After slapping 25% “penalty” tariffs on India for buying Russian crude — revoked last month — the U.S. on Thursday issued a 30-day waiver to New Delhi for purchasing crude from Moscow as the Iran war upends global supplies.
Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million barrels, compared with 4.3 million barrels daily before the war began.
Saudi Aramco jumped the most since April 2023 on Sunday as the Iran war entered its second week, prompting supply disruptions that may send oil prices higher when global markets reopen.
Saudi Arabia is offering crude oil on the spot market in an unusual move prompted by the almost complete freeze on tanker traffic in the Strait of Hormuz, Bloomberg has reported, citing unnamed trading sources.
Brazil’s state-controlled oil producer Petrobras surpassed profit expectations after robust oil production and record exports helped cushion the impact of weaker crude prices. Shares rose.
Bahrain’s main energy company, which operates the island nation’s only oil refinery, declared force majeure on operations that have been impacted by the ongoing war in the Middle East.
U.S. Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last.
Shipping through the Strait of Hormuz remained near a standstill for a seventh consecutive day, with Iran-linked vessels the only commercial ships observed transiting the critical waterway over the past 24 hours, according to vessel-tracking data compiled by Bloomberg.
Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader.
Equinor has concluded its investigation into a well control incident on the Deepsea Bollsta drilling rig at the Troll field, about 65km west of Kollsnes near Bergen, which involved a release of around 930kg of gas.