Middle East

China's Commerce Ministry blocks U.S. sanctions against five refineries

ADNOC launches Industrial Resilience Program at "Make it in the Emirates" to boost UAE industrial capacity and strengthen supply chains

Iraq starts work on Basra-Haditha oil pipeline

About $1.5 B has been allocated for the project, although its pace will depend on securing further budget allocations.

UAE exit strips OPEC of clout, risks bitter price war

The surprise move comes at a time of unprecedented turmoil in energy markets as Gulf oil and gas exports have remained largely paralyzed for two months due to the closure of the Strait of Hormuz, which has muted OPEC’s traditional ability to manage the oil market during times of distress.

Europe's jet fuel imports from Middle East stop, raising supply crunch fears

European countries that are part of the Organization for Economic Co-operation and Development grouping of industrialized nations consume about 1.6 MMbpd of jet fuel and kerosene, while regional refineries produce only around 1.1 MMbpd, leaving a shortfall of at least 500,000 bpd that imports must cover.

ADNOC receives 6th LNG carrier in $1.2-B fleet order from Jiangnan Shipyard in China

Energy services group Saipem ‘well positioned’ to win Iran war repair contracts

The cost of repairing damage resulting from the war and restoring energy-linked infrastructure could hit $58 B, Rystad Energy said in a recent report, with oil and gas facilities alone facing a potential bill of $50 B.

Oil prices rise after reports container ships in Hormuz hit by gunfire

Oil prices rose 2% on Wednesday, erasing earlier losses after reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of progress in peace talks between the U.S. and Iran.

Opinion: U.S. crude and fuel exports surge to record highs, but it's not enough

Much of the extra crude is heading to Asia, the region most affected by the effective closure of the Strait of Hormuz, the narrow waterway through which about 20% of the world's supply of crude and refined fuels passed prior to the start of the conflict.

Opinion: Opening Hormuz is the easy part—restoring oil flows isn’t

The immediate impact has been severe. Around 13 MMbpd of oil supply and roughly 300 MMm3d of liquefied natural gas (LNG) have been trapped inside the Gulf, forcing producers to shut in oil fields, refineries and LNG plants and battering economies from Asia to Europe.