Oil stocks held back by G7 nations as Iran crisis raises prices
France's Finance Minister said that G7 countries haven't yet decided whether to release their emergency oil reserves, as prices are surging above $119 per barrel because of the Iran War. He added that there was no immediate shortage in supply. We have agreed to use all necessary tools to stabilize the market, including releasing any stockpiles that may be necessary. On?Monday?, oil prices soared to $119 per barrel, a level not seen since the mid-2022 period, as major producers cut back on supplies due to fears of a prolonged disruption in shipping caused by the 'U.S. - Israel war against Iran.
Source: India will not join IEA's initiative to tap oil resources
A government source confirmed that India does not plan to join the International Energy Agency's (IEA) initiative aimed at releasing strategic oil reserves. This comes as global oil prices have risen due to supply concerns caused by the conflict in Iran. The G7 finance ministers will meet to discuss possible releases of oil reserves in order to calm the markets. On Monday, oil prices soared to $119 a barrel, their highest level since mid-2022. This was after major producers reduced supplies, and there were fears that shipping would be disrupted for a long time due to the U.S./Israeli war against Iran. India is a member of the IEA.
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.
Oil and Gas Industry urge EU to stop methane emission law
Oil and gas companies warned that the European Union's methane emission law could disrupt Europe’s fuel imports if it is implemented next year. The?industry's call comes after the U.S. The?government asked the EU to exempt U.S. gas and oil from the rules. Brussels has offered more flexible options for companies to comply with the rules, but refused to rollback this policy. It is a key pillar in its climate strategy. A study commissioned by the industry and published on Monday by Wood Mackenzie said that up to 43% of EU imports of gas and 87% EU imports of crude oil could struggle to meet EU regulations from 2027.
EUROPE GAS-European Gas Prices Rise Back to 2023 High as US-Iran Conflict Enters Second Week
LONDON, 9 March - Benchmark European Wholesale Gas rose again on Monday to its highest level for more than three years, tracking a surge of?oil as the US-Iran Conflict entered its second weeks and shipping?around?the Strait of?Hormuz remained near a standstill. Iran named?Mojtaba?Khamenei as the successor to his father, who was killed in a car accident. This shows that the hardliners are still in control and appears to be closing off any way to an end to the Middle East war. Oil prices surged to $119 per barrel on the prospect that disruptions to energy supplies could continue longer than expected.
Head of opposition party says Japan should use nuclear power to counter Iran crisis
Yuichiro Tamaki, leader of an opposition party in Japan, said that Japan should run all its nuclear?power stations to offset the impact the Iran war has had on electricity bills. Japan imports around 11% of liquefied gas and 95% of oil from the Middle East. Around 70% of these are imported via the Strait of Hormuz which is now effectively closed because of the war. Tamaki, the leader of the Democratic Party for the People on X, stated that "unless we fully utilize nuclear power as a?carbon-free power'source, with less dependency on overseas sources…
Bangladesh closes early its universities to save energy amid energy crisis
Bangladesh will close its universities on Monday as part of an emergency measure to conserve fuel and electricity amid a worsening energy crisis related to the conflict in the Middle East. The authorities said that the decision would apply to all private and public universities in the country. They also stated that the move will reduce electricity consumption as well as traffic congestion which results in fuel waste. Officials stated that university campuses "consume large quantities of electricity for residence halls, classrooms and laboratories, as well as air conditioning"; the early closure will help ease the strain on the country's already strained power system.
Head of opposition party says Japan should use nuclear power to counter Iran crisis
Yuichiro Tamaki, the leader of an opposition party in Japan, stated on Monday that Japan should use all its nuclear 'power plants to offset the impact of a war with Iran on?electricity?bills. Around 95% of Japan's oil and 11% of its gas imports come from the Middle East, with 70% and 6% coming through the Strait of Hormuz. This is a?closed Strait due to the conflict. In a recent statement, Tamaki, the leader of the Democratic Party for the People, stated that electricity bills will rise unless we fully utilize?nuclear energy as a carbon free power source and reduce our dependence on foreign sources.
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. Exports through the Strait of Hormuz are still closed." In addition…
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. Abu Dhabi National Oil Company said it actively managed offshore production levels in order to maintain "operational flexibility" on 7 March.
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global economy and to President Donald Trump's political position as he heads into midterm elections. Voters are concerned about energy costs and do not like foreign involvement. JP Morgan analysts stated in a research note published on Friday that the market has shifted from pricing geopolitical risks to dealing with operational disruptions…
The Iran War threatens to have a long-lasting impact on global energy markets
Even if the conflict with Iran ends soon, consumers and businesses could face weeks or even months of higher fuel prices. This is because suppliers are dealing with damaged facilities, disrupted logistic, and increased risks in shipping. This outlook is a greater threat to global economic stability and a political vulnerability to U.S. president Donald Trump as we approach the midterms. Voters are sensitive to energy costs and do not like foreign involvement. In a Friday research note, JP Morgan analysts stated that the market has shifted from…
India increases cooking gas prices after Iran war affects supply
Indian 'companies' have increased the price of liquefied petrol gas, mainly used as a cooking fuel for the first time in about a?year, due to the global price surge caused by the U.S./Israel war against Iran, which has disrupted Middle East supplies. Indian Oil Corp., the country's largest refiner and LPG supplier, increased its prices for a 14.2-kg LPG in Delhi by 7%, to 913 Rupees ($9.93), as per their website. The state refiners Bharat Petroleum Corp, Hindustan Petroleum Corp, and?IOC all raised prices in tandem. India, which is the second largest importer of LPG in the world, consumed 33.15 millions metric tons last year, a mixture propane-butane.
Iran conflict increases U.S. Gulf Oil prices to their highest level since 2020
The price of U.S. Gulf Coast Heavy Grades continued to rise?on Friday, as the Iran Conflict prompted several Middle -Eastern producers to reduce production. This prompted?buyers and?sellers to grab?U.S. barrels. Brokers said that the price of Mars sour crude, a flagship crude produced by the U.S. Gulf of Mexico, and preferred by refiners worldwide, traded Friday at an $11 premium over U.S. benchmark West Texas Intermediate crude (WTI). This was the highest price since April 2020 and an increase of $4 on Thursday. It was $1.50 higher just a week earlier. The West Texas Sour is a popular sour beverage. Also rose.
Peru taps its fuel reserves to fight worst energy crisis in 20 years
Denisse Miralles, the Prime Minister, said that 'the Peruvian government will use its fuel reserves to safeguard the domestic supply.' This comes after a gas pipeline rupture triggered what has been described as the worst energy crisis for 20 years. She added that the government will encourage public and private sector employees to work remotely, while converting schools to online education. Emergency measures were taken after the suspension of natural gas exports by Peru on Thursday, as it tries to control the consequences of Sunday's gas-pipeline explosion that snuffed out energy supplies and caused a power crisis.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February. Gas rigs, on the other hand, fell by two, to 132, which is their lowest level since early February. As U.S. crude oil prices fell, energy firms focused more on boosting shareholder returns, paying down debt, and reducing their debt than increasing production.
QatarEnergy leases 10 LNG tankers amid a production halt and soaring shipping costs, according to sources
QatarEnergy offers 10 liquefied 'natural gas' tankers to lease, according to two industry sources. This comes after the 'world’s second largest?LNG - exporter announced a halt in production at its 77 mtpa facility, and shipping rates soared as the U.S. - Iran conflict entered its second week. Qatari Energy Minister Saad Al-Kaabi told the Financial Times that it would still take weeks or months to resume normal deliveries even if the conflict ended today. The company declared force majeure for LNG shipments Wednesday. The production stoppage has increased competition between the Atlantic and Pacific basins in terms of LNG cargoes.
Novak, quoted by the media as saying that Russia is considering redirecting LNG from Europe to Asia-Pacific
Interfax and Izvestia reported that Russia's Deputy Premier Alexander Novak stated on Friday he had discussed the?possibility? of redirecting Russian LNG supplies from Europe to alternative markets. This week, Russian President Vladimir Putin said that Russia can halt gas supply to Europe immediately due to the spike in energy costs triggered by the Iran Crisis. He was preempting EU plans for stopping 'Russian LNG imports until end-2026 and pipeline gas before September 30, 2027. Novak stated that Russian companies are looking at opportunities to divert shipments towards Asia-Pacific markets.
BP wants at least $3.7 Billion from Venture Global arbitration, a filing states
Venture Global's yearly report shows that BP wants at least $3.7billion from its arbitration victory against?Venture Global, in a case involving liquefied?gas (LNG). According to the report released this week, BP is seeking a range of'remedies', including damages ranging between $3.7 billion and potentially exceeding $6.0 billion as well as costs, interest, and attorney fees. BP declined to comment. A Venture Global spokesperson stated that the British 'oil majors' requested damages were "unserious" and "not supported by evidence or governing law".
BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies. BP is the largest foreign investor and operator in Azerbaijan’s oil and natural gas sector. The ?company operates Azerbaijan's largest oil and gas projects…