Western Europe

Oil producers in the Americas, from Canada to Argentina have benefited during the Iran War by regaining market share that Middle Eastern exporters lost. This renewed focus on global energy security could turn this emergency response into an enduring?structural shift. Since the Iran War and the closing of the 'Strait of Hormuzsix month ago, a fifth of world?oil supply was disrupted. This is the biggest shift in global energy landscape in decades. The Hormuz shutdown immediately caused a scramble for Middle Eastern barrels to be replaced. The Americas emerged as the main beneficiary. According to Kpler, crude exports in the...

Six months after the U.S. vs. Iran war began, it has hardened into a stalemate which could last until 2027. The conflict is raging, energy markets are held hostage and inflation is high. Neither side wants to or can back down. The war that has caused thousands of deaths and extensive damage in the Middle East has taken on a new face. The war began on February 28, as a joint U.S. and Israeli effort to cripple Iran, aiming at eliminating Tehran's nuclear programs, weakening its proxy network and possibly topple the Government. It has become a more narrow?struggle centered...

Six months after the U.S. vs. Iran war began, it has hardened into a stalemate which could last until 2027. Energy markets are held hostage and inflation is high, but neither side wants to or can back down. The war that has caused thousands of deaths and extensive damage in the Middle East has taken on a new face. It started on February 28, as a joint U.S. and Israeli effort to cripple Iran, aiming at eliminating Tehran's nuclear programs, weakening its proxy network, and possibly topple the Government. It has evolved into a more narrowly focused struggle centered on...

The Iran War has brought the oil refining sector to its knees, indicating that gasoline and diesel prices could remain high for many years. The global energy inflation shock will continue to be felt, whether or not a deal is reached. Oil markets have adapted well to the sudden loss of a quarter of the world's crude oil supplies during the conflict in the Middle East, but the refinery industry has had fewer options. The difference between the crude oil and fuel prices is telling. Benchmark Brent crude is currently around $90 per barrel. Although this is a 25% increase...

The Iran War has brought the oil refining sector to its knees, signaling that gasoline and diesel prices could remain high for many years. The global energy inflation shock will not be over until a deal is reached. Oil markets have adapted well to the sudden loss of a 5th?of the global crude supply from the Middle East due to the conflict. However, the refinery industry has had fewer options. The difference between the crude oil and fuel prices is telling. Brent crude oil, the benchmark price for all other crude oils, is around $90 per barrel. Although this is...

Oil market behavior is becoming more and more like a permanent reality. It's not just a temporary shock. Hopes for a diplomatic breakthrough are fading nearly six months after the war between Iran and the U.S. erupted. The interim ceasefire that was agreed to on June 17 is now 'effectively over,' the 60-day negotiation period has ended, and neither Washington or Tehran appear willing to compromise about the future of Strait of Hormuz. Both sides have instead dug in. Iran warned that tensions would escalate if Washington did not fully implement the interim peace agreement within a few weeks. A...

BP has received a windfall from the Middle East conflict, thanks to higher gas and oil prices. This will help Meg O'Neill in her efforts to stabilize the ship. The Iran War has made the future of energy less predictable and has complicated BP's attempts to chart a course for the long term. BP is today 'on a much firmer footing than it was in February when it reduced planned capital expenditure for 2026 due to growing concerns about looming oil and?gas surpluses that would impact on prices and earnings. This narrative was flipped on its head when the Iran...

The Iran war has triggered record oil refining earnings that have boosted Big Oil's profits, giving new life to a business which many investors had written off. Refining is expected to produce strong returns over the next few years. However, structural changes in oil demand will cause its star to fade. Refining is the least glamorous part of the oil industry, despite its critical role in the global energy chain. Western oil majors have been steadily retreating from the sector for the last two decades. They were 'deterred' by high operating expenses, notoriously volatile profit margins, increasing carbon costs, and...

The Iran war has triggered record oil refining earnings that are reviving the Big Oil business. Many investors had written it off. The sector is expected to deliver strong returns over the next few years. However, structural changes in oil demand will cause refining to lose its shine quickly. Refining is the least glamorous part of the oil industry, despite its critical role in the global supply chain. Western oil majors have been steadily retreating from the sector in the past 20 years, due to high operating costs, volatile margins, rising carbon costs, and increasing competition from state-backed refining companies...

Energy markets are stuck in a limbo of uncertainty that is not easy to get out. Buyers are increasingly worried about the reliability and security of Gulf supply, which is creating a new alarming norm for producers in the region. The energy sector in the Middle East is more vulnerable and weaker than ever before, five months after Israel and the United States launched their military strikes against Iran. Energy infrastructure is under attack, and shipping routes are becoming increasingly restricted. Importers are starting to avoid supplying a region which accounted for a fifth of the world's oil and LNG...

?China has been viewed as the main driver of future LNG demand by producers for years. This helped justify billions in investment infrastructure from?the U.S. Gulf Coast up to Qatar. China's appetite is waning for super-chilled fuel, even though producers are preparing a new wave of supply in the coming years. This could undermine the viability of future projects that rely on long-term needs of imports from Asia and Europe. The Iran 'war' has triggered a second global LNG supply crisis in four years, following Russia's invasion of Ukraine?in 2022. This is reinforcing China's push to prioritize domestic gas, pipeline...

The energy supply in Europe is alarmingly vulnerable as conflicts in the Middle East, Russia and the Middle East tighten the global markets for heating oil and liquefied gas. This has pushed inventories down to dangerously low levels. According to official statistics, natural gas and heating oil make up the majority of Europe's residential heating. Gas accounts for approximately 30% of heating demand, while heating oil makes up roughly 10%. Both fuel markets are likely to be under extreme strain in Europe after years of energy shocks. Gas vulnerability in the region is largely a result of a dramatic?transformation in...

Prosecutors from the German state of Saxony in eastern Germany said that they had found a total?21 explosives devices?in their investigations of attacks on the electrical grid which have kept authorities alert for several days. The total number of homemade explosive devices discovered by investigators has now reached 21. Germany is the focal point of European concerns about the vulnerability critical infrastructure. It experienced a number of sabotage events on the power grid in the last week after a drone strike in August at Leipzig/Halle, for which the German government officially blamed Russia. German police announced on Friday that they...

The police in Berlin said that they are investigating an incident at a transformer substation. This raises security concerns due to a recent series of attacks against Germany's grid. Separately Bild reported that the police in the western city Wesel had?launched a major assessment operation after it was discovered that the security 'fence around a transformer substation has been 'cut open. Berlin police stated?on X that they are attempting to determine whether the fire that affected a construction site in Moabit and a nearby substation was an accident?or deliberate. The authorities added that power supply is currently not affected. German...

Police and port authorities reported that groups of masked men protesting on roads around Dover (the main hub for ferries to France) disrupted traffic on Saturday. Social media videos posted by users showed men wearing black and balaclavas, and wearing scarves and?scarves, blocking roads at the port. Kent Police confirmed that it was "aware" of a protest currently taking place in the Port Of Dover. In a short statement, the police said that officers were present and engaged with protesters. The police didn't immediately respond to an inquiry for more information and details about the protest. The Port of Dover...

According to the police, an attempt was made to short circuit a transformer in the electricity grid south of Duesseldorf, west 'Germany. The newspaper Bild reported this on Friday. This comes after two suspected sabotage efforts 'this week. The police received a letter from a person claiming responsibility for both the Dormagen incident and vandalism of a Bergheim substation that shut down 4,200 megawatts on Tuesday. This week, Europe's fears about critical infrastructure in Germany have been at the forefront. After Germany accused Moscow of a drone strike on the Leipzig/Halle Airport in August, allies came together to support Germany....

According to the police, an attempt was made to short circuit an electricity grid transformer south of Duesseldorf, in western Germany. The newspaper Bild reported this on Friday. This comes after two suspected sabotage attempts during the week. The police received a letter claiming responsibility for both the Dormagen incident and vandalism of a Bergheim substation that shut down 4,200 megawatts on Tuesday. This week, Europe has focused on Germany as the focal point of its fears regarding the vulnerability of critical infrastructure. After Germany accused Moscow of a drone strike in August on the Leipzig/Halle Airport, allies rallied around?after?....

The newspaper Bild reported that German police responded to two new alleged attempts against Germany's electricity grid. This comes after Berlin blamed Russia for an attempted drone attack on Leipzig Airport. Bild reported that local police had confirmed an attempt to short circuit a power grid in Dormagen, which is a city located in the western state North Rhine-Westphalia. According to the report, police have received a claim of responsibility. Separately in Ganderkesee, the police cordoned off an electrical transformer station on Friday, citing suspicious circumstances. Unidentified police spokeswoman told NDR, the public broadcaster, that police officers made a discovery...

Authorities in Nepal are working to find survivors of the flash flood that devastated the Himalayan nation, and the neighbouring Tibet. The disaster killed over 1,000 people, while thousands remain missing. Here's a look at what the situation is like on the ground a week after the tragedy. What happened? Experts suspect that a glacier's collapse was the cause of the?unprecedented avalanche of debris, ice and rock which swept down the mountains in the early morning hours of the 26th of August. In Nepal, 1,114 people are dead and 2,916 people missing. China has 16 deaths with 546 still missing....

Officials said that German police were investigating a suspected 'attack' involving an incendiary device which was not exploded at a substation in Brandenburg, a state in eastern Germany. The incident caused a "brief power outage" and damaged power lines. Turnow-Preilack is one of the most important high-voltage nodes in the region, connecting Brandenburg’s largest power station, Jaenschwalde to the 50Hertz grid. A spokesperson confirmed that the police received the information at 8 am (0600 GMT), and officers were sent to the substation. They also said there was no danger to the public. Police said that the incident involved "a unconventional...

A spokesperson for the German police confirmed that they are investigating an incident on Tuesday at a power substation in Brandenburg's eastern region involving an unexploded explosive device. Grid operator 50Hertz stated that "unidentified perpetrators" are believed to be responsible for damage to several power lines on 50Hertz's transmission grid. The device was not detonated, so it is not clear how the damage was caused. The operator said in an email that there was a brief 'power cut' but that 'all power lines have now been restored and the electricity supply has not been affected. The spokesperson stated that the...

Ukrainian forces continue to strike at Russian energy infrastructure, as well as other sites. Kyiv claims that this is part of an effort to deny Russia resources for funding its military. The following is a list of recent attacks, starting with the latest. NORSI Ukrainian drones attacked NORSI this week, Russia's 4th largest oil refinery owned by Lukoil. The crude oil processing was suspended on August 26. NORSI is Russia's second largest gasoline producer. It can process?15,000,000 metric tons per year. NOVOSHAKHTINSK A drone from Ukraine damaged the Novoshakhtinsk oil refinery, located in southern Rostov Region of Russia. The governor...

A spokesperson for PCK Schwedt in Germany said that the refinery is still running at around 80% of its capacity, despite the loss of Kazakh crude oil. Alternative imports through Poland's Gdansk Port have fully compensated for what was lost, according to a statement on Wednesday. Russia has stopped supplying Kazakh crude oil to Germany via the Druzhba Pipeline as of?May 1. This is a serious blow to the refinery that supplies the majority of fuel to Berlin and relies on Kazakhstan for 17%. PCK's?currently? supplied via?routes through Rostock and Gdansk allows it to maintain the operating levels reached when...

The CEO of TotalEnergies, a French oil company, said that the company will continue to invest in the Middle East in spite of the Iran conflict. This was revealed at a conference on energy in Norway. Patrick Pouyanne previously said that it was important to fund alternate pipelines in order for oil to leave Middle East, given the paralysis of the Strait of Hormuz during the U.S.-Israel war against Iran. Pouyanne stated at the ONS Conference that "we are today the largest traders of oil from Iraq or Qatar... it is clear to me that a certain amount equity needs...