Zambia seeks global investors to triple copper production by 2031
Zambia is wooing investors from around the world, including those in the United States. It aims to triple its copper production to 3 million tons by 2031. Washington wants to work with the second largest copper producer in Africa, Africa's Democratic Republic of Congo. The United States is intensifying efforts to loosen China’s grip on critical materials for advanced manufacturing. Zambia missed its annual target of 1,000,000 tons by a mere?890.346 tons.
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.
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.
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…
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.
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East. In January, Japan imported an average of 2.8 million barrels per day of crude oil…
METI does not see any need for an emergency LNG supply, despite the fact that Japanese utilities have increased their LNG reserves
The Ministry of Economy, Trade and Industry said that major Japanese utilities have increased their liquefied gas stocks by 10% to?2,19 million metric tonnes last week. The LNG stocks of Japan's utilities, the second largest LNG buyers in the world, equaled around 12 days domestic consumption for the week ending March 1. The LNG stockpiles of utilities in Japan, the world's second-largest LNG buyer, are equal to around 12 days domestic use for the week ending on March 1.
Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel, the highest since July 2024, taking gains since Friday to more than 15%. European gas prices soared as much as 40% before paring gains, adding to a 40% surge on Monday.
Brent oil prices continue to rise amid Iran conflict with Brent reaching a 19-month high
The price of crude oil rose by about 7% Tuesday. This is the third time that oil prices have risen in a row. As the U.S./Israeli conflict with Iran intensifies, fuel shipments are disrupted, and 'fears' of further disruptions to Middle East oil supply and gas supplies increase. Brent crude futures rose $5.70 or 7% to $83.44 per barrel at 1326 GMT, after reaching their highest level since July 2024, $85.12. U.S. West Texas Intermediate Crude gained $5.03 or 7% to $76.26. It had previously reached its highest level since June, at $77.58.
Iran threatens to attack any vessel trying to cross the Strait of Hormuz
Iranian media reported that a senior Revolutionary Guards official told them on Monday, "the Strait of Hormuz was closed" and that Iran would fire at any ships trying to pass. This is Iran's?most explicit warning since it told ships on Saturday that?it would?close the export route. The move threatens to choke off a fifth global oil flow and send crude prices sharply up. The Strait of Hormuz is closed. The Revolutionary Guards will burn down any ships that try to pass. This was stated by Ebrahim Jbari, senior advisor to the commander-in chief of the Guards.
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022. This is amounted to?about 2,74 million barrels a day. Refiners have reduced their intakes of Russian oil.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and Austrian energy company OMV which is owned by Austria and Abu Dhabi to open new business opportunities. BGI is expected to close in the third quarter.
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas. CHINA China is currently the largest crude oil importer in the world and also the biggest buyer of Iranian crude. However, record amounts of crude are stored in strategic and floating stockpiles which limit the risk of shortages.
Russia warns of a possible oil shortage due to the closure of Strait of Hormuz
The Russian Foreign Ministry said on Sunday that the closing of 'the Strait of Hormuz' to shipping would lead to "significant imbalances" in a global oil and gas market. Trading sources reported on Saturday that a number of tanker owners, major oil companies and trading houses had suspended crude oil, fuel, and liquefied gas shipments through the Strait of Hormuz following the U.S. and Israel's attacks against Iran. Hormuz is the route through which?20% global oil from Saudi Arabia…
OPEC+ discusses oil production boost as US war against Iran disrupts shipments
Two OPEC+ source said that OPEC+ would consider a bigger-than-expected 'oil production increase' on Sunday. This is after the U.S. and Israel war against OPEC+ Member Iran, as well as Tehran's retaliation caused?shipment disruptions throughout?the Middle East. OPEC+ is known for boosting oil production to compensate for disruptions, but analysts say the group has little capacity left to add meaningfully to the supply. The exceptions are Saudi Arabia and United Arab Emirates.
Barclays predicts Brent crude oil will reach $100 per barrel following the US and Israel's strike on Iran
Barclays increased its Brent crude oil futures forecast to around $100 per barrel, up from $80.00 on Friday, following the bombing of several Iranian sites by Israel and the United States. Oil markets may have to confront their worst fears Monday. The bank stated in a report that Brent (per barrel) could reach $100 as the market grapples with the potential of a supply disruption in light of the'spiraling Middle East security situation. On Saturday, the United States and Israel launched an attack on Iran, calling for its overthrow and targeting top leaders.
ADNOC offers partners more Murban crude ahead of the OPEC+ meeting, sources and reports say
Abu Dhabi will 'export' more of its Murban crude, according to Bloomberg News and two trade sources. This will add to the already abundant supply from Middle East producers. Bloomberg reported that the state-owned Abu Dhabi National Oil Co. offered to increase volumes for partners in the onshore concession of the country, citing people who were familiar with the plans. It was not immediately apparent how much additional Murban will be supplied. Partners…
Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ will likely consider?raising their oil output by 137,000 barrels a day for April. Three sources familiar with OPEC+'s thinking stated that the group is preparing for the peak summer demand as well as a price increase due to tensions between the U.S. After a three-month pause, the OPEC leader Saudi Arabia, and other OPEC+ countries such as Russia, Iran and Kazakhstan, are facing Western sanctions, while Kazakhstan is recovering from a series oil production setbacks.
Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ is likely to consider raising its oil production by 137,000 barrels a day in April, according to three sources familiar with OPEC+'s thinking. The group is preparing for the peak summer demand, and tensions between the U.S. The resumption 'would allow OPEC leaders Saudi Arabia and other members, like the UAE, 'to regain market shares at a period when OPEC+ countries, such?as Russia, Iran and Kazakhstan, are contending with Western sanctions, and Kazakh production is recovering after a series setbacks.