Lee, South Korea's Lee, calls for an energy-saving campaign that includes curbs on automobiles
The South Korean President Lee Jae Myung called on Tuesday for a nationwide energy-saving campaign due to the threat posed by the war in Iran. He said that public institutions would reduce their use of passenger cars. Kim Sung Whan, Energy Minister, told a cabinet meeting that curbs on private vehicles were for the time being voluntary but would be reviewed if energy alert levels increased. He said that the government would encourage staggered commute hours, as well as other conservation measures, to be taken by the 50 largest oil-consuming companies.
Japan will begin releasing oil from its joint stockpiles at the end of March, says PM
In a Tuesday post on the social media site X, Prime Minister Sanae Takayi announced that Japan will begin releasing 'oil from the joint stockpiles of producing 'nations held in a?country at the end of March. Takaichi, in the X Post, said that the country would tap a month's worth from the state reserves starting Thursday. According to the IEA, Japan's contribution to a record-breaking oil stockpile released by the International Energy Agency is expected to total 80 million barrels of crude oil. Saudi Arabia, Kuwait, and the United Arab Emirates jointly hold 13 million barrels of oil, which is equivalent to seven days' worth of consumption.
NextEra CEO: NextEra has secured land in Texas to build a giant gas plant that will power data centers
NextEra Energy secured land in?Texas to build a gas-fired power plant that will be used to power a massive data?center. The project is backed by a U.S.Japan agreement. Last week, the power provider revealed that President Donald Trump's administration had approved the construction of two gas plants totaling 10 gigawatts in Texas and Pennsylvania. This will help to meet the exploding electricity demands of data centers. The $33 billion project would be developed by NextEra and operated by them, but jointly owned by the United States of America and Japan. This is part of an?overall trade agreement between the two nations. NextEra has acquired land in Texas for its facility.
Union calls for return to negotiations after BP locks out Indiana oil refinery
The United Steelworkers stated on Monday that BP engaged in unfair 'labor practices' by locking out nearly 800 workers at a?Whiting oil refinery. They urged BP to resume contract negotiations. Roxanne Brown, USW 'International President, said that BP's decision of locking out these skilled workers was illegal and unacceptable. Workers at the Midwest's largest refinery began picketing last week after the British oil giant barred union members entry to the facility following months of stalled negotiations. BP?said that the lockout 'followed' months of negotiations.
Japan: Efforts made to secure energy supply are insufficient
Takehiko Matsuo said that coordinated efforts?by government to boost energy supply in a?follow-up to?the U.S./Israeli war against?Iran are not enough to ease the market strain. The International Energy Agency is releasing 400,000,000 barrels of oil to the market from its strategic stockpiles to try and bring down prices. Global oil futures have reached over $100 per barrel. Japan will contribute 80 million barrels, second highest behind the United States which will release 172 million barrels. Asia is heavily dependent on trade via the Strait of Hormuz, and has been severely affected by its closure ever since the war began.
Total CEO: Iran war disruption that goes beyond 3-4 months is a systemic threat to the global economy
Patrick Pouyanne, CEO of TotalEnergies, said that a 'disruption in global energy supply from the U.S. and Israeli?war against Iran? lasting beyond three to four months would pose a serious systemic risk for the global economy. Pouyanne, speaking at the CERAWeek conference in Houston, said that the disruption of global fuel supplies was worse than disruptions to crude oil supply?because they were exacerbated by an export ban from China on products such as diesel, gasoline, and jet fuel. China banned exports in order to maintain sufficient fuel supplies at home during the crisis. Pouyanne stated that the ban on fuel supplies in Southeast Asia has rendered them unsustainable.
Venture Global talks about settling arbitration cases with Energy Companies
Venture Global has begun discussions with energy companies to settle pending arbitration claims against the company for failing to provide?LNG? from its Calcasieu Pass facilities in a timely fashion, said CEO Mike Sabel on Monday at a roundtable session during the CERAWeek Conference in Houston. Venture Global customers such as Shell, BP, Repsol, orlen & Edison filed arbitration claims in 2023, accusing Venture Global of failing to supply them with LNG more than two years after it produced the super-cooled gas. BP has won against Venture Global and the LNG exporter against Shell and Repsol. The other cases are still pending.
ADNOC CEO: Rise in oil price slows global economic growth
According to the CEO of UAE's state-owned energy giant ADNOC, on Monday, the?rise in?oil?prices has slowed economic?growth?everywhere. He said that "energy?security" is more than a slogan. It's the difference between lights on and off. The U.S. and Israeli war against Iran has resulted in the 'effective shutdown' of a fifth of the worlds?oil & gas?supply which transits the Strait of Hormuz - a narrow passageway that runs off the southern coast of Iran. Iran has warned that it will fire at vessels that attempt to cross the Strait of Hormuz without permission.
Prices for gas in Europe fall after Trump delays strikes against Iran power plants
The European benchmark contract for gas fell sharply Monday after U.S. President Donald Trump announced he would delay strikes on Iranian energy infrastructure and power plants, saying that a deal could be reached with Iran "within five days or sooner". Intercontinental Exchange data showed that the benchmark Dutch front-month contract at the TTF hub had fallen 4.14 euros to?55.12 per megawatt hour by 1322 GMT. The price had been as high as 63.15 euro/MWh in the morning and dropped to a low intraday of 53.74 euro/MWh. The British contract for the month of April is 12.72 pence lower at 138.38 p/therm. It traded between 132.79 and 159.47 pence/therm on Monday.
US energy and interior secretaries met executives amid market turmoil
Energy executives gathered in Houston on Sunday to discuss everything from increasing domestic oil production to Venezuelan opportunities. This was during the worst global supply disruption due to the U.S. and Israeli war against Iran. The meeting was held over dinner on the eve of the CERAWeek energy conference where oil ministers, executives of major companies and members of the Organization of the Petroleum Exporting Countries gather to discuss the current state of the industry. Oil prices are at multi-year highs of $100 per barrel, after Iran effectively closed down the Strait of Hormuz. This is the main trade route that accounts for 20% of all oil and gas in the world.
Meloni, an Italian LNG expert, will travel to Algeria to replace Qatar LNG as a result of the Iran War.
Giorgia meloni, the Italian prime minister, will visit Algeria this week to secure an alternative supply of gas amid a prolonged interruption in deliveries from Qatar. The 'prime minister’s office' said that Meloni would be in Algiers Wednesday without providing a detailed itinerary for the official visit. Algeria is among the countries Italy has been in contact with to secure its gas supply after Iranian'strikes' on Qatar seemed to have stopped its exports for a?extensive period, said Energy Minister Gilberto Pichetto Fratin on Friday. The Minister…
China reduces fuel prices to cushion the impact of rising oil costs
China took measures to cushion the impact of fuel price increases on Monday, increasing the retail gas and diesel ceiling prices but keeping the increase to half the amount that would be charged under the government pricing mechanism. The price adjustments prompted by the U.S. and Israeli war against Iran are still the biggest ever. They have lifted the price limits to levels similar to those seen in 2022, after Russia invaded Ukraine. The National Development and Reform Commission, the state planner, announced on Monday that it would increase the maximum retail price for gasoline and diesel…
UAE's ADNOC Gas adjusts LNG production in response to the shipping disruption
ADNOC's gas subsidiary, the state-owned oil company of Abu Dhabi, announced on Monday that it had temporarily adjusted its production of liquefied natural gas and export traded liquids in response to the ongoing shipping disruptions in Strait of Hormuz. The U.S. and Israeli war against Iran intensified over the weekend, after President Donald Trump warned that he would "obliterate", Iran's nuclear power plants within 48 hours unless if?Tehran reopened the waterway fully. Iranian officials responded by saying that if they were attacked, they would close the waterway and destroy energy and desalination infrastructure across the region.
EUROPE GAS - European prices are rising due to Middle East energy war fears
Dutch and British Gas Contracts rose on Monday morning and are likely to face another volatile trading session, as the Middle East war risks escalating strikes against energy infrastructure. The reopening of Strait of Hormuz is still a long way off. Data from Intercontinental Exchange showed that the benchmark Dutch front-month contracts?at TTF hub were up?3.01 euros at 62.35 euros per megawatt hour (MWh), by 0901 GMT. The British contract was up by 6.3 pence to 157.40 per therm. Analysts at Mind Energy stated in a daily report that the uptrend on the gas market continued Monday morning despite the U.S.
Salzgitter CEO: Germany's Salzgitter has at least 50% of its gas hedged as the Iran war continues.
Salzgitter's CEO said that the company had hedged against rising gas prices. The group has locked in over 50% of its costs for this year and the next, as the Middle East conflict continues to have a ripple effect on the energy markets. Gunnar Grbler said after the company?released its full-year results that they were "very well hedged" in the gas market through 2026, and to a certain extent 2027. He added that the hedge rates for power prices were even higher. Groebler noted that the company was suffering from major price hikes for the gas it purchases on the spot market.
UAE shares fall on Iran's warning of retaliation against Gulf water and energy infrastructure
The stock markets of the United Arab Emirates fell on Monday, 'after Iran warned that it would attack energy and water infrastructure in the Gulf region if U.S. president Donald 'Trump followed through with a threat to attack its electricity grid. Trump threatened on Saturday to "obliterate", Iran's nuclear power plants, if Tehran does not reopen the Strait of Hormuz in 48 hours. This is a significant step up from the day before when he spoke about "winding down" this war which has now entered its fourth week. Tehran has demonstrated its ability to effectively retaliate after more than three weeks intense U.S.
UAE's ADNOC Gas adjusts LNG production in response to the shipping disruption
ADNOC's gas subsidiary, Abu Dhabi’s state oil firm, said on Monday that it had?made temporary adjustments? to its production of liquid?natural gas? and export-traded liquids? in response?to?the?ongoing shipping disrupt?ion in the Strait of Hormuz. Iranian officials responded by saying that if they were attacked, they would 'close down the strait completely and destroy energy and desalination facilities across the region. ADNOC Gas "is actively collaborating with customers and partners on a transaction-by-transaction basis to fulfill ?commitments wherever possible," the company said in ?a stock-exchange disclosure. It didn't provide any further information on output.
US energy and interior secretaries met executives amid market turmoil
Energy executives from the United States and Venezuela met with U.S. Energy Sec. Chris Wright, Interior Sec. Doug Burgum on Sunday in Houston to discuss everything from increasing domestic oil production?to Venezuelan opportunities. This was during the worst?supply interruption in history due to U.S. and Israeli war against Iran. The dinner meeting was held on the eve if the annual CERAWeek conference where oil ministers, executives from'major energy companies' and members of 'Organization of Petroleum Exporting Countries (OPEC) gather to discuss the current state of the energy industry.
Iran threatens to retaliate after Trump's ultimatum against Gulf water and energy
Iran has warned that it will strike water and energy infrastructure in the Gulf region if U.S. president Donald Trump follows through with his threat to "attack" its electricity grid. This is raising fears about a massive disruption of drinking water for a region heavily reliant on desalination. Trump gave a deadline of 7:45 pm EDT (2345 GMT) on Monday, warning late Saturday that the United States will strike Iran's nuclear power plants if Tehran does not fully reopen the Strait of Hormuz in 48 hours. Oil?markets opened choppy early in Asia trading due to the prospect of tit for tat attacks on civilian infrastructure.
After US sanctions are lifted, refiners in India and other parts of Asia will buy Iranian oil.
Indian refiners are planning to resume purchasing Iranian?oil, while refiners in other parts of Asia are examining the possibility after Washington temporarily lifted sanctions?to 'alleviate a severe energy shortage caused by U.S. and Israeli war against Iran. Three Indian refinery sources have said that they plan to buy Iranian oil. They are waiting for Washington's clarification on payment terms and government directives. After the U.S. lifted temporary sanctions, refiners in India, who have much smaller crude stocks than other major Asian oil importers rushed to order Russian oil. Outside office hours, the Indian government was unable to be reached for comment.