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 Energy Agency agreed on Wednesday to release a record number of 400 million barrels from strategic oil stockpiles in order to combat a rise in global crude prices following the U.S. - Israel war against Iran that began on February 28.
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. This is due to the U.S./Israeli war against Iran which has affected energy supplies in?the Middle East. Qatari Energy Minister Saad Al-Kaabi stated last week that it could take several months for normal deliveries to resume.
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. and Israel war against Iran has caused disruptions in shipments through the Strait of Hormuz. This is the most important oil route on the planet, responsible for 20 percent of the global oil supply.
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.
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. All major regional exchanges posted marginal weekly losses. The index was dragged down by industrial stocks, which fell 1.8%. Siemens Energy dropped 5.7%, and Rolls-Royce dropped 5.3%. The biggest percentage drop was experienced by miners, who lost 3.3%.
Cyprus targets gas exports in 2028, as the Mid East conflict increases supply tensions
Michael Damianos, the Energy Minister, said that Cyprus could start producing natural gas to?export by?2028. This would 'potentially? strengthen Europe's drive to diversify their energy sources, as the Middle East conflict tightens its focus on supply. The turmoil in the Gulf has raised concern about energy transits via chokepoints such as the Strait of Hormuz. This corridor is responsible for a fifth of world oil trade and has been brought to a halt after U.S.and Israel launched strikes against Iran on February 28, 2019.
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. and Israel war against Iran has caused global shipping restrictions, which have disrupted India's crude, LPG and liquefied gas supplies. Sharma, joint secretary at the federal oil minister, said that…
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 May palm oil contract on the Bursa Derivatives Exchange rose 23 ringgit or 0.51% to 4,564 Ringgit ($1,159.26), and was up 4.69% over the week. The biggest daily increase in three years was a surge of more than 9% on Monday.
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' after Israel's and the U.S.'s war against Iran stopped traffic through 'the Strait of Hormuz'. This forced India to look for alternatives, such as buying more LNG from Russia. Gas supplies have also been diverted from the industry to prioritise household consumption.
South Korea is considering energy vouchers and boosting coal, nuclear power
The government of South Korea said that it is looking at providing energy vouchers for vulnerable households to help'subsidise' them if global fuel prices rise in the wake the Middle East Crisis, which will increase electricity costs. In the event of high oil prices and disruptions in LNG supplies, Asia's 4th largest?economy? is also planning to increase nuclear and coal-fired energy generation. Kim Jung-kwan, Minister of Industry, said that the government would take "all necessary measures" to reduce the burden on people.
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…
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. Russia and China tried to block the discussion of a committee that would oversee and enforce U.N. Sanctions against Iran at a meeting this month of the 15 member U.N. Security Council. The motion was overruled by a vote of 11-2, with two abstentions. Mike Waltz, the U.S.
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. This was the first official confirmation of widespread production outages in the UAE caused by the crisis. Qatar and Iraq had announced earlier production cuts. The UAE, however, has not released any official information.
Equinor CEO: We Have No Spare Capacity for Oil and Gas
The CEO of Norway's state-controlled company Equinor said that the company does not have any spare capacity to increase its oil and gas output due to Middle East supply shortages."Our focus today is on making sure we are seen as a reliable supplier of oil and natural gas in the markets that we operate in, and ensuring we have the highest possible production because it's needed in these times," Equinor CEO Anders Opedal said at an industry conference held in Oslo.U.S.
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. and Israeli war against Iran, as well as the attacks of?Tehran on ships in Strait of Hormuz. On Wednesday, Ursula von der Leyen, President of the European Commission, said that the European Union is considering measures to reduce energy prices.
Gas shortage worries in India spark panic buying for Induction stoves
Indians are buying electric induction cookers at a rapid rate, causing stocks to be depleted online and in stores. This is due to fears that there could be a shortage of cooking gas linked?to the Middle East conflict. India, which is the second largest importer of LPG in the world, has invoked emergency powers in order to 'boost supply for household users, even though availability is tightening? for commercial users such as canteens, hotels and restaurants.
Minister: Czechs discuss 1.5 billion cubic meters of LNG with US
Hospodarske Noviny reported that the Czech Republic was 'in talks' with the United States for the supply of 1.5 billion cubic metres of liquefied natural gas. Since the Russian invasion of Ukraine, in '2022, the Czech Republic, like other countries in Central and Eastern Europe has diversified its energy sources. S&P Global reports that this has helped to cushion the impact of the Middle East war. Czech Industry Minister Karel Havlicek has been quoted as saying he met with U.S. Commerce Sec.
Iranian strikes burn oil tankers, despite Trump's claims to have won war
Two oil tankers caught fire in an Iraqi harbor on Thursday, after being hit by a boat suspected to be laden with explosives. This was a new attack that has cut off Middle East oil and defied Donald Trump’s claim of having?won' the war launched two weeks earlier. Images that were verified as having "been filmed" from the shores of Basra port showed massive orange fireballs lighting up the night skies, following the attacks Iraqi authorities had blamed on Iranian vessels. One crew member died.
Sources say that Beijing has rejected Sinopec's request for tapping commercial reserves
Two sources confirmed this week that China rejected a request by Sinopec, a major refinery company in China, to 'access 13,000,000 metric tons (95,000,000 barrels) of national commercial reserves to 'offset an expected supply gap due to the U.S./Israeli war against Iran which threatens Middle East Exports. According to industry estimates, Sinopec is the world's largest refiner in terms of?capacity and imports roughly?4million barrels of crude oil per day from the Middle East.
Palm oil gains against Dalian and Chicago rivals, with stronger crude
Malaysian palm futures were up on Thursday due to higher crude oil prices, gains in other edible oils and the expectation of increased biodiesel consumption following Indonesia's decision to speed up road tests for B50 blend. The benchmark 'palm oil' contract for May delivery at the Bursa Derivatives exchange gained 42 ringgit or 0.93% to 4,541 Ringgit ($1,157.24), after reaching an intraday peak of 4,628 Ringgit. A Kuala Lumpur based trader stated that "the futures are currently governed by the crude oil situation.