North America

Three sources said that Shell, the largest LNG trader in the world, declared force majeure for all LNG cargoes purchased from QatarEnergy, and sold to clients around the globe. Qatar, the second largest LNG exporter in the world, declared force majeure last week on LNG shipments and announced a halt to production at its 77-million-ton per annum (mtpa). Shell refused to comment. Two sources confirmed that other Qatari LNG buyers including TotalEnergies, some Asian companies and others have received force majeure notifications from Qatar. These notices state that they will not sell Qatari LNG to their customers as long as...

Shell and TotalEnergies are long-term partners with QatarEnergy * Qatar halted ?production at 77 mtpa LNG ?facility By Marwa Rashad LONDON, 11th March - Three sources confirmed that several 'companies who buy LNG from QatarEnergy as portfolio players or offtakers, including Shell, TotalEnergies, and some Asian firms, have declared force majeure for the customers they supply. Qatar, the?second largest LNG exporter in the world, declared force majeure on LNG shipments last week. Shell, the largest LNG trader in the world, has declined to comment. TotalEnergies didn't immediately respond to a request for comment. Both companies have long-term partnerships with QatarEnergy,...

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 for an oil glut. The International Energy Agency predicted in February that the global oil supply would exceed demand by 3.7 million barrels a day (bpd). This surplus was expected to last into 2026. One month later, this projection seems outdated. After the nearly complete closure of the Strait of Hormuz, the Gulf is effectively stranded with 15 million barrels per day of crude oil production and 4.5 millions...

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...

According to industry analysts and calculations, the United States and Australia are two of the largest global producers of liquefied gas. They have limited spare capacity to compensate for the loss in supply after Qatar stopped production and declared force majeure due to the conflict in the Middle East. Qatar, which supplies 20% of all LNG in the world, has stopped its production because it cannot send super-chilled LNG through the Strait of Hormuz. Iran has threatened to fire at any vessel attempting to cross the Strait of Hormuz. A vessel was damaged on Wednesday by a projectile as it...

Gas importers and other sources confirmed on Wednesday that several Indian?companies had restricted their domestic?supply, including the 'important' fertiliser industry, due to a force majeure provision due to the escalating conflict across the Middle East. Qatar, India's main supplier of liquefied gas, has been affected by the U.S. and Israel's war against Iran. Lower gas supplies have already affected the production of several fertiliser companies, including the Indian Farmers?Fertilisers Cooperative Ltd and Kribhco Fertilizers Ltd. Both companies failed to respond to the request for comments outside of normal working hours. Gujarat Gas Ltd., which supplies domestic and industrial customers with...

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...

In a filing to the stock exchange on Wednesday, India's largest gas importer, Petronet LNG Ltd. issued a "force majeure" notice to its supplier QatarEnergy and local buyers because its vessels are unable to reach Ras Laffan loading port due to the Middle East crisis. Fuel shipments have been disrupted by the U.S./Iran conflict. The transit through the Strait of Hormuz, between Iran and Oman - which carries one-fifth of the world's oil consumption as well as large amounts of liquefied - natural gas - has come to a near halt after some vessels in the area were hit. In...

According to calculations and industry analysts, the U.S. does not have the spare capacity needed to quickly increase output of liquefied gas to offset the loss in supply caused by Qatar's suspension of production due to the conflict in the Middle East. Analysts and calculations have shown that the U.S. has little spare capacity to quickly increase output of liquefied natural gas in order to offset lost supply after Qatar halted production due?to the conflict in the Middle East. LSEG data show that the U.S. is the world's biggest LNG producer and exports?nearly 19 billion cubic feet of natural gas...

Investors are betting that disruptions to Middle East oil supplies will be brief. This optimism, however, may not be justified. The third day of conflict has not yet caused any damage to the oilfields in the region, but the inability of fuel to be shipped out of the Gulf has already put a strain on a global energy system that is tightly interconnected. Each day of disruption increases pressure on both producers and consumers, causing bottlenecks in the Middle East for exporters and a worsening of shortages elsewhere. The oil prices rose by more than 10% on Monday, reaching the...

Cheniere Energy Inc revealed this week that the 'Trump administration gave it a tax credit of $370 million for burning liquefied gas in their massive 'tankers. Critics argued that such a credit was intended for a 'far smaller boat. In financial disclosures, the company announced on Thursday that it won the IRS tax break for alternative fuels. The tax credit was part of a 2005 law signed by George W. Bush that was intended to subsidize a variety of alternative fuels, including those derived from biomass, coal and natural gas. The credit was intended to be claimed only by those...

The?U.S. Energy Information Administration?said in an?analysis?on Thursday that the U.S. fossil-fuel production could increase over the next two years, as the surge of electricity consumption from data centers tightens the power supply. Energy Information Administration (EIA)?released an?analysis? on Thursday. The EIA reported that the U.S. demand for electricity has grown at an annual pace of 1.7%, after more than a decade with a flat growth. This is mainly due to the expansion of large-scale computer facilities. The agency's February Short-Term Energy Outlook (STEO) predicts that the nation's electricity load will grow by 1.9% - in 2026, and 2.5% - in...

The U.S. Department?of Energy will invest $1.9 billion in order to 'accelerate upgrades' of the?power grids?in?the?country, said it on Thursday. The U.S. is expected to see a sharp increase in power consumption this year and next. This will be due to the rapid growth of AI and cryptocurrency data centers, as well as increased electrification for heating and transportation. This demand, however, has led to higher electricity prices for a large part of the country. The DOE said that the funds would be used for preparing for an increase in demand as well as to lower the electricity costs of...

Rafael Pirro said that the 'Panama Canal Authority' expects to award contracts by June 2027 for two new gas pipelines and ports. The two port terminals - one in the Atlantic and the other in the Pacific - are expected to be operational around 2030. They represent an investment of $2.6 billion. Gas pipeline with an investment between $4 and $8 billion is expected to be in operation around 2031. It will have a capacity to transfer up to 397,500 cubic metres of gas per day. Pirro stated that the Canal Authority intends to start a 'dialogue with interested party?...

Two industry sources said that oil output at Kazakhstan's biggest Tengiz Field rose to 810,000 barrels of oil on March 11 but only averaged 495,000 barrels per day (bpd), lagging behind the capacity goal. Sources claim that the average production in Tengiz between March 1-10 was 16 % lower than it was in February when output was around 590 000 bpd. Tengizchevroil, a U.S. Chevron company that operates in Tengiz, is now restoring production after a January 18 emergency shutdown caused by an fire. The main export route, the Caspian Pipeline Consortium system (CPC), is constrained by adverse weather conditions...

Hayan Abdel-Ghani, the Oil Minister, was quoted on Thursday as saying that Iraq would keep crude 'oil' production at 1.4 million barrels a day. This is less than a third of the level before the U.S.-Israeli war with Iran. According to state news agency, according to the minister, 200,000 bpd are being transported via truck through Turkey Syria and Jordan, and that Iraq has implemented a plan to deal with the current disruptions. Sources told?that oil production in Iraq's southern oilfields has dropped 70%, to just 1.3m bpd. This is because the country cannot export via the Gulf due to...

The futures linked to Canada's major stock index fell on Thursday as signs of Middle East tensions shook risk sentiment. Crude prices also rose, adding to inflation concerns. As of 7:01 a.m., March 'futures' on the TSX composite index slid 0.1%. ET, and futures for Wall Street’s main indexes fell as well. Crude prices soared after Iran intensified its attacks on oil and transportation facilities in the Middle East. This fueled fears of a prolonged conflict that would worsen inflation. Meanwhile, oil flow through the Strait of Hormuz was still obstructed. Oil prices have surged, causing risk assets to fall...

Two sources familiar with the issue said that Iran had deployed about a dozen mines in the Strait of Hormuz. This move was 'likely' to complicate the reopening of this narrow waterway. It is an important route for shipping liquefied gas and oil. The 'war' launched by Israel and the United States 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the Iranian coast, which is helping to?drive up world energy prices. Iran's military leadership said on Wednesday that the world should prepare for oil prices to reach $200 per barrel. According...

Tim Hodgson, Minister of Natural Resources, said that Canada would look for ways to boost its crude production in order to stabilize oil prices globally as a result of the Iran War. Hodgson, a reporter in Ottawa, said that the Canadian government has been talking to oil producers in Canada about delaying planned maintenance at oil sands plants in order to temporarily boost output. The Canadian government is also urging refineries in Canada that use imported oil to switch to domestic oil in order to increase supply to other regions. The International Energy Agency agreed on Wednesday to release 400,000,000...

Two sources with knowledge of the matter have confirmed that Iran has placed about 12 mines along the Strait of Hormuz. This move is likely to impede the reopening of the narrow waterway, which is an important route for the shipping of oil and LNG. The war that was launched by the United States and Israel 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the coast of Iran, which is helping to push up the world's energy prices. Iran's military leadership said on Wednesday that the world must be ready for...

Investors awaited key U.S. data on inflation due later in the day, as they viewed the latest developments of the Iran War. As of 6:35 a.m., March futures for the?S&P/TSX 'composite index' had fallen 0.21%. ET, and futures for Wall Street’s main indexes fell as well. After the U.S., Israel and Iran exchanged airstrikes across the Middle East?as crucial shipping lanes through Strait of Hormuz were blocked?fears of a long-term conflict continued to grow. Toronto's benchmark indice?closed level on Tuesday. It is down over 3% from the levels before the conflict with Iran began. Consumer prices in the U.S. are...

Yerlan AKkenzhenov, Energy Minister, said on 'Wednesday' that Kazakhstan oil and.gas condensate.production.this year.is.expected to.reach between 96 and 98 millions metric tons. This is below the 100.5 million tons planned. According to calculations, this would equal up to 2 million barrels of oil per day. calculations. Akkenzhenov, who spoke to reporters in the country's parliament, said that the shortfall is due to Ukrainian attacks against?the Caspian Pipeline Consortium which carries the majority?of Kazakhstan oil exports to Novorossiysk port, as well disruptions at Tengiz, the largest oilfield of the country. Tengiz suffered a series of outages in January that resulted in the...

According to calculations made by? Calculations on Tuesday. The cost of shipping vessels from Russia's Baltic Sea port to India has risen sharply, according to traders. Robert Fico, the Slovakian Prime Minister, said that after meeting with EU chief Ursula von der Leyen on Tuesday they agreed to resume oil transit through the Druzhba pipe via Ukraine and appreciated EU's readiness for financial and technical assistance for repairs. PLATTS WINDOW * There were no?bids on Tuesday for Urals or?Azeri BTC, and CPC blend, traders said. Donald Trump, the U.S. president and Vladimir Putin, his Russian counterpart discussed the war in...