Marine fuel supply at the major Middle East bunkering hub of Fujairah has been disrupted after debris from an intercepted drone sparked a fire at an oil storage facility, forcing terminals to halt bunker barge loadings and tightening fuel availability in regional shipping markets.
Global energy leaders are gathering to decide whether to release emergency oil reserves as production and export disruptions tied to the Middle East conflict continue to strain global markets.
Iran has begun laying naval mines in the strategically vital Strait of Hormuz, according to two people familiar with U.S. intelligence reporting, in what analysts warn could extend the effective blockade of the world’s most critical energy chokepoint and deepen disruption to global oil flows.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.7 million barrels in the week ending March 6, after adding 5.6 million barrels in the week prior. Analysts had expected a build of 1.4 million barrels.
Chevron and Shell are reportedly close to sealing deals for oil production in Venezuela following the United States’ takeover of the country’s energy industry, Reuters wrote, citing unnamed sources. Both companies had already secured preliminary deals with the Venezuelan authorities.
Equinor has made commercial discoveries of oil in the Troll area and gas and condensate in the Sleipner area, the company announced on Monday.
Oil prices plunged the most in four years as traders struggled to interpret conflicting signals about whether tanker traffic could soon resume through the Strait of Hormuz, the vital chokepoint for global crude exports.
Frontera Energy Corp. plans to move forward with a $525-million offer from Parex Resources Inc. for its Colombian upstream assets after GeoPark Ltd. declined to match the revised bid.
Fuel prices may rise again soon, but what if higher prices don’t actually reduce petrol consumption in Ghana?
India has invoked emergency powers and ordered oil refiners to maximise production of LPG to avert a cooking fuel shortage following supply disruptions linked to the Middle East crisis, Reuters reported on Friday.