Iran has been seen as focusing on renewable energy investments with a focus on security and not climate.
Executives at the CERAWeek Conference in Houston said that energy security concerns, which once limited investment into renewable energy, could now accelerate its growth more than climate change worries. This is because oil and gas supplies are facing a new wave of uncertainty due to the war against Iran. The U.S. and Israeli war against Iran has?removed a?million barrels of oil per day from the global markets…
S&P increases its inflation forecast for Turkey due to the energy impact of war
S&P Global has raised its forecast for Turkish inflation to almost?29% this year, mainly?due to?surging energy prices. This highlights the country's vulnerability due to Iran War fallout which is already testing its long-term inflation-fighting efforts. Ratings agency expects an average inflation rate of 28.9% by 2026. This is up from the previous forecast of 23,4%.
India's auto industry is asked to optimize production due to the Iran war affecting energy supplies
A government memo obtained by shows that India has asked automakers to reduce production to save fuel amid fears of shortages due to disruptions in oil and gas imports from the Gulf because of the war with Iran. According to a?March 25, 2018 advisory, the heavy industries ministry also encouraged companies to switch from oil-based fuels into electricity.
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are rising as the world loses up to 20 million barrels of crude…
Energy Prices Jump After Iran Attacks Qatar LNG Plant
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy…
Japan Industry Ministry asks Australia for increased LNG production amid Iran Crisis
Japan's Industry Minister Ryosei AKazawa?on Saturday asked Australia to increase its output of liquefied gas in light of the Middle East crisis. Around 11% of Japan's LNG imports come from the Middle East, and 6% of that is shipped through the Strait of Hormuz. This route has been effectively closed by the U.S./Israeli war against Iran. Japan is also dependent on the Middle East for 95% of its crude oils.
JERA seeks more LNG to hedge growing Middle East risk
JERA, Japan's largest liquefied gas buyer, has begun discussions with global suppliers about possible additional purchases to protect against Middle East supplies worsening. This is despite a major LNG supplier saying the price spike would be short-lived. The U.S./Israeli war against Iran has caused the QatarEnergy LNG plants to be shut down, which has disrupted energy supplies in the Middle East.
Venture Global CEO: Global LNG price volatility is'very short term' according to Venture Global
Mike Sabel, Chief Executive Officer of Venture Global, said that the volatility in liquefied natural gas prices caused by the Middle East crisis was "very short-term". QatarEnergy LNG plants are now shut down, affecting 20% of the global LNG supply. This is due to the U.S./Israeli war against Iran which has affected energy supplies in?the Middle East.
Oil majors are still stuck on the sidelines as Iran's war increases oil prices.
Oil prices rose to their highest level since 2022 on Monday, but the shares of major producers such as Shell and Exxon Mobil are still only seeing modest gains'since the U.S. - Israel war on Iran 'broke out last month. This suggests that traders believe the pain in the market could be temporary. The iShares Global Energy ETF, which tracks global energy companies, is up about 2%.
EUROPE GAS-European Gas Prices Rise Back to 2023 High as US-Iran Conflict Enters Second Week
LONDON, 9 March - Benchmark European Wholesale Gas rose again on Monday to its highest level for more than three years, tracking a surge of?oil as the US-Iran Conflict entered its second weeks and shipping?around?the Strait of?Hormuz remained near a standstill. Iran named?Mojtaba?Khamenei as the successor to his father, who was killed in a car accident.
Peru taps its fuel reserves to fight worst energy crisis in 20 years
Denisse Miralles, the Prime Minister, said that 'the Peruvian government will use its fuel reserves to safeguard the domestic supply.' This comes after a gas pipeline rupture triggered what has been described as the worst energy crisis for 20 years. She added that the government will encourage public and private sector employees to work remotely, while converting schools to online education.
Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level.
Equinor, a Norwegian company, wants to keep gas and oil exports high despite the rising prices
The Norwegian energy company Equinor is focusing on maintaining high levels of regularity when it comes to its exports of crude oil and natural gases to Europe. This is because the Iran conflict has a significant impact on global energy supplies. The U.S. and Israeli campaign against Iran, and its retaliatory strikes across the Gulf Region have paralyzed shipping through the Strait of Hormuz.
Minister: Qatar LNG stoppage won't affect Japan's energy supplies immediately
Qatar's LNG production halt caused by Iranian strikes won't affect Japan's supply of energy immediately. If there is an impact, Japan can tap the spot market, or utilities can buy from one another, said Trade Minister Yosei Acazawa on Tuesday. Akazawa said at a regular news conference that Qatari LNG accounts for 4% (of Japan's total LNG) imports.
Sugar prices rise on fears that the Iran war will increase ethanol demand and lower sugar production
The world sugar price rose 'on Monday, on the fear that the U.S./Israel war against Iran, which is disrupting energy supplies worldwide, would cause Brazilian sugar?cane mills to produce less sugar and more ethanol. Ethanol, a biofuel made from cane, is produced by mills. The mills of Brazil, the world's largest sugar producer, will use less cane for fuel production…
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil…
Gas prices are rising in line with higher contracts and the Iran conflict
European forward power contracts increased on Monday as a result of higher oil and natural gas prices. This was due to the fact that energy infrastructure had been 'damaged' and tanker shipments through the Strait of Hormuz were disrupted by the conflict in the Middle East. Israel launched new air strikes on Iran on Monday and increased its offensive to include attacks against Iran-backed Hezbollah in Lebanon.
Hungary Accuses Ukraine of Plans to Disrupt National Energy System
Hungary's Prime Minister Viktor Orban accused Ukraineon Wednesday of planning to disrupt the Hungarian energy system, and dispatched troops to safeguard infrastructure, escalating a dispute that has undermined Europe's pro-Ukraine consensus.Hungary and Slovakia, whose leaders are outliers in the EU for maintaining relations with Moscow, blame…
As gas prices fall, forward-curve contracts also fall.
Early trading on Monday saw European forward-curve electricity contracts fall, following lower benchmark gas contracts. At 0952 GMT the German baseload price was down 1.9% to 76.95 Euros per Megawatt-hour, while in France it fell 1% to 50.10 Euros/MWh. The benchmark contract on the European carbon market rose by 0.4%, to 70.99 Euros per metric ton.
Maguire: Maguire, China's renewables boom has boosted it to a rare clean-capacity club.
In 2025, the world's largest polluter will have crossed a crucial energy transition threshold by installing more clean power than fossil fuel production capacity for the first. Global Energy Monitor data shows that China will have 1,494 gigawatts (GW) of clean energy generation capacity operating in 2025. This compares to 1,420 GW?of fossil fuel-fueled capacity.