Indian LPG Sales Trickle Due to Hormuz Shipping Disruptions
Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in the first half of March, preliminary data showed, as the country reels from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz.India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of the U.S.-Israeli war on Iran.State fuel retailers Indian Oil Corp IOC.NS, Hindustan Petroleum
UAE Output of Crude Drops, Strait of Hormuz Closure Forces Shut-Ins
The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply, has inflicted massive disruptions on global energy markets.Earlier on Monday…
UN Climate chief: Iran war a'simple lesson' in fossil fuel dependency
The U.N. Climate Secretary will inform EU policymakers that the disruption of energy markets caused by the Iran War is an "abject" lesson in the dangers?of?relying?on fossil fuels. The European Union, despite being geographically distant from the Middle East crisis, has been affected by it through the soaring global energy prices. The European gas price has risen by 50% in the past two weeks. "Fossil?dependency is ripping national security and sovereignty away…
The ruling party of South Korea says that the country will lift its coal cap and increase nuclear production amid the Iran crisis.
South Korea's ruling Democratic Party announced on Monday that the government would lift limitations on coal-fired power generation and increase nuclear plant utilisation to as much as 80%, as part of a response to the Middle East Crisis. In a briefing, members of the Middle East Crisis Economic Response Task Force of the party said that the measures were intended to stabilise energy prices and supply as tensions along the Strait of Hormuz have blocked oil and gas supplies from South Korea.
Hindalco stops production of aluminium extruded products because of the Iran War, says notice
Hindalco Industries, an Indian company, has halted the production of value-added extruded aluminum due to a gas shortage in response to supply disruptions in the Middle East. This was revealed by a notice from the company. Aditya Birla Group owned metals producer declared force majore to all its extruded aluminum customers on March 11. In a statement to the. The company stated that they had sent a notification to their customers…
Hindalco stops production of aluminium extruded products because of the Iran War, notice states
Hindalco Industries in India has halted the production of extruded aluminum, a high-value aluminium product due to a shortage of gas resulting from disruptions to the supply of natural gas to the Middle East, according to two sources and a notice by the company. Aditya Birla Group owned metals producer declared Force Majeure to all its extruded aluminum customers on March 11th, the notice stated. In a letter to the. The?company…
Alaska LNG CEO: We need more commitments to offtake before we make a final investment decision.
Glenfarne, an energy developer, must secure agreements to purchase a further 3 million metric tonnes of liquefied gas before making any final investment decisions on the $44 billion Alaska LNG project. Brendan Duval, CEO of Glenfarne, said that the lead developer for the Alaska project has been in discussions with two potential buyers about adding the remaining volumes to the 13 million tonnes of annual sales agreed upon so far. JERA, one of Japan's largest LNG buyers, and Tokyo Gas have signed preliminary agreements for offtake.
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.
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. The U.S./Israeli war against Iran has caused the QatarEnergy LNG plants to be shut down, which has disrupted 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.
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…