IEA predicts that stockpiles could be critically low before peak summer demand
The head of the International Energy Agency’s oil industry and market division warned on Tuesday that if the current rate of stock 'draws' continues, global oil inventories may reach critical levels before the summer peak. Bosoni, speaking at the S&P Global Energy Middle East Petroleum and Gas Conference held in London, said that a?agreement reached today could take up to six months to reopen Strait of Hormuz in the 'best-case scenario. This could lead to a second coordinated emergency release by the IEA, but a discussion about this isn't happening at the moment, as only half of 400 million barrels from March have yet reached?the market.
Rosneft announces a jump in Q1 revenue, but warns that attacks could damage assets
The company reported that the first-quarter net profits?of Russia’s largest oil producer,?Rosneft, jumped seven-fold from the previous?three-month period due to an increase in global oil prices and foreign exchange movements, as well as one-offs. It warned, however, that an attack on its infrastructure could lead to asset impairments resulting in a weakened reported profit. In recent months, Ukraine has intensified drone attacks?on Russian infrastructure for energy in an effort to reduce Moscow's revenues. Igor Sechin, CEO of Rosneft, said that the oil market was extremely volatile in this year due to the Middle East conflict.
Wildfire Season Returns to Canada's Oil Sands
Wildfire season is back in Canada's oil sands area, with seven active fires on Sunday. This poses a risk to communities, workers and investors. Canada is the fourth largest oil producer in the world, with the majority of its production concentrated in the boreal forest of northern Alberta. Wildfires have always been a problem in this area, but they are now more frequent due to climate changes. They have also become a perennial threat to Canadian oil production. Wildfires have not caused any significant disruptions in the Canadian oil industry operations so far this year.
The tiny Guyana is poised to gain big gains from Iran oil and growth strains
The U.S. and Israeli war against Iran had already pushed up oil prices, but the tiny Caribbean nation of nearly 1 million people will now reap an even bigger bonanza as the conflict reshapes global energy markets. The tiny Caribbean nation of nearly 1,000,000 people is now set to reap even more benefits as the war reshapes the global energy markets. This war, which caused the biggest energy disruption in history, highlights 'the importance of countries like Guyana who offer political stability as well as geographically unrestricted oil access.
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does, we will resolve any issues through this channel." Her remarks at the event hosted by the American Association of Petroleum Geologists, in The Woodlands in Texas, marked her first trip to the U.S.
Norway increases its oil and gas revenue forecast for 2026 to $78 billion
The government of Norway said on Tuesday that it expected the state to earn $72.1 billion ($78.71billion) in revenue this year from oil and gas production. This is up from the initial estimate of $557.4billion, due to the Iran War pushing energy prices higher. Norway produces approximately 4 million barrels equivalent of oil per day. However, the minority Labour Government said that the windfall revenues from higher prices should go to its sovereign fund, which is already the largest in the world at $2.2 trillion. Norway, unlike other European countries, has large fiscal surpluses, thanks to the fund.
Diamondback Bets on Wider WTI-Brent Gap amid US Export Ban Concerns
Diamondback Energy, a U.S. oil producer, bought options in order to sell the difference between U.S. West Texas Intermediate crude and Brent crude, traded globally, at around minus 42 dollars a barrel, over the next few months. This was a bet which 'could payoff if the United States bans oil exports. The unusual hedge shows how oil companies are trying to protect their revenue and costs as the Iran War has caused huge price fluctuations that could change the financial fates of producers. Oil companies use hedges, the oil industry's version income insurance, to protect themselves from falling prices and ensure revenues.
Occidental’s Hollub will step down, a rare woman in the US oil industry.
Occidental Petroleum announced on Friday that CEO Vicki Hollub - one of the'most prominent women' in the male dominated oil industry - would resign next month and hand the reins over to Richard Jackson, an insider. In March, it was reported that Hollub would be retiring after 10 years at the head of the U.S. Oil and Gas Company. Jackson, who has been with the shale company since 2003 and is currently its chief operational officer, will be joining the board on June 1. Hollub's tenure was defined by his debt-fueled acquisition in 2019 of Anadarko Petroleum, a controversial and bold deal that reshaped Occidental’s business.
Russell: The war between Iran and the US will supercharge Asia’s transition from fossil fuels towards electrons.
The U.S.-Israeli war against Iran has turned out to be an 'aha moment' for Asia. This is the continent that is most vulnerable to the loss of crude and liquefied gas through the still mostly closed Strait of Hormuz. China was largely responsible for the electrification of this region, which is home to the world's fastest-growing population. The ripple effect from the loss of?of?about 10 million barrels of crude and refined products per day (bpd), and around 20% of global LNG, is proving to be a game changer. Industry professionals now consider that the rapid deployment of BESS in Southeast Asia and South Asia…
Suelopetrol claims it was not notified about Chevron’s expansion in the Venezuela joint venture
The international 'arm' of Venezuelan oil company Suelopetrol announced on Tuesday that it had not received any notice or resolution authorizing U.S. Chevron?to increase?its stake to 49% in a major?Venezuela -project. Chevron signed this week two agreements with Venezuelan officials granting the company rights to expand its joint venture with PDVSA, the state-owned oil company in Orinoco Belt. It also increased its stake in a second project from 35.8% to 49.9%. Chevron has agreed to a swap of assets with Venezuela, including the return of crude oil and gas blocks that it no longer wants.
Germany Plans For $1.9 billion of Fuel Price Relief Amidst Global Energy Crisis
Germany's coalition government has agreed fuel price relief for consumers and businesses worth 1.6 billion euros ($1.9 billion), ending a dispute over how to respond to an oil price surge triggered by the Iran war.The energy tax on diesel and petrol will be cut by about 0.17 euros per litre for two months, the conservative CDU party and its centre-left SPD coalition partners said on Monday.The Iran war has caused the biggest disruption to global energy supplies on record, with plans for a U.S. blockade of Iranian…
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. The U.S. and Israeli war against Iran, which began?on 28 February, has halted a quarter of the world supply of oil that flows through the 'Strait of 'Hormuz.
CERAWeek, the energy conference in Houston, returns as Iran's conflict shakes global energy markets
Next week, the world's top energy executives? will return to Houston as the escalating U.S. - Israeli war on Iran has turned into a nightmare for global energy markets. Unprecedented attacks?on infrastructure? and shipping disruptions have sent oil prices soaring as governments struggle to combat inflation and avoid recessions. The global oil price has risen this week to almost $120, a level not seen since 2022, when Russia's war in Ukraine caused a market disruption. Analysts and industry experts 'expect that prices will remain high long after combat operations have ended.
US Energy Department blames its staff for an errant Navy escort Post
A spokesperson for the U.S. Department of Energy allegedly posted a message on Energy Secretary Chris Wright’s official X page on Tuesday, which incorrectly stated that the U.S. Navy escorted a tanker through the Strait of Hormuz. The post was deleted quickly, but it had raised expectations in the global oil industry that oil and gas would be able to flow again through this vital 'waterway', which is effectively closed after the Israeli and U.S. strike on Iran began Feb. 28. The narrow strait between Iran and Oman is normally the route for a fifth or more of the world's oil &?gas. Its closure has caused a surge in energy prices.
US energy and interior secretaries met executives amid market turmoil
Energy executives from the United States and Venezuela met with U.S. Energy Sec. Chris Wright, Interior Sec. Doug Burgum on Sunday in Houston to discuss everything from increasing domestic oil production?to Venezuelan opportunities. This was during the worst?supply interruption in history due to U.S. and Israeli war against Iran. The dinner meeting was held on the eve if the annual CERAWeek conference where oil ministers, executives from'major energy companies' and members of 'Organization of Petroleum Exporting Countries (OPEC) gather to discuss the current state of the energy industry.
US energy and interior secretaries met executives amid market turmoil
Energy executives gathered in Houston on Sunday to discuss everything from increasing domestic oil production to Venezuelan opportunities. This was during the worst global supply disruption due to the U.S. and Israeli war against Iran. The meeting was held over dinner on the eve of the CERAWeek energy conference where oil ministers, executives of major companies and members of the Organization of the Petroleum Exporting Countries gather to discuss the current state of the industry. Oil prices are at multi-year highs of $100 per barrel, after Iran effectively closed down the Strait of Hormuz.
European Energy Shortages Could Be Felt By April
Energy shortages could hit Europe by next month, Shell CEO Wael Sawan said on Tuesday, adding that securing adequate energy supply was critical to national security.Countries cannot have national security without energy security, Sawan said, adding that Shell was trying to work with governments to help them address the energy crisis, including with storage and purchasing. The Middle East conflict, now in its fourth week, has already affected supplies of jet fuel, with diesel set to be next, followed by gasoline as summer driving season gets underway in the Northern Hemisphere…
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies. Diesel and gasoline will follow as the summer driving season begins in Northern Hemisphere. The war has caused major damage to energy facilities, and shipping through the Strait of Hormuz was nearly stopped. This area is responsible for 20% of all global oil and LNG flows. South Asia took the brunt of it first.
Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after two unidentified drones landed on the field Thursday. "We are constantly assessing the situation. We have been in communication with these people under our duty of care. On Tuesday, two Iraqi oil officials said that the country has cut oil production by almost 1.5 million barrels?a day. They added that these cuts could increase to over 3 million bpd in a matter of days as the country is running out?of?storage?and can't export crude because of the Iran war. Iraq produced about 4 million barrels per day in January.
Bloomberg News reports that oil magnate Sargeant's firm loaded 1 million barrels of oil for China.
North?American Blue Energy is a company that has been backed by the United States. Harry Sargeant III is a renowned energy magnate who has made a decision to export?1,000,000 barrels of?Venezuelan oil for delivery into China. Bloomberg News reported this on Monday, citing an official document. Reports?stated that this may be the first shipment of Venezuelan oil delivered to Asia since the US took control of the nation's oil exports earlier this year. U.S. president Donald Trump is taking steps to relax sanctions against Venezuela after the arrest of Nicolas Maduro. He has also urged U.S. firms to revive its oil industry.
