Mike Dolan: The US Treasury's seismograph is twitching after the Iran oil shock.
The Iran oil crisis has thrown rate forecasts into disarray and caused turbulence in the U.S. Treasury market - pushing?volatility up to its highest level in almost a year, and forcing sales that are taking a heavy toll on liquidity. The danger is that these tremors will spread. The sheer size of the U.S. Treasury market is one of its main attractions.
Philippines suspends spot electricity sales due to Middle East conflict
The Philippines announced on Thursday that it had suspended the sale of electricity at spot prices until further notice due to fuel supply risks and price volatility caused by Iran's war. The suspension was ordered by a decree declaring a national energy emergency in order to deal with fallout of the war, including disruptions in fuel procurement.
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.
Groupo Potencial increases investment in Brazil's biofuels citing the war with Iran
A senior executive at Brazil's Grupo potencial said that the company plans to increase its investments in biofuels to 6 billion reais ($1.15billion) by 2030, due to a rise in oil prices as a result of a war with Iran. Potencial plans to build the largest biofuels facility in the world. The investments will be used to increase capacity…
India plans to reduce emissions intensity by 47 percent by 2035 compared to 2005 levels
Ashwini Vashnaw, India's Information Minister, said that the cabinet had?approved an objective to reduce emissions intensity by 47% from 2005 levels by 2035 as part of India's formal climate pledges under?the Paris Agreement. The intensity of emissions is the ratio between greenhouse gas emission and an economy's size. Vaishnaw…
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.
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.
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews".
Gulf stocks mixed after Iran denies US talks, Qatar continues decline
Gulf stock markets were unable to find direction during early trading Tuesday. Qatar's fall was exacerbated by mixed messages about U.S.Iran talks following President Donald Trump's decision to delay strikes on Iran's energy infrastructure. Trump made his decision on Monday based on what he called productive discussions with Iranian officials.
Investors predict that the war in Iran will increase Chinese demand for renewable energy
Investors rush into Chinese renewable stocks betting that the oil shock caused by the Iran War will increase?global green energy demand, a sector China dominates. This 'portfolio' trend in Asia is a result of growing concerns about energy security in Asia and a growing distrust for Washington. It contrasts with the United States, which has shifted back to oil and gas.
Lee, South Korea's Lee, calls for an energy-saving campaign that includes curbs on automobiles
The South Korean President Lee Jae Myung called on Tuesday for a nationwide energy-saving campaign due to the threat posed by the war in Iran. He said that public institutions would reduce their use of passenger cars. Kim Sung Whan, Energy Minister, told a cabinet meeting that curbs on private vehicles were for the time being voluntary but would be reviewed if energy alert levels increased.
Japan will begin releasing oil from its joint stockpiles at the end of March, says PM
In a Tuesday post on the social media site X, Prime Minister Sanae Takayi announced that Japan will begin releasing 'oil from the joint stockpiles of producing 'nations held in a?country at the end of March. Takaichi, in the X Post, said that the country would tap a month's worth from the state reserves starting Thursday. According to the IEA…
Union calls for return to negotiations after BP locks out Indiana oil refinery
The United Steelworkers stated on Monday that BP engaged in unfair 'labor practices' by locking out nearly 800 workers at a?Whiting oil refinery. They urged BP to resume contract negotiations. Roxanne Brown, USW 'International President, said that BP's decision of locking out these skilled workers was illegal and unacceptable.
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.
UAE shares fall on Iran's warning of retaliation against Gulf water and energy infrastructure
The stock markets of the United Arab Emirates fell on Monday, 'after Iran warned that it would attack energy and water infrastructure in the Gulf region if U.S. president Donald 'Trump followed through with a threat to attack its electricity grid. Trump threatened on Saturday to "obliterate", Iran's nuclear power plants, if Tehran does not reopen the Strait of Hormuz in 48 hours.
Birol, IEA chief, says that the IEA is discussing future oil releases.
Fatih Birol, the Executive Director of the International Energy Agency, said that they are consulting with governments from Asia and Europe on how to release more oil "if needed" because of Iran's war. We will, of course do so if it's necessary. IEA members nations agreed to release a record number of 400 million barrels from their strategic oil stockpiles on March 11…
After US sanctions are lifted, refiners in India and other parts of Asia will buy Iranian oil.
Indian refiners are planning to resume purchasing Iranian?oil, while refiners in other parts of Asia are examining the possibility after Washington temporarily lifted sanctions?to 'alleviate a severe energy shortage caused by U.S. and Israeli war against Iran. Three Indian refinery sources have said that they plan to buy Iranian oil.
Energy Minister: Australia's fuel supply is strong and there are no plans to ration it
Chris Bowen, Australia's Energy Minister, said that the country's fuel supply is strong and there are no immediate plans to restrict fuel to deal with the Iran 'war'' impact on its'supply chain'. As the U.S./Israeli conflict escalates, Australia has seen localised fuel shortages. Bowen, in a televised statement, said that the nation had 38 days worth of petrol, and 30 days worth of diesel and jet-fuel.
Cuba Reconnects Electrical Grid, Millions Remain Powerless
Cuba has reconnected its electrical grid across much of the island, the Energy and Mines Ministry said early on Tuesday, just hours after U.S. President Donald Trump escalated his rhetoric against the communist-run island, saying he could do anything he wanted with Cuba.Cuba's national electric grid collapsed on Monday, leaving…
UN Climate chief: Iran war a'simple lesson' in fossil fuel dependency
The U.N. Climate Secretary will inform EU policymakers that the disruption of energy markets caused by the Iran War is an "abject" lesson in the dangers?of?relying?on fossil fuels. The European Union, despite being geographically distant from the Middle East crisis, has been affected by it through the soaring global energy prices. The European gas price has risen by 50% in the past two weeks.