North Asia

An official of the federal shipping ministry revealed on Tuesday that India was loading liquefied petroleum gas onto its empty ships stranded in the Persian Gulf due to a 'gas shortage' caused by the conflict in the Middle East. The 24 Indian flagged vessels were stranded on the Persian Gulf after shipments from the Gulf were interrupted and the Strait o'Hormuz. Rajesh Kumar Sinha said that two ships, Shivalik and Nanda, have already arrived in India. Pine Gas?and Jag Vasant will arrive between March 26-27. Sinha stated that one vessel has?exited the dry dock and will be fully loaded with...

Three industry sources reported that traders?offered Iranian oil at a premium over ICE Brent to Indian refiners after Washington temporarily removed sanctions in order to ease the energy shortage caused by the U.S. and Israeli war against Iran. India, which is the third largest oil consumer and importer in the world, hasn't received a shipment from Tehran since May 2019, after being pressured by the United States to stop buying Iranian crude. India is 'hit hard' by the disruption of energy shipping via the Strait of Hormuz due to the war against Iran. The conflict has now entered its fourth...

Three industry sources reported that traders offered Iranian oil at a higher price to 'Indian refiners' than ICE Brent, after Washington temporarily removed'sanctions' in order to ease the energy shortage caused by the U.S. and Israeli war against Iran. India, which is the third largest oil consumer and importer in the world, hasn't received a shipment from Tehran since May 2019, after being pressured by the United States to stop buying Iranian crude. India is being hit hard by disruptions in energy shipments through the Strait of Hormuz, caused by the ongoing war against Iran. The conflict has now entered...

The Iran war's natural gas price shock could accelerate Europe's decoupling with Russian energy while pushing the continent further into U.S. arms. Last week, an Iranian attack forced QatarEnergy to stop production, forcing the second largest liquefied gas exporter in the world. European benchmark gas prices soared by almost 50%. The European benchmark gas prices soared by nearly 50% as a result of the Iranian attack that forced?QatarEnergy, the world's second-largest liquefied natural gas exporter, to halt production last week. Qatar will only supply 4% of the gas imported by the European Union in 2025 according to the European Council....

The U.S. and Israeli war against Iran has caused a sudden and acute disruption in Middle East oil supply, forcing buyers to use every barrel available. This is quickly destroying?forecasts that an oil glut would occur this year. The International Energy Agency predicted in February that the global oil supply will exceed the demand by 3.7 million barrels a day (bpd). This surplus would continue into 2026. One month later, this projection seems redundant. After the near-complete closing of the Strait of Hormuz, nearly 15 million barrels per day of crude oil production and another 4.5 millions barrels per day...

The current plan of U.S. president Donald Trump to revive shipping in the Strait of Hormuz through financial guarantees and security assistance requires a?herculean effort on behalf of international partners. Even if it is successful, the relief will be limited as the time to avoid the worst economic consequences of the closing of this vital energy route is rapidly running out. Trump said Tuesday that he had directed the U.S. International Development Finance Corporation (IDFC) to provide financial guarantees and political risk insurance for maritime trade within the Gulf. He said that the U.S. Navy would begin escorting ships through...

LSEG preliminary data released on Monday showed that Russia's liquefied gas exports grew 5.8% from a year earlier, to 5.5 million metric tons. U.S. sanctions against Ukraine have slowed down Russian LNG exports, particularly at the Arctic LNG 2 facility, where the plant's operations?have been hindered by the difficulty in finding buyers?for its production. Arctic LNG 2 supplied?to 510,000 tonnes in January and February. Total LNG exports from Russia fell 7.3% in February compared to January, down to 2.67 million tons. Data also revealed that Russian LNG exports into Europe during the first two month of the year increased 7%...

BP's decision not to buy back shares may hurt in the short term, but it can start to improve its financial standing by prioritising growth of production over payouts to shareholders. BP has made the biggest financial shift since halving its dividends in August 2020, following a pandemic-driven drop in oil prices. This move, as well as other cost-cutting plans and divestment, would go a long ways towards boosting BP's weakened financials and better positioning the company to?take full advantage of its positive production outlook. It could have wider implications for the industry if a financially stronger BP attracts interest...

The global oil market is experiencing a series of price spikes due to geopolitical tensions and the opaque stockpiling. Western sanctions and tightening Western sanction are also causing traders to be in the dark. There are questions about the accuracy of prices reflecting physical fundamentals due to the growing influence of unpredictable external forces on one of world's most liquid and largest commodity markets. In fact, it appears that the global oil market is struggling to find a balance between supply and demand. The International Energy Agency predicts that oil production will exceed demand this year by 3.7 million barrels...

The global oil market is experiencing a series of price spikes due to geopolitical tensions and the opaque stockpiling. Western sanctions and tightening Western sanction are also causing traders to be in the dark. Prices may not accurately reflect the physical fundamentals of commodities due to the growing influence of unpredictable external forces on this world's most liquid and largest commodity market. In fact, it appears that the global oil markets are struggling to find a balance between supply and demand. The International Energy Agency predicts that oil production will exceed demand this year by 3.7 millions barrels per day,...

Qatar's long term deal to supply Japan’s power giant JERA liquefied gas highlights two themes in the hot market for this super-chilled energy: the race to gain a market share and the global push for energy security. QatarEnergy, Qatar's national gas and oil company, signed a contract on Tuesday to supply JERA (Japan's largest generator of electricity) with 3 million tons per annum (mtpa), starting in 2028. The deal for Qatar is a win-win situation that will help it keep up with its largest competitor, the United States. Qatar has several advantages over other LNG producers, such as lower production...

Preliminary LSEG figures released on Monday showed that Russia's exports grew 7.3% year-on-year in January to 2.94?million metric tonnes from 2.74??million tons. The U.S. sanctions against Ukraine have slowed down Russia's LNG imports, particularly the Arctic LNG 2 plant. This project has been hindered by the inability to find buyers for the LNG it produces. The launch of the?plant's supplies boosted exports by a year. Three?LNG shipments from the plant were?recorded last month, and Russia's total LNG exports increased 7.7% from December according to LSEG. In January, Russian LNG exports to Europe rose by 15.5% on an annual basis to...

Dmitry Peskov, Kremlin spokesperson on Friday, said that Russia does not seek to undermine U.S. interests in the Caspian Pipeline Consortium. He was answering a question regarding comments made by several Russian experts on state television, who suggested that Russia should stop oil deliveries via the CPC to Kazakhstan as a response to Washington sanctions against Russia. CPC, in which U.S. oil giants ExxonMobil and Chevron are major shareholders, exports oil from a Russian port on the Black Sea. Peskov said in a daily press conference that "along with our American partners, we also have Kazakh partners." Despite everything, Russia...

In recent weeks, Ukraine has intensified its attacks on Russian energy installations as peace talks failed to make progress. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine used long-range attacks on?energy to maintain pressure on Russia following the lifting of international oil sanctions against Moscow in the aftermath of the Iran war. Here is a summary of the attacks. KIRISHI REFINERY The ?Kirishinefteorgsintez ?oil refinery in northwest Russia, one of the largest in the country, halted processing on Thursday following Ukrainian drone attacks that caused fires in some parts of the plant, two industry sources said. SARATOV REFINERY According...

Sergei Lavrov, Russian Foreign Minister, said that the U.S. was seeking to control the Nord Stream pipelines in 'the Baltic Sea' which were allegedly damaged by a mysterious blast in September 2022. The explosions that destroyed pipelines in Europe more than three year ago have largely halted the transit of Russian gas to Europe. This has squeezed energy supplies across the continent, even though?Russia already stopped most deliveries. Both Russia and Western countries have said that the incident was a sabotage. Investigators have spent years trying to solve the mystery behind the attack. Last year, a Ukrainian was arrested in...

Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine uses long-range attacks on energy infrastructure in order to'maintain the pressure' on Russia following the easing of international oil sanctions against Moscow this month as a result the Iran War. Washington granted a 30-day exemption to countries this month to purchase sanctioned Russian crude oil and petroleum products that were stranded on the sea. The waiver was issued to stabilize the global energy markets, which had been roiled by conflict in the Middle East. Ukraine's European Allies who want to continue?pressure on Russia for it to end its four-year old war...

Russia's Kirishinefteorgsintez oil ?refinery, ?one of the largest in the country, halted processing on Thursday following Ukrainian drone attacks that caused fires in some parts of the plant, two industry sources said. This stoppage will exacerbate Russia's current oil supply problems as 40% of the country's crude oil exporting capability has already been closed due to drone attacks, tanker seizures and the Druzhba Pipeline?closure in Ukraine. Sources said that two primary and some secondary units caught fire following repeated drone attacks. One source said that it was difficult to predict the time for repair of the damaged units. They were...

Prime Minister Keir starmer announced on Thursday that he had authorized the military to board and arrest Russian vessels in British waters. This was to disrupt what his government claims is a network of vessels which enables Moscow to continue to export oil, despite Western sanctions. Other European nations such as France, Belgium, and Sweden have increased efforts to arrest Russia's shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved of the more aggressive actions against the vessels, because Russian President Vladimir Putin "rubbed his hands" at the...

Investors flocked to safer assets as they awaited clearer signals on whether the Iran War was truly de-escalating. U.S. president Donald 'Trump' said Iran was eager for a?deal? after nearly four weeks fighting. This claim was in stark contrast with comments made by Iran’s foreign minister who stated that Tehran was reviewing an American proposal, but did not plan to enter into talks to end the conflict. Jim Reid, a Deutsche Bank analyst, said that the market's attention was quickly shifting to Trump's deadline of five days. "There is still plenty of uncertainty.. given that Iran has publicly rejected the...

Hungary has banned the gas transmission system operator of Hungary from holding auctions for shipments to Ukraine during the third quarter as it moves to reduce supplies to its neighbor in a dispute over oil flows. On Wednesday, Prime Minister Viktor Orban said that Hungary will gradually stop sending gas to Ukraine once oil flow to Hungary is restored through the Druzhba Pipeline. Hungary and Slovakia, who are the only countries in Europe to maintain relations with Moscow, have blamed Kyiv for a failure of?the Druzhba Pipeline, which supplies their refineries through Ukraine with Russian crude. Kyiv claims that a...

Keir starmer, the British prime minister, said that he had 'given permission for military personnel to board and hold Russian ships. His government believes they are part of an alleged network of vessels which allows Moscow to export oil despite Western sanctions. The decision comes as other European nations are intensifying their efforts to disrupt Russia’s shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved more aggressive actions against the vessels, because Russian President Vladimir Putin would likely be "rubbing his hand" at the sharp rise in oil...

Energy Minister Alparslan bayraktar stated on Wednesday that despite the Iran conflict, Turkey's dependence on Middle East crude oil is at a "manageable and minimal" 10% of total supplies. On a programme of the state-run Anadolu Agency, he stated that the war caused a "crisis in global energy security". He added that Turkey, as a "large energy importer" and a neighbor to Iran, has taken steps to diversify its energy supply. Bayraktar said that a $1 rise in the price per barrel of oil cost Turkey $400 million. When asked about the natural gas supply, Bayraktar replied that there have...

After the U.S. and Israeli air strikes against Iran are over, a new competition is likely to begin: the race for contracts to repair damaged oil and natural gas infrastructures and to restore shipping lanes – and influence – across the 'Middle East. The destruction does not stop in Iran. Fatih Birol, head of the International Energy Agency, warned that at least 40 energy assets in nine Middle Eastern countries have been "severely" or "very severely" damaged. It will take time to repair oil and gas fields and refineries, as well as pipelines, Fatih Birol said. Fatih Birol said that...

Ukraine increased its attacks on Russian energy installations in recent weeks, as peace talks failed to progress. The following is a brief summary of the attacks and their impact. SARATOV RIFFINERY Sources claim that the Saratov oil refining plant, controlled by Rosneft was 'hit by a drone' on March 21. Its crude?distillation? unit has been closed since then. The refinery will process 5.8 million tons of oil in 2024, which is 2.2% of the total Russian oil refining. ILSKY REFINERY On February 17, a fire broke out in the Ilsky Oil Refinery, located in southern Russia. The cause was drone...