Japan's Nikkei soared as Trump claimed US negotiations ended the Iran war
The Nikkei share average in Japan rose by the most since a week on Wednesday. This was backed up by cautious optimism about the Middle East crisis moving 'towards a possible settlement? after recent volatility. The Nikkei Index benchmark rose by 2.87%, closing at 53,749.62. This is the largest percentage increase since March 18. The Topix index rose 2.57% to 3,650.99. U.S. president Donald Trump stated on Tuesday that the U.S. is making progress in its efforts to end the war with Iran. Like many global markets in recent years…
Japan's Nikkei soars on optimism about Iran peace plan
The Nikkei average rose by a little over 3% on Wednesday. This was due to cautious optimism that the Middle East Crisis could be moving toward a possible settlement following recent volatility. The Nikkei 225 Index, the benchmark index, grew by 2.93% to reach 53784.43. The Topix index rose 2.5% to 3,648.78. Donald Trump, the U.S. president, said that on Tuesday that the U.S. is making progress in its negotiations to end war with Iran. Like many other global markets, Japanese stock prices have fluctuated on signs of conflicting escalation or an end to hostilities.
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, world's largest oil exporter, warned on Tuesday of "catastrophic" consequences for the global oil market if the Strait does not open. Saudi Arabia's oil production has been cut only slightly, to 9.8 million bpd so far from its OPEC quota at 10.1 million bpd according to Energy Aspects.
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, and it handles 20% of the global oil supply. Two sources reported on Monday that Aramco had begun reducing production at two of its fields. Saudi Arabia is the top oil exporter in the world. In February, it produced roughly 10.3 million barrels of crude oil per day.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March 8 that the Iraqi production has collapsed: "the country's oil output from its southern oilfields is down 70%, to 1.3 million barrels a day (bpd), from 4.3 millions barrels a day (bpd), before the war.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israeli war against Iran has caused oil and gas exports to be disrupted from the Middle East. Production was stopped from Qatar all the way up to Iraq. Kuwait announced cuts this weekend. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, too, will have to reduce their output as soon as possible when they run out of oil storage. Kuwait Force Majeure: Kuwait Petroleum Corporation cut oil output and declared force majeure March 7, due to the war that shut down exports through the Strait of Hormuz.
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added that the oil ministry was in talks with major producers and dealers to secure oil, LPG, and LNG. The U.S. International Development Finance Corporation has been ordered by President Donald Trump to provide financial and political guarantees for the maritime trade in Gulf. He said that the U.S.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israel war against?Iran disrupted oil exports to the Middle East, forcing production stops from Qatar to Iraq. Here are the major energy disruptions that have occurred so far. Iraq's OPEC's second largest producer, Iraq, slashes production: Iraq?has reduced almost 1.5 million barrels a day?due...to storage limitations and the lack.of an export route. Officials told. The country could be forced to close 3 million barrels per day within days if the exports don't resume. According to a survey conducted in January, the total Iraqi production accounted for 4.1 million barrels per day, or 4% of global output.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The 'U.S. and Israel war against Iran' has caused oil and gas exports to the Middle East to be disrupted and production stops from Qatar and Iraq. Here are some of the major energy disruptions that have occurred. Iraq, OPEC’s second largest?producer has reduced its output. Iraq has cut almost?1.5 mln barrels per day – about half of it – due to storage limitations and the absence of an export route. The country could be forced to close 3 million barrels per day, or nearly all its production, if exports don't resume. QatarEnergy has halted its LNG operations. Qatar ceased operations at some of its largest LNG plants on Monday.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israel war against Iran has 'disrupted oil and gas exports out of the Middle East and forced production stops from Qatar to Iraq. Here are the main energy disruptions that have occurred so far. Iraq, the second largest producer in OPEC, has slashed its?output. Iraq has reduced nearly 1.5 million barrels a day - or about half - because of storage limitations and the absence of an export route. The country could be forced to close 3 million barrels per day, or nearly all its production, if exports don't resume. QatarEnergy LNG has been halted. Qatar stopped its LNG operations on Monday.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israel war against Iran has caused oil and gas exports to be disrupted from the Middle East, and production from Qatar?to Iraq was forced to stop. Here are the major energy disruptions that have occurred so far. Iraq, OPEC’s?second largest producer, has reduced?output by almost a third due to storage limitations and the absence of export routes, officials said. The country could be forced to close 3 million barrels per day, or nearly all its production, within days, if exports don't resume. QatarEnergy LNG halted operations: Qatar ceased operations at its LNG plants on Monday.
Wartsila CEO sees boost from Trump Datacenter Push
The CEO of the Finnish energy company said that a push to have U.S. datacentres use their own power would boost the demand for Wartsila’s environmentally friendly products and?help support a "double digit" increase in the hiring of service staff over the next 2 years. The White House announced on Wednesday that it will meet with technology companies such as Microsoft and Amazon on March 4, to discuss a plan for protecting consumers from rising energy costs linked to the surge in demand?for AI-focused, datacenters. This issue has become a hot topic in the United States ahead of mid-term elections this year.
Kazakhstan: Tengiz supergiant oilfield nearing capacity
Kazakhstan?Energy minister Erlan Akkenzhenov announced on Friday that oil production had almost reached full capacity in the largest oilfield, Tengiz. This was after the oilfield suffered a power failure at the end January. The decline in production at Tengiz, a Chevron-led project, caused Kazkhastan to reduce its oil exports. It also boosted the global oil price. The minister told reporters that "production has almost reached its full capacity. He added that oil exports this year from Kazakhstan are expected to be "on par" with levels in 2025…
The French far-right has filed a motion of no confidence against the PM regarding the new energy law
The National Rally party of France, which is far right, submitted a motion of no confidence against the government on Monday following the 'adoption' of a new 'energy law. The motion will likely fail, as the Socialist Party, a pivotal swing vote in a fragmented assembly, has indicated that it won't support the effort. France announced a long-delayed strategy for energy this month, which scaled back renewable energy goals. It also eased the pressure on state-run utility EDF by reversing an order to shut down '14 nuclear reactors.
Turkey declares Greece-Chevron activities off Crete illegal
The Turkish government said that it was opposed to Greece's unilateral?activities? in the energy fields south-west of Crete, with a consortium headed by?U.S. Chevron, a major oil company, as a violation of international law and good neighbourly relations. Athens responded that its policies adhere to international law. Chevron and its consortium signed exclusive lease agreements Monday to search for natural gas offshore southern Greece. This expands U.S. presence throughout the eastern Mediterranean. The report said that while the activity did not directly affect Turkey's continental shelves…
Turkey declares Greece-Chevron activities off Crete illegal
Turkey has said that it opposes Greece's unilateral activities in hydrocarbon fields south of Crete, with a consortium led by U.S. oil giant Chevron. This is a violation of international law and good neighbourly relations. Chevron, a consortium led by Chevron, signed exclusive lease agreements to search for natural gas in southern Greece on Monday. This will expand the United States presence in the eastern Mediterranean. The Turkish Defence Ministry stated at its weekly press briefing that "we oppose this illegal activity which is being tried in violation of 2019 Memorandum on Maritime Jurisdiction Between Libya and our Country".
SSE Partners to Invest in Scottish Subsea Cable Upgrade
British power firm SSE said on Tuesday its electricity distribution unit has selected five contract partners for an investment up to 950 million pounds ($1.28 billion) to upgrade subsea electricity network connecting Scotland's island communities.SSEN Distribution said the agreements with Briggs Marine, DOF Subsea UK, N-Sea, Enshore Subsea and Jan De Nul will run for an initial five-year period, with an option to extend for three more years.($1 = 0.7398 pounds)(Reuters)
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it. Exxon Mobil joined Energean in November to search for gas on another offshore block of Western Greece.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them. Exxon Mobil joined Energean, Helleniq and others in November to search for natural gas in another offshore block off Western Greece.
France's new Energy Law slashes Renewable Targets, Eases Pressure on EDF
After years of debate, France has finally passed a new law on energy that reduces its "wind and solar" targets and removes the mandate for EDF (the state-owned firm) to shut down nuclear plants. We need to stop the internal family fighting. "We need both renewables and nuclear," said Roland Lescure, finance minister. After almost three years, the law will be passed by decree after bitter debate among legislators. It also reverses an earlier legal mandate that required 14 reactors to close. This was a promise made by President Emmanuel Macron during his 2017 election campaign.