Oil prices climbed sharply in early Asian trade on Monday, as the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade. The seizure reignited fears of a major escalation in the conflict and a prolonged disruption in the Strait of Hormuz.
Nigeria supplied about 68 per cent of the total gas volumes transported through the West African Gas Pipeline (WAGP) since its inception in 2011, as cumulative deliveries hit 613.7 million MMBtu, reinforcing the country’s dominant position in regional energy supply.
The European Union is preparing to loosen methane rules on imported oil and gas as the bloc scrambles to secure supply in the wake of the U.S.-Iran war.
The Israeli Energy Ministry on Thursday announced it had instructed the company operating the platform at the offshore natural gas field Karish to restore operations following the announcement of the two-week U.S.-Iran ceasefire.
Chinese independent refiners are buying Iranian crude at a premium to Brent crude, for the first time in years, Reuters has reported, noting prices were driven higher by anticipated increases in Indian purchases of Iranian oil.
Japan will release additional volumes of crude oil next month, Prime Minister Sanae Takaichi said today, confirming earlier reports about more releases from inventories to handle the supply squeeze resulting from the war in the Middle East.
Multiple attacks on oil and gas facilities in Saudi Arabia have resulted in a 600,000-bopd reduction to the country’s oil production capacity and a 700,000-bopd loss in throughput along the East-West Pipeline, the Saudi state news agency SPA reported on Thursday.
Oil climbed in choppy trading as a tenuous ceasefire between the US and Iran failed to allay fears of further disruptions to Middle Eastern flows, while shipping through the Strait of Hormuz remains largely blocked.
Subsea7 has been awarded a major subsea contract by Petrobras for the Sépia 2 development in Brazil’s Santos basin, expanding its presence in the country’s pre-salt sector.
ConocoPhillips has dispatched a team to Venezuela to evaluate the prospects for a return to drilling in the oil-rich Caribbean nation almost two decades after billions of dollars in assets were seized by the socialist regime.