Asia

Caixin, the Chinese media outlet, reported that a Chinese-owned oil product tanker was attacked on Monday near the 'Strait of Hormuz. President Donald Trump launched a U.S. Plan to assist stranded ships, but then suspended it one day later. Caixin reported on Thursday that this was the first attack on a Chinese oil-tanker. Since the Iran conflict began, traffic through this vital strait has virtually stopped. It is through which 20 percent of the world’s oil and gas supplies pass. Caixin reported that the deck of a?unnamed ship caught fire. The ship's marking was "CHINA OWNER & CREW". The crew...

According to shipping data and industry sources, the United Arab Emirates, along with buyers, have recently sailed several oil tankers through the Strait of Hormuz to transport the oil that has been bottled up by the Middle East conflict in the Gulf. These volumes are only a fraction of what the UAE used to export before the U.S./Israeli war against Iran, but they demonstrate the risk that the buyer and producer are willing to accept to increase oil sales. Saudi Arabia, Kuwait and Iraq have all stopped selling oil, or cut prices dramatically to attract buyers who are not interested....

Transport Minister Philippe Tabarot announced late Wednesday that the French 'government' is prepared to offer a monetary aid for airlines affected by the?increase in jet fuel prices. Tabarot stated in a blog post on X that the government and airlines 'had made progress on a meeting held on Wednesday regarding aid, including deferrals on social?security contributions and extended deadlines for tax payments and flexibility with?fuel loadings. "Airlines are experiencing a major shock." He said that the government was fully committed to helping airlines get through these difficult times. European authorities are scrambling to find solutions in order to avoid widespread...

AirAsia, a Malaysian budget carrier, has ordered 150 A220-300 jets designed in Canada from Airbus. This is the largest single-firm order for the jetliner ever. The companies announced this at an event held in Quebec on Tuesday. Airbus' commercial aviation CEO Lars Wagner stated that AirAsia was the "launch customer", of the new 160-seat configuration. AirAsia's CEO Tony Fernandes stated that his airline would "buy" 150 more aircraft if Airbus made a stretched version the A220 jet. The announcement confirms previous reports about a deal to purchase 150 A220-300?jets. Fernandes stated that the order is worth $19 billion. This is...

Hermes Airports, Cyprus' airport operator, said on Wednesday that the number of seats available to Cyprus this summer would be "no more than" 5%. The Iran war has dampened the outlook for tourism in the region. Since the U.S. launched the war against Iran, in late February, the number of tourists to the island has decreased. On March 2, a single drone attack hit a British military base in Cyprus. Hermes, the company that operates Larnaca and Paphos airports, has said that airlines have reduced their schedules by about 600,000. Passenger arrivals will also be down around 9% or approximately...

LSEG and market sources reported that Russia's seaborne gasoil and diesel exports increased by 8% in April from March. This is only a slight decrease from the 3.3 million metric tonnes?exported a year earlier. Exports rose despite repeated Ukrainian attacks on ports and refineries, weather disruptions and a surge in global demand. Primorsk, a Baltic port, was attacked in late March and earlyApril. The Black Sea port of Tuapse was also attacked, and a nearby Tuapse Refinery owned by Rosneft had to stop operations after a Ukrainian drone attack on April 16. Sources said that the ultra-low-sulphur Diesel shipments from...

U.S. Secretary of State Marco Rubio informed reporters on Tuesday that ten civilian sailors have died as a result of the ongoing conflict along the Strait of Hormuz. Speaking at the White House, Rubio said that the U.S. will continue to deploy assets to defend the freedom of navigation on the main thoroughfare. "They are isolated, they are starving, and they're vulnerable. At least 10 civilian sailors have died because of this," Rubio stated, without giving any additional details. Rubio said that the U.S. is taking a defensive position by enforcing their blockade against Iranian ports. He said that the...

UAE stocks fell early on Tuesday?trading after new attacks by Iran?and?the United States in?the Gulf deepened?the?fight for?the Strait?of Hormuz?a critical global energy chokepoint and shook an already fragile ceasefire. Washington wants to reopen Strait of Hormuz in order to relieve severe strains on the global energy supply after Iran largely closed the passage following the start of a 'war' with the U.S. The UAE has responded to reports of 'Iranian missile and drone attacks in the UAE including one which sparked fire at the main oil port in Fujairah. It said that the strikes were a serious escalation, and it...

Saudi Arabian state oil producer Saudi Aramco has held its official selling prices for liquefied petroleum gas in May, while Algerian Sonatrach cut it by up to 18%, due to a higher global supply. Saudi Aramco’s?OSPs for May were at $750 per metric ton of propane Butane is priced at $800 a ton . Propane and butane, two types of LPG, have?different boiling point. LPG is used primarily as fuel for vehicles, for heating and for other petrochemicals. Sonatrach has reduced its?May OP for propane from $700 to $150 per ton And?for Butane by $20 per ton?to $880 . The...

U.S. Treasury?Secretary Scott Bessent urged China on Monday to step?up diplomatic efforts to convince Iran to open up the Strait?of Hormuz for international shipping. He added?that this subject will?be?discussed?when Donald Trump meets Chinese President Xi Jinping in Beijing next week. Bessent stated during a Fox News Channel live interview that "China should step up and do some diplomacy to get the Iranians open the Strait." Bessent stated that China bought 90% of Iran's electricity, "so?they?are financing the largest state-sponsor of terrorism." He stated that he was encouraging China to "join us" in the international operation to open up the strait....

Kyiv reported on Monday that Russia had stepped up its attack against Ukrainian port infrastructure this year. It used?more 800 drones to carry out its attacks, which is more than ten times what it did in the same time period last year. Keep the seaports open in southern Odesa, as they are vital to Ukraine's wartime economy and hard currency revenue. Oleksii Kulba, Ukraine's Minister of Infrastructure, said that despite the attacks, Ukraine's ports have processed more than 30 millions metric tons since the beginning of the year. In recent months, almost daily Russian attacks have been reported on Ukraine's...

Baltic Exchange, world's leading provider of benchmark indices for shipping, denies allegations made by Mercuria that its data on oil tanker prices caused losses to the commodity trader. Mercuria, a Swiss company, said in a court filing dated April 30 that the losses were due to oil tanker prices which did not take into account the closure of the Strait of Hormuz. Mercuria has sued the 'Baltic Exchange claiming that they have not met their statutory and contractual responsibilities in producing the TD3C Benchmark based on the voyages from the Middle -East to Asia. The London-based exchange owned by Singapore's...

Bangladesh permits business-to-business deals This allows businesses to increase their renewable share The key to the viability of this business is network charges Tahmid Zami Tahmid Zami Last year, Bangladesh allowed private companies to directly sell electricity to large consumers. The electricity from "merchant power plant" was carried over the grid with users paying charges to the grid and distribution companies. India has allowed open-access to power purchases for many years, while Pakistan has been working towards a "competitive" bilateral market but has had disputes over the use-of system charges. The energy regulatory commission of Bangladesh is currently working out...

?Russia's vast Kirishinefteorgsintez (Kirishi) oil ?refinery halted processing on Tuesday following Ukrainian ?drone attacks ?which damaged ?the ?plant's units and caused a fire, two industry sources said. Surgutneftegaz which controls the refinery did not respond immediately to a comment request. Sources who requested anonymity because of the sensitive nature of the situation said that three of four crude distillation unit (CDU) at the refinery had been damaged by the drone attack. Sources said that it is difficult to estimate the time needed for the repairs of damaged units. They added that secondary units also suffered damage. Alexander Drozdenko, the region...

Authorities said that a fire broke out in a?major UAE zone of the oil industry on Monday following a?drone attack from Iran. The Gulf?state's?military intercepted separately three?Iranian?missiles over its?waters?and a forth crashed into the ocean. The Fujairah Media Office released a statement saying that civil defence teams were immediately deployed to contain the fire at the Fujairah Oil Industry Zone. Three Indian citizens were also moderately injured and were taken to hospital. The UAE defence minister said on X, that their forces intercepted 3 missiles. A fourth fell into the sea. Iranian news agencies reported that the Revolutionary Guards Navy...

A think tank near the government stated on Monday that high?global oil?prices will not boost Russian economic growth in this year, as new sanctions from the West and drone attacks by Ukraine weigh on crude output and exports. TsMAKP, an influential think tank, has lowered its forecast of gross domestic product growth. The pressures have led to lower than expected outputs for Russia's primary export commodity by 2026. Many analysts had predicted that Russia would benefit from the increase in oil prices after the U.S., Israel and Iran attacks and the blockade of the Strait of Hormuz. The forecast for...

Two sources said that when potential financiers and providers of Venezuela's electrical industry met with government officials in Caracas, they were primarily concerned about?how to pay them for repairing the country's deteriorating grid. Sources said that the executives were hesitant as the nation tried to jumpstart the $100 billion reconstruction plan, which was pushed by Washington. Since she succeeded the deposed president?Nicolas Maduro? in January, Delcy Rod has made it a priority to ensure stable electricity. However, the cash-strapped nation has not been able to pay suppliers on time to help industries like oil and gas recover. A representative of...

The TurkStream pipeline, which is operated by the Russian energy giant Gazprom, has reduced its average daily natural gas?gas?supplies into Europe from 41 million cubic meters to 41 millions cubic metres in April compared to a year ago. Prices rose sharply after shortages arose from the closure of the Strait of Hormuz - a conduit that carried a fifth of global oil and gas. Turkey is the only route through which Russian gas can be transported to Europe. This is because Ukraine did not extend its five-year agreement with Moscow, which expired in January 2025. According to calculations based on...

The U.S. Treasury warned that any shipper who pays tolls for the Strait of Hormuz to Iran, or makes charitable donations to groups such as the Iranian Red Crescent Society is subject to punitive sanctions. About 20% of all crude oil and natural gas transported by sea passes through the Strait of Hormuz. Tehran has proposed to charge fees or tolls for vessels that pass through the Strait as part of its proposals to end war with Israel and the United States. According to the advisory from Treasury's Office of Foreign Assets Control (OFAC), the U.S. knows that Iran is...

The U.S. Treasury warned that any shippers who pay tolls to?Iran to pass through the Strait?of Hormuz or make charitable donations to groups such as the Iranian?Red Crescent Society are?at?risk? of sanctions. About 20% of all crude oil and LNG flows in the world pass through the Strait of Hormuz. Tehran has proposed to charge a fee or toll on vessels that pass through the Strait as part of its proposals to end the conflict with Israel and the United States. The advisory from the Office of Foreign Assets Control of the Treasury stated that U.S. The U.S. is aware...

Iraq began work on a 'oil pipeline connecting Basra and Haditha with a capacity of 2.5m barrels a day, according to the'state news agency, citing the Oil Ministry, in an effort to expand the export routes for the OPEC producer. The ministry stated that the project has received a budget of $1.5 billion, but its speed will be determined by the amount of additional funding. A spokesperson for the ministry said that the 700-kilometre pipeline (435-miles) will be used to transport crude oil via multiple routes including Syria's Baniyas and Turkey's Ceyhan, as well as Jordan's Aqaba. It will also...

According to industry sources, Russia managed to maintain crude oil loadings in its western ports at the same level as March despite 'ongoing drone attacks. Drone attacks on ports and pipelines in the Baltic Sea and Black Sea ports in late March or early April slowed down crude oil loadings, but not overall. The estimated exports and transit shipments in April of Urals, Siberian Light, and KEBCO crudes from?the port of Primorsk?, Ust-Luga?, and Novorossiysk?, including carryovers from the initial schedule for March?and top-ups?, is around 2.2 millions barrels per day. The data from the market showed that this figure...

LSEG ship tracking data and the Russian'ship register' showed on Wednesday that Russia added four liquefied gas carriers to its fleet. This could help increase the country?s?marketshare ahead of a ban by the EU on Russian gas imports. In January, the European Union gave final approval to an import ban on Russian natural gas by 2027. In response to Russia's "war on Ukraine", the bloc also imposed sanctions. The sanctions have restricted Russia's ability to access the vessels that it needs to increase its share of the global market for LNG. The Russian Register?on?Wednesday showed four LNG tanks: the Orion,...

HSBC stated in a research note published on Tuesday that the United Arab Emirates' exit from OPEC, and the wider OPEC+ coalition from?May 20, 2026 will have a limited impact?on the oil markets. However, it could weaken OPEC's ability to manage prices and supply over time. The?UAE?,?one OPEC+'s biggest producers?, announced on Tuesday that it would be leaving both OPEC+ and OPEC, dealing a major blow to the producer's group, as the U.S./Israeli war against Iran disrupts the energy flow. HSBC predicts that global oil supplies will remain stable in the short term as disruptions to the Strait of Hormuz...