since the U.S.