Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route. The information on the Saudi cuts, which comes from a person familiar with the operations, follows reductions by other OPEC nations including the United Arab Emirates, …
Crude prices continued to soar as markets monitored the latest developments in the Middle East. Oil output in the Persian Gulf fell considerably as the Iran conflict prevented export through the Strait of Hormuz. However, United States President Donald Trump claimed that the “short-term oil prices” will go down as soon as Iran’s threat is neutralized. West …
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As missiles and drones curtail energy production across the Persian Gulf, analysts warn that water, not oil, may be the resource most at risk in the energy-rich but arid region. On Sunday, Bahrain accused Iran of damaging one of its desalination plants. Earlier, Iran said a U.S. airstrike had damaged an Iranian plant. Hundreds of desalination …
The United Arab Emirates and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co. is “managing offshore production levels to address storage requirements,” the company said in a statement, without giving details. Kuwait Petroleum Corp. said it was …
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Iran’s Assembly of Experts member Ayatollah Mohammad-Mahdi Mirbagheri stated that the country’s deliberative body managed to reach a “decisive and unanimous opinion, which is the opinion of the majority” on who will be the successor to the country’s late Supreme Leader Ayatollah Ali Khamenei (pictured), Mehr news agency reported on Sunday. According to the report, …
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US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt. West Texas Intermediate added 12% on Friday to settle just below $91 a barrel, the largest daily jump in almost six years, while Brent closed …
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The United States will deploy a third aircraft carrier to the Middle East to join the ongoing war against Iran, Fox News reported. USS George H.W. Bush will cross the Atlantic and head to the eastern Mediterranean after USS Gerald R. Ford carrier entered the Suez Canal and sailed into the Red Sea. It would …
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Iran’s Islamic Revolutionary Guard Corps (IRGC) revealed on Saturday that it struck an oil tanker called “Prima,” which was sailing under Malta’s flag, in the Strait of Hormuz, claiming that the vessel ignored “repeated warnings” from the IRGC Navy. “It is worth noting that the strategic Strait of Hormuz has been under control for the …
Continue reading “Iran strikes with a drone Malta-flagged oil tanker in Strait of Hormuz”
Oil prices could soar to as much as $150 per barrel within two to three weeks if the critical Strait of Hormuz remains off limits for tankers, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday. That proclamation came just a few short hours before reports that Kuwait—one of the …
Continue reading “Kuwait Shuts Production, Qatar Warns Oil Could Hit $150 in Weeks”