Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of?liquefied gas (LNG), giving a boost to the producers outside the Middle East. This boost will likely last for many years after the conflict ends. Australia is one of the biggest beneficiaries, having last year dropped to third place in the world for super-chilled fuel exports behind the United States of America and Qatar. The 'effective closure of the Strait of Hormuz' has stopped Qatar from exporting?LNG, which means that it is likely to lose its second place this year back to Australia, even if the waterway is reopened and shipments resume.
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?, joins BP as it seeks to get away from its ill-fated venture into renewables.
India increases jet fuel and commercial LPG prices in response to the Mideast crisis driving global surge
Indian fuel retailers increased jet fuel - and commercial liquefied petrol gas (LPG), prices on Wednesday. This was in response to a sharp rise in global prices caused by the U.S./Israeli war on Iran. India, the world's second largest LPG importer is battling the worst gas crisis it has seen in decades. The government is cutting gas supplies to industries so that households are not affected by shortages. The Indian Oil Corporation website shows that domestic fuel retailers in New Delhi have increased the price of aviation turbine fuel to 104.927 rupees a kiloliter by 8.6% and commercial LPG to?2…
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of liquefied gas (LNG), giving a boost to producers outside the Middle East. This boost will likely last for many years after the conflict is over. Australia is one of the biggest beneficiaries, having slipped last year to third place in the world's exports of super-chilled gasoline behind the United States of America and Qatar. The Strait of 'Hormuz is effectively closed, and Qatar has no LNG exports. This means that Qatar will likely fall to second place behind Australia in this year even if it reopens the 'narrow waterway.
Australia Warned Against Taxing LNG Windfall Profits
Shell has warned Australia against introducing a windfall tax on gas exporters, saying such a move would deter investment and undermine energy security as LNG prices surge following disruption to global supplies caused by the Iran war.Australia became the world's second-largest LNG supplier after Iranian strikes forced Qatar to halt production, with its export revenue set to surge due to lower supply caused by the conflict.Canberra is reportedly weighing options to capitalise on the higher prices…
Shell warns Australia about taxing LNG windfall profit
Shell has warned Australia not to introduce a windfall charge on gas exporters. It said that such a tax would 'deter investment' and 'undermine energy security, as LNG prices are surging following the disruption of global supplies due to the Iran War. The conflict in the Middle East has caused the supply of LNG to drop, and Australia is now the second largest LNG supplier. Its export revenues are expected to increase due to the lower supply. Canberra is said to be weighing up options to capitalize on the higher prices.
Chevron estimates repairs at Wheatstone gas plant will take weeks
The company stated on Sunday that it is likely to take several weeks for the Wheatstone Liquefied Natural Gas facility in Western Australia to fully resume production as they repair damage caused by the cyclone last week. The Australian LNG supply was disrupted by Cyclone Narelle, a disruption of more than 30,000,000 metric tons per annum. Saul Kavonic, MST Marquee analyst, said on Friday that the Middle East conflict and the cyclone Narelle have combined to disrupt more than a quarter of global LNG supply.
Australia LNG continues to disrupt after Narelle Thousands without power
Australia's liquefied gas production remains disrupted, and thousands of people in the remote north were left without electricity on Sunday. This is more than a fortnight after the Narelle Storm System hit the country. The impact of the 'Narelle', which was downgraded to a tropical cyclone on Saturday, has been exacerbated by a global LNG shortage caused by a month-old Iran War. Qatar's production was halted after Iranian attacks damaged its facilities, and Australia became the second largest LNG exporter in the world. Narelle, a severe tropical storm, made landfall in Queensland on March 20.
Australia LNG continues to disrupt after Narelle, thousands of people without power
On 'Sunday', Australia's liquefied gas production was still disrupted. Thousands of people in the remote north were without power for more than a month after the Narelle Storm System?hit Australia. The impact of?Narelle, which was downgraded to a?tropical storm on Saturday, has been exacerbated by a global LNG supply crisis caused by the Iran War, which is now a month old. Qatar's production was halted after Iranian attacks damaged its facilities, and Australia became the second largest LNG exporter in the world. Woodside Australia said on Sunday that there was no new information.
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Ex-Tropical cyclone Narelle, which has been affecting Australia's Queensland state and Northern Territory since March 20, further affected production at two of Australia’s largest liquefied natural gas plants. The storm system was waning in the country's northwestern region. Narelle, which has been sweeping across Australia's Queensland and Northern Territory state since it made landfall on March 20 as a Category 4 tropical cyclone, hit Western Australia on Friday, affecting LNG plant run by Woodside and Chevron. The impact of the storm on LNG plants has increased a global shortage caused by the Iran War.
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Narelle, the former tropical storm that weakened in Australia's north-west, continued to disrupt production at two of Australia’s largest liquefied?gas plants Saturday. Narelle, the category four tropical storm that has been ravaging Australia's Queensland and Northern Territory ever since it made landfall on?March 20th, hit Western Australia Thursday. It affected LNG plants operated by Chevron, Woodside, and others. The impact of the storm exacerbated an existing global supply crisis caused by the Iran War.
Canada's Minister of International Trade says that the EU and CPTPP have agreed to move forward with a "historic" digital deal.
Canada's Trade Minister said that the European Union and parties to the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) agreed to move forward on Friday with a "historical" digital trade deal between the two trading blocs. Maninder Sidhu is Canada's Minister for International Trade. On Friday, the EU and CPTPP parties - which includes 12 countries including Japan, Britain, Canada Mexico, Australia, Malaysia, - met in Cameroon, on the sidelines of the WTO Ministerial Conference. If this happens, which we hope it will, then this will be historical.
Chevron reports gas outage in Australia due to Cyclone
Chevron announced 'on Friday that it is working to restore the production at its Gorgon and Wheatstone liquefied natural gas facilities in Australia, following production outages likely caused by Tropical Cyclone Narelle. The Wheatstone 'Platform', located about 225km (140miles) off Australia’s west coast at midday local time (0400 GMT), experienced an outage. This caused a suspension in onshore gas production. A three-hour outage at Gorgon's Barrow Island facility, located about 50 km offshore, shut down one of the three LNG production trains.
India has 60 days' worth of oil supplies in case of disruption to Hormuz
India has secured crude supplies for the next 60 days. This will ensure stable fuel supplies to 'the country, despite disruptions in shipments from Middle East. India, the world's largest oil consumer and buyer, imported over 40% of all its oil from the Middle East. The U.S. and Israeli war against Iran has disrupted those supplies. The government stated that the availability of crude oil on global markets, especially in the Western Hemisphere, has helped to offset the shortage. Indian refiners also increased their purchases of Russian crude to help fill the'supply gap'.
Market operator: Australia gas supply crunch will be delayed until 2030
The feared gas shortage in Australia's east has been delayed by one year, to 2030. This is due to the coal power extension, falling consumption, and rapid battery uptake. "Practical actions make a difference." "More renewables, batteries and sensible gas policies improve energy security and put Australia in a better position," said Minister for Climate Change and Energy Chris Bowen in a press release. The federal government, citing a shortage of gas, told Queensland LNG exporters in December to reserve 25%?of their gas to be used domestically starting 2027.
Gas companies claim that Japan's demand for gas could fall if the war in Iran affects plastics supplies.
Gas company chiefs warned on Wednesday that Japan's gas consumption could fall if the war on Iran continues. Osaka Gas provides?gas? to factories. If these plants are forced into a production cutback due to a shortage of materials, Osaka Gas's sales of gas will fall, said Osaka Gas president Masataka Fujiwara at a press briefing. Tokyo Gas?also warned about the possible fallout of a naphtha shortage for manufacturers. Tokyo Gas President Shinichi SASAYAMA said in a separate press conference that any decision to reduce the activities of our customers…
Arafura Australia says South Korea and Germany are exposed to a rare earths shortage.
The United States, Japan and Australia are locking down rare earths supply, leaving industrial giants Germany and South Korea vulnerable, according to the CEO of Australia’s Arafura Rare Earths. This company is currently negotiating final agreements for supply. The U.S. is leading a global push to diversify supply chains and secure new sources of supply after China, the world's largest producer of rare earths, placed export restrictions last year. This shook the automotive and defense industries. Only two Western companies produce at scale. Australia's Lynas Rare Earths, and MP Materials in the U.S.
Goldman Sachs warns that a shortage of fertilizers due to the Hormuz could increase grain prices.
Goldman?Sachs stated in a report published on Tuesday that disruptions to the nitrogen fertilizer supply via the Strait?of Hormuz may reduce global grain yields?and change planting decisions. This could lead to a rise in grain prices. The report stated that a shortage of nitrogen fertilizer may lead to a lower grain yield through suboptimal or delayed nitrogen application, and encourage farmers planting less fertiliser-intensive crops like soybeans. According to The Fertilizer Institute, in the U.S.
Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets. Rio Tinto announced in a separate press release that the initiative will help the Anglo Australian miner reduce emissions and maintain its competitiveness amid rising fossil fuel prices.
Russell: The war fuel crisis in Iran gives electric vehicles a boost for the long term.
The U.S. president Donald Trump is known for his support of fossil fuels. However, the war on Iran will likely result in an acceleration of energy transitions, particularly in Asia. Retail fuel prices have risen rapidly in the world's fastest-growing and most populous region since the U.S.-Israeli aerial campaign against Iran began on February 28. In Australia, for example, the cost of a litre?diesel has reached a record high of A$3 ($2.09), having risen by around 36% since "the war" began, while gasoline prices in Japan have risen by 18%.