After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March. This is up 33% compared to $69 in February. It's even higher than $65 in January.
Transneft Looks to Redirect Oil From Attacked Baltic Ports
Russia's oil pipeline monopoly Transneft will try to redirect oil exports from the Baltic Sea ports, damaged by drone attacks, Interfax news agency reported on Thursday, citing the head of the company.According to Reuters calculations based on market data, at least 40% of Russia's oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on…
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. They were also…
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.
Palm prices surge on higher Chicago soyoil and crude oil prices, according to export data
The 'Malaysian Palm Oil Futures' gained over 1% on Thursday after two sessions in which they had lost ground. This was aided by a stronger Chicago Soyoil and Crude Oil prices, as well as 'robust export data. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery was up 74 Ringgit or 1.65% to 4,570 Ringgit ($1,145.08). Anilkumar bagani…
Residents and wildlife on Mexico's coastline bear the brunt from Pemex oil leak
Guillermo Risso, a community council president in Puerto?Ceiba, a coastal town near the refinery in Mexico's?southern?state of Tabasco, saw luminous flashes before dawn on the morning of March 17. He assumed that the Olmeca Refinery, owned and operated by Mexico's State Oil Company?Pemex was on fire. Risso is the president of the community council in Puerto Ceiba. The town is located near the refinery…
Chilean mining industry warns that new fuel tax will threaten competitiveness
The top mining body in the world's biggest copper producer has warned that a temporary tax adjustment on Diesel?driven by Chilean government?to mitigate increasing fuel prices?will hit the mining sector?s competitiveness. * The measure by the government reduces recovery of a diesel tax specific to certain companies in order to finance mitigation measures, without increasing fiscal spending.
Dallas Fed survey shows first quarter oil activity is up
Activity in?U.S. The Federal Reserve Bank of Dallas released a report on Wednesday that showed the oil and gas industry in Texas, Louisiana, and New Mexico, the three 'key producing states,' increased during the first quarter of the year 2026, although production was stable. The Federal Reserve Bank of Dallas said that oil executives are waiting to see how prices will…
India Buys First Iraian LPG Since US Removes Sanctions
India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.Sanctioned…
Iraq oil production continues to fall as storages fill up, and exports of Hormuz are blocked by conflict
Three Iraqi energy officials stated on Wednesday that the country's oil production is in decline as the Iran War rages. Storage tanks are at critical levels and the country cannot export crude through the Strait of Hormuz. The officials said that the output?from?Iraq?s southern main oilfields?has further dropped by around 80%, to about 800,000. barrels per daily (bpd).
SLB extends Nvidia's partnership with energy sector to develop AI infrastructure
SLB, an oilfield services company, announced on Wednesday that it would expand its partnership with Nvidia to develop artificial intelligence models and infrastructure for the energy industry. The agreement builds on the partnership between the two companies, which began in 2008. SLB used Nvidia’s accelerated computing. In 2024 the deal will expand to include the development of?generative AI for the energy industry.
Sources say that India has bought its first cargo of Iran LPG in many years since US sanctions have been eased.
LSG trade flows, along with three industry sources, reported that India had 'purchased its first cargo' of Iranian liquefied petroleum gas after years. The U.S. temporarily lifted sanctions on Tehran’s refined fuels and oil. India has avoided buying energy from Iran under the pressure of Western sanctions. According to LSEG, the tanker had originally been bound for China.
Germany announces climate plan for reducing emissions and fossil fuels
Germany announced plans to help it achieve its 2030 climate targets and reduce dependence on volatile fossil fuel imports. It has made 8 billion euros (9.28 billion dollars) available for the implementation of these measures. The long-awaited programme of 67 points is not only a response from Berlin to climate change concerns, but also to growing concerns about the soaring prices for energy and disruptions in oil and gas flows due to the Iran War.
Palm oil hits a two-week low due to weaker Dalian crude oil and Mideast uncertainty
Malaysian palm futures fell to their lowest level in two weeks Wednesday. This was due to lower crude oil prices, a decline in Dalian oil, and uncertainty over the prospects of de-escalation of the Middle East conflict. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange fell 41 ringgit or 0.9% to 4,496 Ringgit ($1,134.78). Paramalingam…
Mike Dolan: The ROI-Gulf War rattles the petrodollar Foundations
No matter what the outcome of this war is, the question for the Gulf's oil-rich economies will remain: "Is the U.S. umbrella worth the cost?" Since U.S., Israel and other countries launched attacks on Iran, on February 28, the Gulf's neighbours have been the most affected by the missiles and drones which followed. These weapons destroyed energy infrastructure and damaged economies. They also exposed the limits of a supposed U.S. umbrella.
Palm oil falls on weaker Dalian crude oil amid Mideast uncertainties
Malaysian palm oil futures dropped more than 1% Wednesday due to lower crude oil prices, declines in Dalian oils, and uncertainty about prospects of a easing in tensions in the Middle East. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery was down 63 Ringgit or 1.39% at 4,474 Ringgit ($1,132.37). The palm market was affected by the decline in crude oil and Dalian…
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique.
India's ethanol manufacturers feel the pinch
Singh claimed that despite contractual obligations, government oil companies did not purchase enough ethanol. This forced him to stop operations at his factory where he employs 600 workers. India's plan for reducing emissions and reducing oil imports is based on ethanol, a fuel produced from sugarcane or maize. State-run oil companies blend ethanol and petrol under the Ethanol Blending Programme of the Indian government.
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 oil per day due to the Iranian closure of the Strait of Hormuz shipping chokepoint.
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…