Record Volumes of Sanctioned Oil Sit on Tankers Offshore China
Record volumes of nearly 40 million barrels of sanctioned Iranian, Russian, and Venezuelan crude are idling in floating storage on tankers near China, according to Kpler data cited by Bloomberg…
Europe’s Gas Prices Continue to Soar as War Resets Supply Routes
Europe’s benchmark natural gas prices jumped by another 30% at market open on Monday, following a massive 67% weekly gain last week, as oil prices soared past $100 per barrel…
Asia Outbids Other Regions for Fuel Cargoes as War Chokes Supply
Tankers carrying jet fuel and diesel have sharply diverted toward Asia and away from their initial destinations in the west as the world’s most important oil-consuming region is grappling with…
Saudi Aramco Cuts Oil Output as Hormuz Crisis Chokes Exports
Saudi Aramco has begun reducing oil production at two of its fields as the disruption around the Strait of Hormuz starts to choke off crude exports across the Gulf, according…
War Flips LNG Surplus Narrative, Morgan Stanley Says
The Middle East war and the resulting production halt at the world’s second-largest LNG exporter, Qatar, are erasing the projected glut of the fuel that was expected before the region…
Attention Shifting to Kharg Island
Attention is now shifting to Kharg Island, following an Axios report that the Trump administration has discussed seizing the strategic export terminal. That’s what J.P. Morgan analysts, including Natasha Kaneva, the company’s head…
Bahrain’s Bapco Energies Declares Force Majeure as War Escalates
Bahrain’s integrated energy firm Bapco Energies on Sunday declared force majeure on its group operation that have been affected by the war in the Middle East. Bapco Energies, which operates…
Saudi Arabia Shoots Down Drones Targeting Major Shaybah Oilfield
Saudi Arabia has intercepted and destroyed four drones headed toward its Shaybah oilfield as the war in the Middle East is escalating and sending oil prices past $100 per barrel.…
Oil Prices Drop as the G7 Considers Releasing Up to 400 Million Barrels
The finance ministers of the G7 will discuss the possibility of releasing oil from storage in response to the price rally resulting from the war in the Middle East, media,…
