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energy security
Aramco, KPC chiefs say world must share Iran war costs
The heads of Saudi Aramco and Kuwait Petroleum Corp. said consuming nations will have to help pay for energy infrastructure damaged by the Iran war. The war has wrecked pipelines, refineries and gas plants and hit dozens of tankers, and…
Shell CEO says Mideast oil flows near 80% of prewar levels
Oil flows from the Middle East have recovered to about 80% of their volumes before the Iran war began, Shell Chief Executive Wael Sawan said on Tuesday. His estimate is one of the clearest public readings so far from a…
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Saudi says Hormuz bypass pipeline pumps 5.8M barrels a day
Saudi Arabia is pumping about 5.8 million barrels of oil a day through its East-West pipeline to the Red Sea port of Yanbu, Energy Minister Prince Abdulaziz bin Salman said on Tuesday. That puts the kingdom's main way around the…
Aramco CEO warns oil stockpiles are ‘scarily thin’
The world's oil stockpiles have shrunk to "scarily thin" levels, and pressure on markets will keep building until the Strait of Hormuz fully reopens, Saudi Aramco Chief Executive Amin Nasser said on Monday, October 5.
S&P Global says Hormuz shock is worst since WWII
The effective closure of the Strait of Hormuz has caused the biggest disruption to global energy supplies since World War II, S&P Global said. The firm estimates the closure has cut crude oil and refined product supplies by 20% and…
Macron to send troops and radars to protect Saudi oil port from Houthis
French President Emmanuel Macron announced Thursday that France will send soldiers, radars, and defense systems to help protect Saudi Arabia's Red Sea oil port of Yanbu, marking a new Western military commitment to shielding Gulf energy infrastructure from Yemen's Houthi…
Biofuel output set to surge 70% by 2030, risking food crisis
Global biofuels production is expected to jump nearly 70% by 2030 from 2025 levels as countries race to reduce their dependence on fossil fuels roiled by the Iran war, according to a study published on Tuesday by Chatham House and…
China’s oil import cuts kept global energy crisis in check, fund manager says
China's decision to slash its crude oil imports by more than half has been the single largest factor preventing a catastrophic spike in global energy prices during the Strait of Hormuz crisis, according to a senior energy fund manager.
LNG buyers scramble for new supply as Iran war reshapes global gas trade
The disruption of shipping through the Strait of Hormuz has reshaped global liquefied natural gas trade, pushing importers across Asia and Europe to scramble for alternative supply sources and giving new life to gas projects from West Africa to South…
QatarEnergy warns Hormuz crisis may delay expansion
QatarEnergy CEO Saad Al-Kaabi said on Sunday that the ongoing crisis over the Strait of Hormuz could delay some of the company's major expansion projects because critical equipment is unable to reach Qatar, even as he offered reassurance that normal…
Oman crude becomes Asia’s top pick as Hormuz risks reshape oil trade
Asian refiners are rapidly shifting their crude procurement strategies toward Oman Export Blend, as the grade's ability to bypass the Strait of Hormuz entirely makes it the most attractive medium-sour option in a region grappling with persistent supply disruptions.
Aramco shifts 60M barrels to Gulf route after pipeline attack
Japanese oil refiners have secured enough crude supplies to last through November despite escalating Middle East disruptions, the Petroleum Association of Japan announced on Friday, offering reassurance as fresh fighting between Saudi Arabia and Yemen's Houthis roils global energy markets.
EU gas storage hits 68% with winter weeks away
European natural gas prices climbed to their highest level in more than three and a half years on September 8 as the loss of Qatari LNG continues to weigh on a continent scrambling to fill storage before winter. EU storage…
Asian LNG buyers rush to lock in US supply deals amid Hormuz crisis
Liquefied natural gas buyers across Asia are accelerating talks to lock in long-term supply contracts with US exporters, as seven months of disruption to the Strait of Hormuz and damage to Qatar's export infrastructure force a rethink of the region's…
Thailand’s PTT pursues US Gulf LNG deals amid Hormuz crisis
Liquefied natural gas buyers across Asia are stepping up efforts to secure more fuel from the United States as months of disruption to the Strait of Hormuz continue to reshape global energy procurement strategies.
Gastech leaders warn LNG recovery will lag Hormuz reopening
QatarEnergy is negotiating multi-year liquefied natural gas purchase agreements with US producers including Cheniere Energy, Venture Global, and Woodside Energy to replace capacity knocked out by Iranian strikes on its Ras Laffan facility, according to Reuters.
Orlen scrambles for crude as Saudi pipeline shutdown cuts deliveries
Poland's Orlen has issued at least five crude oil purchase tenders in the past two working days, according to Bloomberg, as the Central European refiner moves to secure alternative supplies following the shutdown of Saudi Arabia's East-West Pipeline after drone…
Saudi oil pipeline to stay shut for weeks as Houthis seize Red Sea islands
Saudi Arabia's East-West Pipeline, damaged in drone strikes last week, is expected to remain largely out of service for three to five weeks, two regional officials briefed on the damage told the Associated Press on Monday. The shutdown removes the…
Asian refiners drive Dubai crude near $100 amid Middle East supply squeeze
The energy security architecture that Beijing has built since 2018 around its three state oil giants — Sinopec China Petroleum & Chemical Corporation, PetroChina, and CNOOC — is facing its most demanding test yet. With crude prices surging past $100…
US-Iran war reshapes energy policy as Europe, Asia accelerate renewable push
The supply and price shock triggered by the US-Iran war has reshaped energy security policies across Europe and Asia, driving governments and industries to accelerate investment in renewable energy, storage, and electrification as they seek to reduce their exposure to…
Qatar seeks long-term US LNG deals as war cripples exports
Qatar is in discussions to purchase liquefied natural gas from US suppliers under long-term agreements, a move that underscores the depth of disruption the Iran war has inflicted on the world's LNG trade. State-owned QatarEnergy is interested in supplies from…
IEA urges strategic gas reserves as European prices hit 2023 highs
European gas prices climbed to their highest level since early 2023 on Wednesday as the International Energy Agency urged governments to build strategic gas reserves, warning that the continent's storage levels are dangerously low heading into winter.
IEA urges governments to build strategic gas reserves amid LNG supply shocks
The International Energy Agency on Wednesday called on governments to build strategic natural gas reserves and overhaul liquefied natural gas procurement, warning that the current approach of relying on commercial storage and spot-market competition leaves import-dependent economies dangerously exposed to…
Iran threatens US energy assets, declares Gulf exclusion zone
Iran has declared it possesses the full capability to strike US Navy vessels enforcing an economic blockade on Iranian shipping and announced plans for a new maritime exclusion zone stretching across the Persian Gulf, marking what Tehran describes as a…
Mild winter forecasts offer cushion for Europe’s depleted gas storage
Europe's natural gas markets may catch a break this winter. A growing consensus among weather forecasters points to an unusually mild autumn and heating season across the continent, driven by what is shaping up to be one of the strongest…
EU sees no supply risk despite 15-year low in gas storage
The European Union is heading into winter with natural gas storage at its lowest level in at least 15 years, yet Brussels insists the bloc's energy system can weather the season without emergency intervention.
Americas hit record oil exports as Hormuz crisis reshapes global trade
Six months after the closure of the Strait of Hormuz upended one of the world's most critical energy corridors, oil producers stretching from Canada to Argentina are shipping record volumes of crude to markets that once depended almost entirely on…
U.S. strikes Iranian launchers on Larak Island
U.S. forces struck two Iranian launchers on Iran's Larak Island on Sunday, according to Axios, citing a U.S. official. The strike came after Revolutionary Guard forces were observed preparing to launch rockets carrying sea mines toward the Strait of Hormuz,…
Columbia analysis warns refined fuel shortage poses greater threat than crude oil disruption
Six months after the U.S.-Iran war shuttered the Strait of Hormuz, the world's oil system faces a paradox: crude prices have stabilized, but the fuels that consumers actually use — diesel, jet fuel, and gasoline — are in severe shortage.…
European gas hits five-month high as Hormuz closure squeezes LNG supply
European natural gas prices surged to a five-month high on Thursday as the continued closure of the Strait of Hormuz kept global LNG supplies constrained, raising concerns about the continent's ability to build adequate reserves before winter.