Latest News
-
Reeves: UK considers targeted support for householders as energy costs rise.
In an interview with?Saturday, Finance Minister Rachel Reeves stated that the British government was looking at providing "targeted support" for the poorer households in order to offset the impact of the rising energy costs caused by the conflict?in the Middle East. Reeves, a Times reporter, said that the government is looking into?options? to help those affected by sharp increases in energy prices. This includes those households who rely on heating oil. However, he ruled out a universal program for all homes, stating it would not be affordable. Labour, which is trailing the populist Reform UK Party in the polls, has been under pressure by opponents to cap the regulated household energy tariffs, due to be reviewed in late May, and to cancel a planned increase in vehicle fuel duty in September. "I've found the money, and we have worked with MPs and others to develop a response for those who aren't protected by the cap on energy prices. "We're providing greater support for those who are in need," she said of the plan to assist households that rely on heating oils. In Britain, more than a million households use?oil as a heating fuel. This is especially true in rural areas without access to gas grids. In Northern Ireland, almost half the households use only oil as a fuel. HEATING OIL USERS WILL SUFFER A LARGER PRICE SHOCKWAVE The government's energy price cap does not cover heating oil, so consumers are more vulnerable to fluctuations in oil prices. Reeves said to the Times that Treasury is modeling different scenarios depending on the length of the Iran conflict, including "more focused options" for support. She said: "I'm?concerned about how high our debts are, given the debt we inherited. And?so, I want to?look at the different options that would be available." The Times reported that Reeves will use his speech on Tuesday to?not only address energy issues but also call for a?closer alignment to the European Union's single market in order to boost growth. She told the paper that Brexit was bad for her country's growth and for prices at the shops. "It has been almost 10 years since the Leave vote. The ship may have sailed, but we still have a lot to do to improve our trade relations. We should align ourselves where it is in our national interests. (Reporting and editing by Toby Chopra, Louise Heavens, and Michael Holden)
-
JERA's exec claims that there is no immediate shortage of LNG in Japan, but they are currently in negotiations for additional supply.
JERA, Japan’s largest power generator, is not facing a shortage of liquefied gas, despite the U.S. and Israel’s war against?Iran. However, JERA is in talks with long-term suppliers about possible additional supplies, according to a senior executive on Saturday. Global CEO Yukio KANI said that Japan's biggest LNG buyer, Global, handles around 35 million metric tonnes of super-chilled gas annually. Around 27 million tons of this fuel are used in Japan, with about 5% passing through the Strait of Hormuz. Iran has disrupted the shipping in the'strait', which is a conduit for 80% of the world's fossil fuel?supplies. Kani, speaking to reporters at the Indo-Pacific Energy?and Business Forum, said that there is no immediate LNG shortage. However, the team of the company is exploring the possibility of additional purchases with global suppliers, with whom JERA has long-term contracts. He warned that the 'Iran Crisis' may not end soon. If the crisis worsens, and the Strait of Hormuz is closed, it may be necessary to consider working with the Japanese government on measures like asking consumers to conserve energy or restarting coal-fired power plants. (Reporting and editing by William Mallard; Yuka Obayashi)
-
Kharg Island, which was struck by the US, is a key hub for Iran's oil exports
Kharg Island is the center for 90% of Iran’s oil exports. It has been viewed as a key vulnerability by Tehran and would prompt a severe response if attacked. Donald Trump stated on social media that the U.S. had "totally destroyed every MILITARY Target" on Kharg. He also threatened to target oil infrastructure if Iran continued to interfere with shipping through the Strait of Hormuz. Iran has increased its oil production in preparation for the launch of Israel's and the U.S.'s war on February 28, and continues to ship between 1.1 and 1.5 million barrels of oil per day according to data from TankerTracker.com. The markets were watching for any signs that Kharg's complex network of terminals, pipelines and storage tanks had been damaged by the strikes. Even minor disruptions can further restrict global supply and add?pressure to a volatile market. Dan Pickering is chief investment officer at Pickering Energy Partners. He said: "If you remove Kharg infrastructure from the market, 2 million bpd will be permanently removed. Iranian media reported that Iran's armed force said on Saturday that any attack against Iran's oil or energy infrastructure would lead to attacks against energy infrastructure owned by oil companies cooperating in the region with the U.S. "I am very worried that it raises the temperature, and Iran has less to lose. It seems to escalate. When Iran is pushed into a corner, it will act with greater confidence. This was the opinion of Patrick De Haan an analyst at U.S. fuel prices tracker GasBuddy. Iran has almost completely shut down shipping through the Strait of Hormuz. Through this channel, 20% of world oil is transported, mainly to Asia. Key Supply Source for China Kharg is located 16 miles (26km) off the coast of Iran, approximately 300 miles (483km) northwest of Strait of Hormuz. The waters are deep enough for tankers to dock that would otherwise be too large to enter the shallow coastal waters of the mainland. China is the largest crude importer in the world and has taken measures to protect its supply amid the Middle East disruptions. According to tanker tracking company Kpler's data, Iranian oil accounts for 11.6% (or a total of 16,000) of China's seaborne imported goods so far this season. Most are bought by independent refiners who were attracted to the deeply discounted prices because of U.S. Sanctions on Tehran. Kpler data indicates that Iran exported 1.7m bpd of crude oil so far this season, with 1.55m bpd being shipped via the?Kharg. Kpler data revealed that Iran's exports had risen to 2.17 million barrels per day in February, before the war. The data revealed that it shipped a record 3,79 million bpd during the week ending February 16. Kharg's storage capacity is approximately 30 million barrels. It held about 18 million barrels as early March according to Kpler data cited in a JP Morgan Report. According to TankerTrackers.com, satellite images reviewed on Wednesday showed that multiple very large crude oil tanks were loading in Kharg. Iran is the third largest OPEC oil producer, producing about 4.5% global oil supply. Iran produces about 3.3 millions bpd crude oil, plus 1.3million bpd condensate.
-
Westinghouse: US and Japan agree on roles in nuclear power project
Dan Lipman, the president of global business initiatives for 'Westinghouse', said that Japan and the United States have reached an agreement on their respective responsibilities in a possible?joint project between Westinghouse and Japanese manufacturers of nuclear power equipment. On Saturday, Dan Lipman, president of?global business initiatives at?Westinghouse's told? Sources told us this month that Japan and the U.S. were working together to include a nuclear project as part of a second tranche of deals in Japan's $550 billion investment package. The deal will involve Westinghouse. As nations seek to increase their domestic energy resources, the momentum for building nuclear facilities is increasing. Lipman, who spoke on the sidelines of a forum on Indo-Pacific Energy Security Ministerial and Business in Tokyo, said that the U.S. and Japan government reached an agreement?on the roles they would play, as well as the supply chain inside Japan. These are extremely?strategic and critical projects for Westinghouse as well as our Japanese partners. "We'll continue to work on the transaction until projects are identified, ready for deployment," said he. He added that more details have yet to be finalised. Westinghouse is owned by Cameco and Brookfield. It plans to build small modular reactors, as well as pressurised-water reactors, for up to $100 billion. This was revealed in a factsheet released following the October meeting between U.S. president Donald Trump and Japanese prime minister Sanae Takaichi. According to the sheet, Japanese companies such as Mitsubishi Heavy Industries (MHI), Toshiba, and IHI may be involved in the project. Lipman, without giving any details, said that they were "critical partners" for Lipman and would play a significant role. Separately, on 'Saturday, U.S. based power equipment?maker GE Vernova announced a 'joint statement that they had agreed to explore the possibility of working on projects in Southeast Asia using their BWRX 300 small modular reactors. (Reporting and editing by Tom Hogue; Katya Golubkova)
-
Barclays increases 2026 Brent forecast by $85 per barrel due to disruption in the Strait of Hormuz
Barclays raised its forecast for '2026 Brent crude to $85 per barrel on Friday, citing supply disruptions that are 'linked to the Iran -war and have'sharply reduced oil flow through the Strait of Hormuz. The bank stated that oil flow through the Strait of Hormuz has slowed to a 'trickle' and production shutdowns in Gulf nations?have increased to more than 10,000,000?barrels a day. Barclays stated in a research report that the revised forecast assumes that the situation on the Strait of Hormuz will normalize within two to three weeks. The bank said that if the market internalizes the fact that this could take up to four or six weeks, 2026 Brent prices may rise to $100/b. The International Energy Agency has been trying to release strategic reserves, but oil prices are still rising. This is because the markets continue to be supported by uncertainty about the length of the conflict. Brent?futures settled on Friday at $103.14 per barrel, an increase of $2.68 or 2.67%. Barclays stated that the path of least resistance is to keep oil prices higher until there is an inflection in the conflict. (Reporting by Anushree Mukherjee in Bengaluru Editing by Rod Nickel)
-
Israeli strikes kill 4 in Gaza as regional offensives escalate
Palestinian medics reported that Israeli strikes in Gaza had killed four Palestinians in two separate attacks, including two 17-year olds. Violence continues in Gaza and the West Bank, as Israel extends its offensive throughout the region. Israel has used deadly force in Iran and Lebanon as well as Gaza and occupied West Bank during the last 24 hours. According to Palestinian officials, Israeli forces killed 2 in Nablus, West Bank, on Thursday. The death toll for Lebanon, however, reached 773 on Friday, as reported by the Health Ministry. After two weeks of war, more than 2,000 people, mostly in Iran, have died, and several millions of people are displaced. The Israeli military said it wasn't aware of an earlier airstrike in Gaza that paramedics reported killed three people including two males aged?17. Medical personnel said that a Palestinian man was killed, and others were injured, in an Israeli tank shelling near a checkpoint in western Khan Younis, in the southern Gaza Strip. The Israeli military has not yet commented on the latest incident. Separately, the military announced in a separate statement that they had killed two people in West Bank who attempted to ram a car into soldiers. The military did not respond immediately to a request for proof of the attempted car-ramming attack. Israeli attacks against Gaza have increased since the start of the Iran war. Since the U.S., Israel and other countries jointly attacked?Iran in February 28, Israel has killed 23 people in Gaza. Since October, violence has been frequent in Gaza despite a ceasefire. According to reports, the U.S. President Donald Trump's Gaza peace plan has been put on hold ever since the Iran War began. The violence has continued in the West Bank. Since the U.S. and Israeli attacks on Iran, Israeli settlers have killed eight Palestinians in the West Bank. Since then, there has been an increase in settler violence as Israel has placed much of the West Bank on lockdown.
-
US extends Venezuela sanctions waivers to boost fertilizer and electricity investments
The U.S. has 'extended sanctions waivers for Venezuela on Friday,' allowing investment into the petrochemical and energy sectors of the?South American nation and allowing fertilizer exports. Washington is trying to help American farmers who are being hit by the rising costs resulting from the Iran War. As part of this move, the U.S. Treasury Department updated three general licenses. The Department said that the changes are intended to help revitalize Venezuela's energy sector while also ensuring the global commodity markets stay well-supplied. However, it is not clear exactly how much fertilizer Venezuela has available to export or how fast it will reach the U.S. A Treasury official stated that "these authorizations expand allowed investment and activities in Venezuela’s energy industry, and allow for the direct export of fertilizer to the U.S. as a support to our great American Farmers." The move is part of the Trump administration's efforts to protect U.S. farmers and consumers from the rising prices of commodities due to the conflict with Iran. This has led to a rise in the price of?oil, fertilizer and raised fears about inflation. The measures support electricity generation, transmission, and distribution activities, which are all seen as crucial to boosting oil output after decades of underinvestment. FERTILIZER Imports from Venezuela to the U.S. These authorizations permit U.S. companies to import Venezuelan petrochemicals, including fertilizer. They also allow them to buy Venezuelan oil. The authorizations also allow?companies' to provide goods and services to support Venezuelan electricity and petrochemicals sectors. This is an expansion of previous permissions that focused on oil and gas. The measures also allow companies to?negotiate contingent contracts for new investment in Venezuela's electricity industry and petrochemical industry, but any?final agreement must receive separate authorization? from the Treasury Department Office of Foreign Assets Control. All transactions involving Russia and Iran, China, North Korea, Cuba, and North Korea are restricted. Washington has made a series of adjustments to sanctions since President Nicolas Maduro was captured and removed in January. U.S. authorities granted a license to certain transactions that involved Venezuelan gold earlier this month. Oil sanctions were also more widely relaxed in January and February. Venezuela's economy was hard hit by sanctions and what critics called profound mismanagement, as well as a series corruption scandals that sometimes involved high-level officials. Economists believe that the inflation rate was 400% in 2013. (Reporting and writing by Jarrett Renshaw, Ryan Jones; editing by Caitlin webber, Nathan Crooks and Rod Nickel).
-
S&P maintains Saudi Arabian sovereign investment grade due to its ability to withstand regional conflict
S&P Global, a ratings agency, affirmed Saudi Arabia’s sovereign credit rating at "A+/A-1", with a "stable outlook" on Friday. The agency said that the kingdom was well-positioned to withstand 'the ongoing conflict in the Middle East. S&P stated in a press release that "the outlook also reflects the view that non oil growth momentum and non-oil revenue... should support (Saudi Arabia’s) economy and fiscal trajectory." The Gulf Kingdom has budgeted a smaller budget deficit this year, but the global oil market remains volatile. The U.S. and Israeli war against?Iran is causing the Strait of Hormuz to be close to shutting down, forcing regional producers to reduce output. Saudi Arabia's finance ministry said earlier this month the kingdom had a strong fiscal position and access to multiple export routes, including the Red Sea. Saudi Arabia's Vision 2030, the Kingdom's "long-term transformation" plan, has a fiscal policy that is expansive to encourage economic diversification. This has been done despite oil price volatility which has put pressure on public finances. The agency said that "our 'current base case' is that the main threats to Saudi Arabia begin to fade at a time when tensions in the region are beginning to fall." Reporting by Sri Hari N S, Rachna uppal and Alan Barona; editing by Alan Barona
Sources say that some oil loading operations have been suspended following a fire in Fujairah.
After a fire broke on Saturday, some?oil-loading operations were suspended in the?Fujairah, an emirate of the United Arab Emirates, which is a major bunkering center.
According to the media office of the emirate, debris fell from a drone during its 'interception.' However, no injuries have been reported.
The civil defence forces are tackling the incident to contain it, according to the statement.
The authorities did not give any information about the reported suspension of operations.
Bloomberg News reported earlier that certain oil-loading activities in the port of Fujairah outside the Strait of Hormuz had been suspended following a drone attack.
ADNOC (the state-owned oil company of Abu Dhabi) did not respond immediately to a comment request.
ADNOC shut down its Ruwais refinery on Tuesday in response to an incident that occurred at a facility in the complex after a drone strike. This was done to prevent further disruption to energy infrastructure due to the U.S. and Israeli war against Iran. Source: (Reporting and editing by Sarah El-Safty and Jaidaa Verma, and Gareth Jones and Toby Chopra)
(source: Reuters)