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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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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ENB Pub Note: This article is from Andrew Korybko’s Newsletter on SubStack. We highly recommend subscribing, and with new trading blocs forming around the world, as Stu Turley has discussed on the Energy News Beat podcast, things are changing in real time. Watch also as the United States leaves NATO before the end of President […]
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Occupation authorities have halted fuel sales to private individuals and businesses, reserving supplies for government agencies and essential services. Ukrainian forces have intensified attacks on fuel depots, transport routes, and oil infrastructure supplying Crimea and southern Russia. The fuel shortage is disrupting Crimea’s tourism-dependent economy and exposing growing vulnerabilities in Russian logistics. Russian-installed authorities in […]
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In a striking comment during a Fox News broadcast this morning, President Donald Trump spoke with Fox News reporter Trey for 20 minutes and outlined a bold U.S. role in securing one of the world’s most critical energy chokepoints. He stated that the United States may take over or act as the “guardian angel” of […]
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As U.S. Vice President JD Vance touched down in Switzerland on June 21, 2026, for high-level peace talks with Iranian officials, Iran’s Islamic Revolutionary Guard Corps (IRGC)-linked military command announced a renewed closure of the Strait of Hormuz. The move cites alleged Israeli violations of a fragile ceasefire in southern Lebanon and threatens further disruptions […]
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