The war in Iran could result in production losses of over 3 million barrels daily by the end of the week, with those losses potentially topping 4 million barrels daily if the war continues for more than a couple of weeks.
Oil and fuel futures and options contracts traded on Monday hit an all-time high as traders rushed to lock in surging benchmark prices, Reuters has reported, citing ICE data. The total number of futures and options in crude and fuels reached 12.7 million, with the number of contracts for ICE’s Low Sulphur Gasoil hitting 1.3 million—the […]
Major oil storage sites in Saudi Arabia are filling rapidly as the key export route through the Strait of Hormuz effectively remains closed to shipping, according to geospatial analytics company Kayrros. The Ju’aymah terminal on the country’s east coast “was quickly running out of spare capacity” as of March 1, Kayrros co-founder and chief analyst Antoine […]
Falling debris from an intercepted drone caused a major fire at the United Arab Emirates oil-trading hub of Fujairah, the latest in a series of incidents to affect energy facilities in the Middle East. Civil defense units are working to bring the blaze under control, the Fujairah Media Office said in a post on X. […]
Norway’s natural gas producers are operating near full capacity, according to the country’s energy minister, putting further pressure on European nations looking to fill depleted stockpiles of the fuel. “We are essentially producing at full capacity. I don’t think there is much additional output to be found,” Terje Aasland said in an interview at his […]
Oil futures extended gains as the U.S.-Iran conflict widens and energy infrastructure across the Middle East comes under attack, according to Sasha Foss, Energy Analyst at CSC Commodities, a division of Marex. Front-month Brent crude rose $5.66/b to $83.40, with the prompt spread widening to $2.65/b, reflecting tightening near-term supply conditions. Foss said the biggest […]
President Javier Milei’s marquee program for luring investment into Argentina is poised to attract a new round of applications from crude producers after his administration broadened it to include shale oil wells. YPF SA, Vista Energy SAB, and Pampa Energia SA said on recent earnings calls that they were all eyeing the program. Known by […]
Chief Executive of the Ghana Chamber of Oil Marketing Companies, Dr. Riverson Oppong, has assured that Ghana is unlikely to face an immediate fuel shortage despite rising tensions in the Middle East. Speaking in an interview on Joy FM’s Top Story, Dr. Oppong explained that Ghana sources most of its fuel from Western markets, not the […]
Ghana’s Minister for Energy and Green Transition, Hon. Dr. John Abdulai Jinapor (MP), on Tuesday convened a high-level meeting with key stakeholders across the country’s petroleum upstream and downstream sectors to assess the potential impact of the ongoing crisis in the Middle East on the nation’s fuel security. The engagement brought together representatives from the […]
Arrow Exploration has brought two new appraisal wells onstream in Colombia’s Llanos Basin, the company announced on Monday. The Mateguafa 9HZ (M-9HZ) well reached a total measured depth of 4,580 metres on February 7, 2026, encountering hydrocarbon-bearing intervals in the Gacheta, Carbonera C7 and Carbonera C9 formations. Arrow put the well in production on February […]