Oil Prices Have Climbed 21% This Week
Crude oil prices were on course to end the week with gains of over 21% despite a Thursday dip following a signal from the U.S. about intervention in the futures…
Drone Strike Hits Bahrain Refinery as Crack Spreads Surge
A drone strike hit oil infrastructure in Bahrain’s Ma’ameer industrial area, according to multiple early reports Thursday morning, raising concerns about the vulnerability of Gulf refining assets as regional tensions…
Shell Signs Oil and Gas Exploration Deal in Kazakhstan
Shell and Kazakhstan have signed an agreement for oil and gas exploration in the Zhanaturmys block in western Kazakhstan, the Kazakh Energy Ministry said on Thursday. The agreement – signed…
Indian Refiners Snap Up Russian Crude after US Waiver
Indian refiners are moving quickly to buy Russian oil, with million of barrels floating in Asian waters offering a quick fix to a Middle East supply crunch after the US…
IEA sees no need yet to release emergency oil reserves amid Iran crisis
(Bloomberg) – The International Energy Agency said it sees no need yet to release emergency oil stockpiles amid the Middle East crisis, as global oil supplies are plentiful and the…
Oil Tanker Hit By Blast Near Kuwait, Major Leak Reported
An oil tanker anchored off Kuwait reported late on Wednesday a large explosion and a subsequent leak from a cargo tank, the United Kingdom Maritime Trade Operations (UKMTO), a Royal…
LNG Shipping Rates Soar 650% to $300,000 Per Day
The global LNG shipping market has turned sharply higher in recent days, with charter rates for modern LNG carriers surging from roughly $40,000 last week to around $300,000 per day…
Japanese Refiners Urge Government to Release Strategic Oil Reserves
Japan’s oil refiners, which source about 95% of their crude supply from the Middle East, are calling on the Japanese government to tap the strategic petroleum reserves to ensure smooth…
Asia’s Refining Margins Soar to 4-Year High as Hormuz Chokes Crude Supply
Disrupted crude flows from the Middle East to Asia due to the de facto closure of the Strait of Hormuz has pushed Asian refining margins to the highest in four…
