Oil dipped on signs that war-driven market tightness may still persist even as some supply disruptions in the Middle East ease. Global benchmark Brent fell 1% to settle under $105 a barrel, while West Texas Intermediate dipped 0.5% to settle near $102. Saudi Arabia is seeking to return about half the capacity of its key […]
Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the […]
Gulf Marine Services (GMS) has secured a 183-day contract extension for one of its Small-class self-elevating support vessels operating in the Middle East, extending work for a major national oil company. The extension was awarded under an existing agreement and will allow the vessel to continue supporting the operator’s offshore maintenance activities without interruption. The contract […]
U.S. Energy Secretary Chris Wright this week said that the oil exports from the Middle East have rebounded to 15 million barrels per day (bpd) and even topped the pre-war average of 20 million bpd on Sunday.
Vessel-tracking services and commodity analysts are baffled and struggling to reconcile these numbers with their observations of tanker loadings and traffic in the region.
Middle Eastern buyers are seeking LNG cargoes from Canada to diversify supply and hedge against geopolitical disruption affecting key shipping routes, Reuters reported on Friday.
With Middle East tensions starting to flare up again, experts have warned that tolls in the Strait of Hormuz look more of a certainty. Some concern has been raised about the impact this could have on international oil prices.
Shell PLC (LSE:SHEL, NYSE:SHEL) shares jumped over 2% after it said stronger trading and improved refining margins should support second-quarter performance, although production has been hit by disruption to output from Qatar following the war in the Middle East.
India’s state oil refiners are planning to reduce their reliance on the Middle East following the supply shock of the Iran war, and will lean more heavily on alternative options including through spot-market purchases, according to people familiar with the matter. Processors are seeking to trim the volume they buy from producers in the Middle East under […]
The Government’s push to refine more Ghanaian crude oil locally was partly driven by concerns over potential disruptions in global energy markets arising from escalating geopolitical tensions in the Middle East, according to Energy and Green Transition Minister, Dr. John Abdulai Jinapor.
The oil and gas crunch caused by the war between the U.S., Israel, and Iran, has cost global businesses $25 billion, Reuters reported today, adding that the bill is going to climb higher still. The publication analyzed corporate statements issued after the war started, finding that as many as 279 companies had cited the war as a […]