Head of opposition party says Japan should use nuclear power to counter Iran crisis
Yuichiro Tamaki, leader of an opposition party in Japan, said that Japan should run all its nuclear?power stations to offset the impact the Iran war has had on electricity bills. Japan imports around 11% of liquefied gas and 95% of oil from the Middle East. Around 70% of these are imported via the Strait of Hormuz which is now effectively closed because of the war.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March…
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israeli war against Iran has caused oil and gas exports to be disrupted from the Middle East. Production was stopped from Qatar all the way up to Iraq. Kuwait announced cuts this weekend. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, too, will have to reduce their output as soon as possible when they run out of oil storage.
Document shows EU is looking to reduce energy bills for industry
A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs. Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S.
Official: Ecuador to invest $638 million in oil contracts extensions
Eduardo Racines, the Deputy Minister of Hydrocarbons in Ecuador, said that the government expects to receive over $638 millions this year from private oil companies to increase national production. Ecuador has been in negotiations with private companies to extend 20-year contracts by up to 10 years, while setting new production and investment targets.
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.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure…
Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which…
Indian refiners seeking legal opinion to purchase sanctioned Russian oil through US waiver
Two government sources confirmed that Indian refiners were seeking legal advice on how to purchase Russian oil sanctioned by Washington after New Delhi was granted a waiver for buying crude at sea in order to reduce pressure on the global markets. On Thursday, the U.S. granted Indian refiners an exemption from sanctions for 30 days to buy Russian oil that was loaded onto vessels starting March 5.
Argentina restarts construction of the Santa Cruz Dam complex in south
The Economy Ministry reported that the government of Argentina and the state energy corporation?ENARSA had agreed to'restart construction' of the Santa Cruz Hydroelectric Dam?complex located in the southeastern part of the country. This agreement was reached after resolving longstanding disputes with contractors. In a recent statement…
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added that the oil ministry was in talks with major producers and dealers to secure oil, LPG, and LNG.
China's five-year plan targets stable oil production, increased gas and stockpiling
China announced on Thursday that it would set a target for its annual oil production of 200 million metric tonnes (4 million barrels per day) as part of its next five-year plans. This is a goal?it had already exceeded last year. The country also promised to 'expand' the size of its strategic oil reserves, which are not publicly disclosed.
Pluspetrol in Peru stops gas production following pipeline leak
Pluspetrol, Peru's liquefied gas producer, has halted production of LPG following a rupture and leak on a pipeline in the Amazon region. The ruptured pipeline was operated by Transportadora de Gas del Peru, (TGP), and occurred in Megantoni district, Cusco region, just a few kilometers away from the Camisea field, where Pluspetrol extracts gas.
Russian LNG Tanker Sinks in Mediterranean
A Russian tanker carrying liquefied natural gas (LNG) sank in the Mediterranean on Wednesday after what Moscow described as an attack by Ukrainian drones launched from Libya.The Arctic Metagaz sank in waters between Libya and Malta after catching fire a day earlier, Libya's maritime rescue agency said in an advisory seen by Reuters."Information indicates that the tanker experienced sudden explosions followe
The European market is seeking clarity about Qatari LNG supplies, which has led to a reduction in prices.
The Dutch and British gas price were lower on Wednesday, after rising earlier in the week. However, they could still be volatile, as traders try to gauge how long Qatari LNG supply will remain interrupted. Data from Intercontinental Exchange (ICE), showed that the benchmark 'Dutch front month contract' at the TTF hub had fallen by 1.02 euros to?53.27 per megawatt-hour (MWh) as of 1018 GMT.
CEE ECONOMY - Czech inflation slows down in February, but not likely to cause central bank to cut rates
The preliminary data released on Wednesday showed that 'Czech inflation fell further below the central banks target in February. Its headline rate dropped to a lower than nine-month-low of 1.4% on the back of a slower food price increase and lower energy prices. The data comes after the Czech National Bank discussed a renewed policy of easing during its last meeting, on February 5.
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East.
Iraq Cuts Oil Output With Possible Further Reductions
Iraq has cut oil production by nearly 1.5 million barrels a day and those cuts could widen to more than 3 million bpd within days as the country runs out of storage and cannot export crude due to the Iran crisis, two Iraqi oil officials told Reuters on Tuesday.As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, from the West Qurna 2 field by 460,000 bpd and from the Maysan fiel
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a 'tighter supply' from the Middle East, after Qatar, the top producer, halted its production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources with knowledge of the situation said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a tighter Middle East supply after top producer Qatar stopped production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.