As tensions flare once again around the Strait of Hormuz—with recent incidents including a vessel struck off Oman’s coast and Iranian Revolutionary Guard warnings—Gulf oil producers are racing to secure alternative export routes. While the strait has historically carried nearly 20% of global seaborne oil trade, Iraq is moving decisively to reduce its vulnerability through […]
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In a decision that highlights his uncompromising stance against domestic fossil fuel expansion, UK Energy Secretary Ed Miliband reportedly vetoed a Treasury-backed proposal to increase North Sea oil and gas drilling. The plan was designed to generate additional tax revenues to help fund the Ministry of Defense’s urgent need for an extra £18 billion ($24 […]
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ENB Pub Note: This is from the US Department of Energy and is very important. Well done, Secretary Chris Wright. Make no mistake, the EU’s overreach on methane reporting adds costs and is a way for them to justify their carbon markets for the wealth transfer they want to keep funding. We need to stand […]
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Iraq’s Basra Oil Company has directed operators at the giant West Qurna/2 oilfield to suspend pumping operations entirely and slash output to just 50,000 barrels per day (bpd), effective midnight on June 23. The move comes under an ongoing force majeure declaration, explicitly citing the continued absence of available tankers to lift the crude. This […]
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The recent closure of the Strait of Hormuz and the resulting stranding of over 10 million barrels per day of crude from the Persian Gulf served as a stark wake-up call for import-dependent nations worldwide. In response, countries are racing to expand strategic petroleum reserves (SPR) and commercial storage capacity for both oil and LNG. […]
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This is from an X Post from Jack Prandelli, The Merchant’s News Substack. This is an excellent observation on how the oil markets are changing in real time. I also did not have on my bingo card that North Korea would have benefited from the Ukraine/Russia War, but here we are. Story 1: India just […]
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Oil futures traders appear remarkably calm amid escalating risks in one of the world’s most critical energy chokepoints. While headlines focus on whether the Strait of Hormuz is “open or closed,” the physical oil market is grappling with far more complex and costly disruptions that futures prices are largely ignoring. A recent analysis from OilPrice.com […]
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China’s aggressive push to power its rapidly expanding AI data centers with renewables is running into practical resistance from grid operators, who warn that the sector’s inflexible power demands could increase reliability risks and complicate grid planning. Industry analysts and officials told Reuters that Beijing’s strategic goal of having renewables supply the majority of electricity […]
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In a striking development reported today by energy expert Dr. Anas Alhajji, more than 30 oil tankers carrying Iranian crude—with their AIS transponders visibly active—are currently heading to Asia. These vessels are loaded with over 50 million barrels of crude oil, according to shipping data from Kpler. This visible convoy marks a significant shift following […]
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In a significant development tied to ongoing U.S.-Iran diplomatic efforts, the U.S. Treasury Department has issued temporary waivers suspending key sanctions on Iranian oil exports. This move, reported in connection with a preliminary agreement or memorandum of understanding from recent talks (including the Lake Lucerne Summit mediated by Pakistan and Qatar), allows Iran to resume […]
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