NNPC: Nigerian LNG cargoes are attracting more buyers.
A senior Nigerian National Petroleum Company official said that the West African producer is experiencing a stronger demand for its LNG cargoes due to the energy disruptions caused by the Middle East war. Olalekan Ogunleye, Executive Vice President of NNPC, stated that buyers are looking more to Nigeria because of its proximity and size of its gas reserves. Nigeria LNG (NLNG), of which NNPC, the largest shareholder is a part…
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. Chile's…
EnQuest confirms production forecast for 2026, but UK windfall tax hurts profit
EnQuest, a North Sea oil producer, reaffirmed its production forecast for 2026 on Wednesday. The company is banking primarily on investments in Britain and South East Asia after Britain's windfall tax levies impacted last year's profit. EnQuest, like its competitors, continues to be challenged by the UK's Energy Profits Levy which has raised questions about the competitiveness of North Sea producers.
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.
US shale companies unlikely to drill $100 per barrel unless prices remain high, executives claim
Shale executives?said that oil prices above $100 a barrelle would 'not trigger a meaningful increase in production in the U.S. unless the price remained high for a period of more than a year, at the CERAWeek conference?in Houston. This is troubling news for the consumers who have been hit by the energy 'crisis during the U.S. and Israeli war on Iran. Because they can produce crude oil relatively quickly, shale producers have helped the U.S. become the largest producer in the globe.
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.
Australian energy and uranium in high demand after the Iran crisis - IEA
The head of the International Energy Agency stated on Tuesday that Australia is a vital source of minerals and can help to'stave off' a greater supply shock than the world faces right now due to the Iran War. Fatih Birol is the executive director of the IEA. He said that the world was facing its worst energy shock ever due to the U.S. and Israeli war against Iran. The equivalent of 10,000,000 barrels of crude oil per day are being lost, according to Birol.
Australia's Santos temporarily closes Darwin LNG Plant amid Mideast Supply Squeeze
Santos, an Australian company, announced on Tuesday that it had temporarily closed its Darwin liquefied?gas plant. This would disrupt exports of a newly restarted?supply chain during a period when the markets were tightening because of disruptions in the Middle East. This outage occurs as LNG exports from Qatar to Europe and Asia have already been under pressure due to disruptions in shipments. Australia is a major LNG supplier to Asian buyers.
Andy Home: Every missile fired against Iran burns through US tungsten stock
Israel and the U.S. have used thousands munitions in their air campaign to combat Iran. The majority, if they don't all, of these munitions contain tungsten, which is a super-hard material that allows missiles to penetrate armour and underground bunkers. The tungsten in munitions, unlike a tungsten-carbide drill bit that can be recycled is destroyed by detonation. It is gone forever. Iran's war on top of Ukraine, now in its fifth-year, is draining stock not only of?missiles?
China reduces fuel prices to cushion the impact of rising oil costs
China took measures to cushion the impact of fuel price increases on Monday, increasing the retail gas and diesel ceiling prices but keeping the increase to half the amount that would be charged under the government pricing mechanism. The price adjustments prompted by the U.S. and Israeli war against Iran are still the biggest ever. They have lifted the price limits to levels similar to those seen in 2022, after Russia invaded Ukraine.
Indian sugar mills hurry to export deals due to record low rupee and rising global prices
Five dealers said that Indian sugar mills are now exporting again, with 100,000 metric tons in one week, after the rupee fell to a new record low, and the global price rally restored the economics for overseas sales. Shipping from the world's second largest sugar producer will allow Asian and African consumers to get sugar at lower rates, despite rising freight costs and global sugar prices that are near their highest levels in five months. The war has changed everything.
Andy Home: Every missile fired against Iran burns through US tungsten stock
Israel and the U.S. have used thousands of munition in their air campaign to combat Iran. The majority, if not all, of these munitions contain tungsten, which is a super-hard material that allows missiles penetrate armour and underground bunkers. The tungsten in munitions, unlike a tungsten-carbide drill bit that can be recycled is destroyed by detonation. It's gone forever. The Iran 'war, which is now in its fifth year and has been fought on top of Ukraine…
Oil Prices Rise As Iranian Attacks on UAE Continue
Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.Brent crude futures gained $1.33, or 1.3%, to $101.53 a barrel by 1515 GMT while U.S. West Texas Intermediate (WTI) crude advanced $1.21, or 1.3%, to $94.71.The U.S.-Israeli war on Iran shows no signs of abating.
Ukraine Looks to Partner With Romania to Develop Black Sea Gas Discovery
Ukraine's Naftogaz, which discovered "substantial" offshore gas reserves in the Black Sea before Russia's invasion, is in talks with Romania's OMV Petrom to form a partnership relating to the field, three industry sources told Reuters.The sources did not indicate the amount of recoverable gas at the discovery, but one called it "one of the most promising gas fields in the Black Sea region", where Romania…
UAE Output of Crude Drops, Strait of Hormuz Closure Forces Shut-Ins
The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters.The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply, has inflicted massive disruptions on global energy markets.Earlier on Monday…
Hindalco stops production of aluminium extruded products because of the Iran War, says notice
Hindalco Industries, an Indian company, has halted the production of value-added extruded aluminum due to a gas shortage in response to supply disruptions in the Middle East. This was revealed by a notice from the company. Aditya Birla Group owned metals producer declared force majore to all its extruded aluminum customers on March 11. In a statement to the. The company stated that they had sent a…
Hindalco stops production of aluminium extruded products because of the Iran War, notice states
Hindalco Industries in India has halted the production of extruded aluminum, a high-value aluminium product due to a shortage of gas resulting from disruptions to the supply of natural gas to the Middle East, according to two sources and a notice by the company. Aditya Birla Group owned metals producer declared Force Majeure to all its extruded aluminum customers on March 11th, the notice stated. In a letter to the.
India's Jindal Steel flags operational disruption due to fuel shortage
India's Jindal Steel said on Friday that it was operating its plants at a lower?capacity due to fuel shortages as a result of the Middle -East war. India's crude, LPG and liquefied gas supplies were disrupted by a'shipping constraint' after Israel's and the U.S.'s war against Iran stopped traffic through 'the Strait of Hormuz'. This forced India to look for alternatives, such as buying more LNG from Russia.
Equinor CEO: We Have No Spare Capacity for Oil and Gas
The CEO of Norway's state-controlled company Equinor said that the company does not have any spare capacity to increase its oil and gas output due to Middle East supply shortages."Our focus today is on making sure we are seen as a reliable supplier of oil and natural gas in the markets that we operate in, and ensuring we have the highest possible production because it's needed in these times," Equinor CEO Anders Opedal said at an industry conference held in Oslo.U.S.
Prices for EUROPE GAS rise due to concerns about LNG supply and oil strength
LONDON, 12th March - British and Dutch gas wholesale prices rose Thursday morning, as reports of tanker attacks raised fears of a prolonged disruption of regional liquefied gas supplies from the region. Meanwhile, higher oil prices added further support. ICE data shows that the benchmark Dutch front-month contract was 52.40 euros per Megawatt Hour (MWh), or about $17.73/mmBtu at 0848 GMT. This is an increase of 2.41 euros.