Middle East

IEA: U.S.-Iran escalation could threaten 2027 oil market surplus

Global oil markets received some respite last month as a peace agreement between the U.S. and Iran facilitated the opening of the Strait, the effective closure of which had taken out as much as 14 million barrels per day of crude flows during the peak of the largest oil supply crisis in history.

Tanker traffic through Hormuz at near standstill as attacks strain Iran truce

Shipping industry sources said vessels were increasingly switching off their public AIS tracking transponders, making it harder to see all of the ships crossing.

Oil refiners' Hormuz windfall may prove short-lived

Refining profitability is determined by two factors: the cost of crude oil and the price of the gasoline, diesel and jet fuel produced from it. At the moment, both are moving in refiners' favor.

South Korea expands energy partnership with UAE's ADNOC

Both parties will seek to boost long-term crude supply to Korean refiners, improve joint coordination during emergency supply situations such as seeking alternative export routes, and advance cooperation on international joint crude stockpiling in South Korea.

Fluor signs long-term program management consultancy contract with Saudi Aramco

Saudi Arabia considers expansion of oil pipeline to Red Sea

ADNOC launches global LNG marketing and trading platform

OPEC+ to boost crude output, but can it deliver and who will buy?

The seven core members of OPEC+, which groups together OPEC and allied producers such as Russia, agreed at a meeting on Sunday to lift quotas by 188,000 barrels per day from August, taking the total increase to almost 800,000 bpd since April.

Chinese independent refiners snap up discounted Mideast oil as supplies rise

Gulf oil exports are gushing into Asia as producers ramp up output and exports through the Strait of Hormuz following the interim peace deal between the U.S. and Iran, depressing oil prices globally.

U.S.-Iran war still trails the 1979 oil shock by total losses

Unlike previous crises, the Iran war has simultaneously disrupted crude oil, natural gas, refined fuels and fertilizer supplies, exposing vulnerabilities created by decades of rising energy demand, globalized trade and the Middle East’s growing role as a supplier of finished fuels.