Workers at Australian LNG Plant Vote overwhelmingly for Strike Action
The Offshore Alliance, a union group, said that workers at Inpex's Ichthys facility, which produces liquefied gas in Australia, have voted to strike over pay and conditions. This decision could worsen the already strained energy supply globally. A spokesperson stated that over 98% of the workers who voted favored strike action. The statement stated that "the results of the vote are clear. Offshore Alliance members are in favor of various industrial actions, including work halts that range from 30 minutes up to 24 hours.
Major Australian LNG plant to close after strike vote
The vote on whether or not workers at Inpex’s Ichthys facility in Australia strike over pay and conditions is set to close later this Friday. The strike at the 9.3 metric ton-per-year Darwin facility could worsen already tight global energy supplies. Japanese power and gas utilities who buy from this company are closely monitoring it. Australia is Japan's biggest LNG supplier. The country is facing a potential?supply crisis due to the Iran War and increasing air-conditioning demands as Japan enters summer.
Russell: China's LNG imports are falling, which is helping Asia to adjust to the Iran war losses.
In April, Asia's LNG imports are expected to fall to their lowest level in six years as the Strait of Hormuz effectively closes. This will cut off cargoes coming from Qatar, a major LNG supplier. It could be argued, despite?the volume loss, that Asia's markets for LNG are more successful at adjusting to fallout from U.S. and Israeli attacks on Iran. The world's largest buyer of super-chilled gasoline, China, is doing its part to reduce imports. However, smaller, less wealthy buyers, such as Pakistan, are also being forced to lose cargoes.
Russell: China's LNG imports are falling, which is helping Asia to adjust to the Iran war losses.
In April, Asia's LNG imports are expected to fall to their lowest level in nearly six years as the Strait of Hormuz effectively closes off Qatari cargoes. It could be argued, despite the volume loss, that Asia's markets for LNG are better able to adjust to the fallout from the U.S.-Israeli attacks on Iran than those of crude oil and refined goods. The world's largest buyer of super-chilled gasoline, China, is doing its part to reduce imports. Smaller and less wealthy buyers, such as Pakistan, are also being forced to lose cargoes.
Santos first-quarter revenue drops due to Barossa Outage and Cyclone Narelle
Santos, Australia's largest gas company, reported a dip in its first-quarter sales revenue on Thursday. The drop was caused by a temporary -outage at the Barossa off-shore project and cyclone related disruptions of port operations along the west coast. Last month, the second largest oil and gas company in the country temporarily closed its Darwin LNG facility for maintenance on the floating production vessels at the offshore Barossa Gas and Condensate Project that supplies the facility. Santos has said that the Barossa floating storage and offloading (FPSO)…
Australia shares drop as fears escalate over Mideast conflict
Australian shares fell to a two-week low across all sectors on Thursday, as investors worried about reports of gunfire in the Strait of Hormuz, and faded hopes of a peace agreement. By 0031 GMT the?S&P/ASX 200 index had fallen 0.3% to 8,816.30, its lowest level in over eight months. The benchmark fell 1.2% on Tuesday. Top-weighted financials fell 0.9% and are on course for their ninth consecutive session of losses. Two of the largest banks, Westpac and National Australia Bank, have both reported operational impact this month as a result of war-driven volatility in the market.
Queensland, Australia invests in biodiesel as a way to reduce its dependence on imported fuel
The Queensland government announced on Wednesday that it would invest A$25,000,000 ($18,000,000) in a project to produce renewable diesel. It hailed the move as "the first step" towards reducing reliance on imported fuel. Since the U.S. and Israel war against Iran, Australia has faced high fuel prices as well as the threat of shortages. Global oil prices are rising, and many countries are increasing their biofuel production in response. Ampol, a fuel producer in Queensland, has announced that it will invest in the production of Lytton Refinery.
The Iran War oil and gas supply disruption compares to previous disruptions
According to calculations based on International Energy Agency data and U.S. Department of Energy, the U.S. and Israeli war against Iran and the closing of the Strait of Hormuz has caused the largest oil supply disruption in history by daily production lost. However, at least one previous shock had a larger cumulative impact. The IEA stated on Tuesday that this conflict, combined with the end of the European Gas Crisis caused by Russia's invasion in Ukraine in 2022, is the worst energy crises the world has ever faced.
China warns about tighter fuel and energy prices as El Nino is forecast to be moderate or stronger.
Meteorologists predict that China will have to burn fossil fuels more this year. They are predicting an El Nino weather event of moderate or greater intensity in the summer and autumn. This could disrupt the operations at hydropower plants across the region, at a time where fuel supplies from Middle East is disrupted. According to a report published over the weekend by the China Meteorological Administration, the National Climate Centre of China expects El Nino to develop in May. The event is expected to last until the end the year.
Singapore GasCo secures additional LNG cargoes and looks for term deals despite the war volatility
GasCo, Singapore's state-owned gas buyer, has purchased additional cargoes to offset the supply shortages caused by a U.S./Israel war against Iran. Kpler data show that the city-state imports increasing amounts of LNG. It reached 5.93 million tonnes last year. Nearly half of this was shipped from Qatar. In an email response, Chief Executive Alan Heng said that while a portion our LNG imports have been curtailed Singapore GasCo took proactive steps to secure more cargoes in order to supplement existing supply sources.
Australia lifts fuel restrictions following fire at its largest refinery
The Australian Prime Minister Anthony Albanese stated 'on Friday that a fire in 'the larger of Australia's two oil refineries would not trigger any fuel restriction, as the Government ramps up its efforts to secure fuel supply due to the War on Iran. The fire at Viva Energy’s refinery, located in Geelong an hour from Melbourne, is a terrible time for Australia. It imports 80% its fuel and has been racing to secure additional supply?from region allies. Albanese, after meeting with company officials on site, said that the 120,000 barrels per day refinery currently operates at reduced rates.
Santos's Mideast impact will last for many years and its shipping routes avoid chokepoints
Australia's?Santos stated on Thursday that the Middle East?conflict had upended energy markets, with effects likely to?permanently?permanent for?years. It also noted?its liquefied?natural?gas shipping routes are far removed from high-risk?chokepoints. These comments are made as the Middle East remains volatile despite diplomatic efforts, sporadic talks and increased risks around the Strait of Hormuz. This is a vital artery for the global oil and gas supply. Santos Chairman Keith Spence has also announced that he will retire after the 2027 Annual General Meeting. A "orderly succession process" is already underway.
Australia PM Albanese will visit Brunei and Malaysia to shore-up fuel supply
The Australian Prime Minister Anthony Albanese is visiting Brunei this week and Malaysia next, as part of his diplomatic efforts to secure fuel supplies for Asian allies following disruptions caused by the Middle East conflict. Albanese's office announced in a Sunday statement that he will be traveling to Bandar Seri Begawan, Kuala Lumpur and Bandar Seri Begawan from April 14-17. He will meet Brunei’s ruler Sultan Hassanal Bolkiah, and Malaysian Premier Anwar Ibrahim. The statement said that Foreign Minister 'Penny Wong' would also meet with her counterparts from Brunei, Malaysia and Singapore.
Australia's resources outlook is delayed due to 'extreme volatility caused by the Iran war'
The Australian government's quarterly energy and resources outlook was delayed for the very first time due to the "extreme volatility", caused by the U.S./Israel war on Iran. This is making forecasts outdated, according to a spokesperson. The delay comes as Australia's Government faces?growing demands for a windfall?tax on?liquefied?natural?gas export profits, while some miners are struggling to secure diesel supplies. The Office of the Chief Economist publishes the Resources and Energy Quarterly…
Occidental finds oil in Bandit prospect, Gulf of Mexico
?U.S. Occidental Petroleum, a shale oil producer, has 'discovered oil at the Bandit Prospect 'in the Gulf of Mexico, which it 'co-owns. Bandit is operated and owned by Occidental. It holds a working interest of 45.375%. U.S. oil major Chevron holds 37.125%, and Australia's Woodside Energy has 17.5%. About?15% of U.S. oil production comes from the Gulf of Mexico. Jeff Simmons, Occidental's executive director, said: "We think this?discovery demonstrates?the?continued significance of the Gulf of America?
Document shows India wants to double its capacity and reduce steel emissions by 25%.
India's steel mills plan to reduce carbon emissions by around a quarter in the next decade, and to reduce their reliance on coal. The world's second largest producer of the alloy plans to double its output. According to a draft of a cabinet note from March 10 that was reviewed by the. It has never been reported that the new target for emissions reductions is a new one. The document showed that India's steelmakers emit 2.65 tons per ton finished steel. This is 32% more than the global average, which is 2 tons. It also accounts for 10-12% of India's total emissions.
Australian State calls for quicker approvals of new oilfield
Queensland, Australia's state, said on Wednesday that it would urge the federal government to streamline approvals of a 'potentially' first new oilfield Australia has seen in decades. It argues that faster development is necessary to boost fuel security. Taroom Trough, a frontier basin that may contain large unconventional gas reserves, could also hold significant oil. This is after Australian junior Omega Oil and Gas found oil unexpectedly in 2025. David Crisafulli said that Shell has also started to produce small amounts of oil in the field.
Shell reduces Q1 production forecast after Qatar disruptions citing conflict with Iran
Shell cut its first-quarter outlook for its integrated gas production on Wednesday to reflect the impact of the 'Middle East conflict' on Qatar. Shell said that its trading results, which include its oil trading desk in its chemicals and products division, will be "significantly" higher than the previous quarter. This is similar to the adjusted earnings of its marketing arm. Brent crude oil prices, which are the global benchmarks, soared to multi-year heights in the first quarter, near $120 per barrel. This was after the U.S.
Russell: It's time for the world to stop delusions about the Iran Energy Crisis.
LAUNCESTON (Australia), April 7: The U.S.-Israeli war against Iran is characterized by miscalculations on the part of all parties involved, including those who are peripheral. But the real danger lies in the illusion about the magnitude of the energy crisis that will result. Any nation that thinks it or another?country can emerge from this conflict as "winners" is delusional. The conflict has now entered its sixth week. Even if there is a ceasefire in the next couple of weeks and vessel traffic resumes through the Strait?Hormuz, the energy crisis will still be a reality for the global economy.
IEA chief says current oil and gas crises worse than 1973, 1978, 2002 combined
Fatih Binol, head of the International Energy Agency, told Le Figaro that the current oil and 'gas crisis triggered a by the 'blockade of Strait of Hormuz is?more serious compared to the corresponding?crises?in 1973 1979 2002". He said that the European countries as well as Japan, Australia, and other nations will'suffer. But the countries most at risk are developing nations who will suffer higher oil and gasoline prices, higher food costs, and a general increase in inflation. Last month, the IEA members agreed to release a part of their strategic reserve.
