Iran

Sources familiar with the issue said that China's state planner had told independent refiners to not reduce their?run rates? below the average of the past two years. This was done to protect domestic fuel supplies. This move is in line with what smaller refiners were expected to do following a sharp rise?in oil due to U.S. Israel's war against?Iran and a persistently low domestic fuel demand. Sources said that the National Development and Reform Commission (NDRC)?sent the message to independent refiners? this week at a meeting?. The NDRC didn't immediately respond to a faxed comment request. Sources added that if...

In a Wednesday evening prime time address, President Donald Trump defended his handling the U.S. and Israeli war against Iran that has been ongoing for a month. He said the U.S. Military was close to completing its mission. Trump also reiterated his threats to bomb 'the Islamic Republic to the Stone Age. He gave his 19-minute address against the backdrop of rising global oil prices, and his low approval rating. What are some key points to remember? Looking for an exit, but not quite yet Trump, faced with a war-weary American public, and slipping poll numbers, claimed that the U.S....

In a prime time address Wednesday, President Donald Trump defended his handling the U.S. and Israeli war against Iran, which has been ongoing for a month. He said the U.S. Military was close to completing its mission, while also reinforcing threats to bomb Iran back to the Stone Age. He gave his?19 minute speech in the face of rising global oil prices, and a low rating for himself. Takeaways from the article: Looking for an exit - but not quite yet Trump, faced with a war-weary American public, and a?sliding?poll number, claimed that the U.S. destroyed Iran's air force and...

PetroChina supplied a rare shipment of nearly?2million barrels of crude from its storage facility in China to the refinery it owns half of, located in Singapore. The?firm is attempting to fill'shortfalls caused by the iran war. According to tanker trackers Vortexa & Kpler the tanker New Merit delivered 1.8 million barrels in crude oil to Dalian, northeast China, in mid-March. It then transported it to Singapore Jurong Island, where PetroChina & U.S. giant Chevron run a joint venture refinery. Sources declined to name themselves as they were not authorized to speak to the media. China exports crude oil very rarely....

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum...

Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than...

The 'State Department' reported that U.S. Secretary Marco?Rubio met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on a Thursday. He reportedly expressed "gratitude" for the KRG allowing oil from Iraq to reach international markets, including Kurdistan in Iraq. The State Department issued a statement saying that "the secretary expressed his gratitude to Kurdistan Regional Government, for allowing oil from Iraq to reach the global markets, including the 'Iraq Kurdistan Region. The Iran War has risen oil prices and shook global markets. The State Department said Rubio had "offered his sincere condolences to families of those Peshmerga who were...

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff,...

The British government announced on Monday that the Iranian ambassador in the UK was summoned. Last week, an Iranian national and a British-Iranian dual citizen were arrested on suspicion of aiding Iran's spy services. Two men were accused in a London Court last week of 'being involved in gathering information from Iranian spy services and conducting reconnaissance of Jewish targets within?Britain over a five-week period in the summer of last year. The British Foreign Office said that "national security is our number one priority and we take the threats posed by Iran and those who follow its orders 'extremely serious."...

Asian governments spend billions in subsidies to protect consumers from rising oil prices due to the U.S. - Israeli war against Iran. Here are some steps that governments in Asia have taken to reduce the amount of oil coming from the Middle East. The Japanese government is 'using 800 billion yen (5.02 billion dollars) from reserve funds to finance subsides aimed at maintaining gasoline prices at around 170 yen per litre. This would cost up to 300 billion yen a month. SOUTH KOREAN In late March, the South Korean?budget?ministry proposed a supplementary budget of $26.2 trillion won to help low-income...

Retail sales in the United States increased the most since'seven months' in February, as motor vehicle purchases recovered and temperatures rose. However, rising gasoline prices due to the Middle East war could limit spending in months ahead. Commerce Department's delayed report from?Wednesday indicated that the economy had been on a solid footing before?the U.S. and Israel war with Iran. The conflict that began at the end February has caused global oil prices to surge by more than 50%. This week, the average national retail gasoline price surpassed $4 for the first time since more than three year. Economists have warned...

In a Wednesday decree, the Argentine government announced that it would delay the implementation of tax increases scheduled for liquid fuels, carbon dioxide and other pollutants. This was done in response to the global instability brought about by the U.S./Israeli war on Iran. The decree stated that the move was intended to "support economic growth by sustainable fiscal measures". The decree also stated that the measure would delay the anticipated?tax increase on liquid fuels, carbon dioxide, and other gases for a month, to the end of April. The decree added that this is the second step taken by President Javier...

Tom Barkin, Richmond Federal Reserve Bank president, said that businesses continue to believe high oil prices are only a temporary disruption. There is little evidence yet to suggest they have caused consumers to cut back on their spending or changed public expectations of inflation in an alarming way. Barkin said on Tuesday that he had a "short-term" view of the situation based on his weekly credit card spending data and his conversations with executives on pricing, investments and other topics. "Gas expenditure is up, but other spending looks healthy," said Barkin. Barkin is not voting on interest rate policy for...

Fatih Binol, the head of the International Energy Agency, said that oil supply disruptions from the Middle East would?rise? in April. They will begin to?impact? the European economy because the Strait of Hormuz is closed. He added that more than 12 million barrels have been lost due to the attacks by Iran on energy?assets and the restrictions on shipping through Strait since the U.S./Israel war against Iran began. "The loss of oil in April will be double the loss of oil in March. On top of that, the loss of LNG... The loss of?oil in April will be twice as...

PetroChina's chairman stated that the company is essentially operating as usual, and about 10% of its crude oil and natural gas supplies are delivered via the Strait of Hormuz. The Strait is responsible for 20% of the world's oil and gas supply. A raging Iran War and an expanding conflict in the Middle East has effectively choked this route, driving oil prices up and forcing refiners, petrochemical manufacturers, and most importantly, petrochemical producers in Asia to reduce their output. Dai Houliang, chairman of PetroChina, told reporters that the company's sales of natural gas and crude oil are largely based on...

The South Korean Industry Ministry confirmed the import of 27,000 tons of Russian naphtha arriving on Monday. The ministry refused to confirm the destination of the shipment or if it was for one South Korean company or multiple firms. Local media reported that this is the first time South Korea imports Russian?naphtha after the beginning of the Iran War. Local media reported that the industry ministry is working with the South Korean Foreign Ministry to secure additional supplies of Russian naphtha. Naphtha, a refined oil-based product, is typically used as a feedstock by petrochemical manufacturers and is also a key...

Portugal announced a temporary subsidy of 10 cents per litre for diesel in key sectors like?agriculture and transportation? on Friday to 'ease fuel costs due to the Iran War. The subsidies, which could amount to up to 450 millions euros (519 million dollars) over three month, will only be paid if the diesel prices are more than 10 cents higher than the average price for the first week of March when the war with Iran intensified. The subsidies will run between April 1 and June 30, and they still need parliamentary approval. They will support sectors such as agriculture, forestry...

Robert Golob, Slovenia's prime minister, launched talks on a broad alliance with political party leaders on Friday following an inconclusive election. He pledged urgent measures to assist the Alpine country's?economy cope with rising energy costs. After the March 22 elections, Golob's Freedom Movement has won 29 parliamentary seats. This is one more than the right leaning Slovenian Democratic Party led by populist former premier Janez Jansa. Either party needs coalition partners in order to achieve a majority of 90 seats, which makes smaller parties potential kingmakers. Golob, the incumbent, has invited all the parties that have won parliamentary seats -...

In a recent media interview, Prime Minister Ilie Bolojan stated that Romania's broad coalition could decide to lower excise duty?on fuels temporarily next week to combat the economic repercussions of the Iran war. The government approved the first set of measures on Thursday. These include limiting the exports of gasoline and the amount of biofuel that can be added to it for three months, as well as capping the fuel price increase at the average level of last year. After criticism by employers and unions, the approved measures were 'watered-down' from their initial plans. Leftist Social Democrats, government's biggest party...

As the U.S.-Israeli conflict with Iran continues, a growing number of governments are scrambling for liquidity and to calm the financial markets. This is due to the pressure that the war on Iran has placed on their currencies, and the volatility in the market. How different countries respond: SOUTH KOREA South Korea is planning to 'buy back emergency bonds worth 5 trillion won ($3.32 billion), to inject liquidity into the local bond market, and to cap rising yields. This comes after three-year treasury yields reached their highest level since mid-2024. The ministry has also extended fuel tax reductions and is...

White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The...