Latest News
-
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
-
Energy Minister: Canada will support IEA release of 23.6 million barrels
Canada will provide 23.6 million barrels of oil to the International Energy Agency, said?Energy?Minister Tim Hodgson on Friday. The?target was met primarily through production already planned. The IEA agreed on Wednesday to release a record number of 400 million barrels from strategic oil stockpiles that member countries hold to combat a rise in prices following the U.S. and Israeli war against?Iran. Canada does not have a strategic reserve as it is an 'exporter of crude oil. A lobby group for the oil industry said this week that it was unlikely to be able to increase crude production on a short-term basis. According to the Canada Energy Regulator (CER), Canadian oil and natural gas producers reached a record 5.3 millions barrels of crude oil per day in 2025. They are expected to surpass that number by 2026. A senior source at the Department of Natural Resources in Canada said that Canada can meet its IEA obligation by increasing production as it has already been planned. Sources say that the Canadian government spoke to the oil and gas sector of the country, who confirmed they can reach this target. The IEA said that countries had 90-180 days. Source: Canada will achieve this. Hodgson stated that the government is speaking to the country's oil producers to discuss delaying planned maintenance at oil sands installations in order temporarily increase production. The government also asked Canadian refineries who are currently using imported oil to use more Canadian oil in order for other regions to have enough oil. Hodgson announced on Friday that "our natural?gas?exports will also increase?in coming months, providing more?fuel for allies around world." Reporting by Amanda Stephenson, Calgary; Ryan Patrick Jones, Christian Martinez and Caitlin Gregorio in Toronto. Editing by Caitlin Gregorio and David Gregorio.
European steelmakers comment on EU Steel Action Plan
The European Commission announced a plan of action on Wednesday to improve the competitiveness of Europe's steel industry and protect it from U.S. steel and aluminum tariffs. This prompted reactions from industrialists, analysts and think tanks.
The EU's Clean Industrial Deal includes a Steel and Metals Action Plan, which aims to revitalize its industries so that they can compete with their Chinese and U.S. competitors.
Steelmakers in Europe, who have complained for years about the cheap imports from China, now warn of a possible influx of steel surplus into the region due to the U.S. tariffs.
REACTIONS TO EU'S "STEEL ACTION PLANS"
STEELMAKER ARCELOMITTAL
AdityaMittal, CEO of the group, said: "We are encouraged by this direction as outlined in today's Steel and Metals Action Plan."
"Details published by the Steel and Metals Action Plan demonstrate that they understand the urgent situation and are prepared to tackle some critical structural issues including trade defense, loopholes within the Carbon Border Adjustment Mechanism and the lack regulation to drive the demand for low carbon steel." It is now necessary to take rapid action to stop unfair trade, resource dumping and unfair trade.
"It is also important to address the high energy prices which makes it difficult for industry to progress with significant decarbonization project."
THYSSENKRUPP STEEL GERMANY:
The Steel Action Plan is a major step in ensuring the competitiveness of the European Steel Industry and its decarbonization.
"It is noteworthy that the European Steel Industry is given a clear priority for trade protection. This is vital to ensuring its competitiveness."
Effective protection is necessary to protect jobs and level the playing field in the face of global excess capacity and unfair trade practices.
APERAM LUXEMBOURG BASED STEEL GROUP
"Aperam supports any long-term initiative that will ensure robust protection of the EU's Steel Sector against the negative impact of excess steel production in Asia after the current safeguard measures expire on June 20, 2026."
The key issue is how the European Commission will turn this high-level plan of action into concrete legal actions: urgent action is required and so proposed measures must quickly and effectively be implemented.
"We believe that, in particular, trade defense can and should be implemented now, without waiting for the future post-safeguards instruments that will enter into force on July 2026."
FINNISH STAINLESS STEELMAKER OUTOKUMPU:
Outokumpu is happy that the European Commission has recognized steel as one of Europe’s key industries, and is taking action to improve its competitiveness.
The Steel & Metals Action Plan clearly identifies challenges facing the European steel industry, but there are still no solutions for some of these challenges.
"The industry is still threatened by global excess capacity and global distortions from China, and other countries." Outokumpu stated that these challenges must be addressed with more assertive measures, including the replacement of current safeguards by more effective ones from July 2026.
NORWEGIAN ALUMINIUM HYDRO PRODUCER:
With the increasing tariffs on aluminum, there's a risk that Europe could become a dump for producers of aluminium looking for new markets. It could lead to the EU implementing safety measures for aluminum."
Norway is a major supplier of raw materials for European industry. It produces about 40% of the aluminum needed by the EU.
EUROPEAN STEAM ASSOCIATION EUROFER
"With today's Steel and Metals Action Plan the European Commission sends a clear signal: a stronger European Union requires a stronger European steel industry", Dr Henrik Adam said, President of the European Steel Association.
The Action Plan highlights key areas of concern for our industry, from addressing unfair trade and closing loopholes within the Carbon Border Adjustment mechanism to recognising steel scrap's strategic and environmental value. It's now time to implement real solutions by taking ambitious measures.
"Despite positive proposals by the Commission, the elephant in room remains energy. The high energy prices are not just affecting steel and metals, but also dragging down the entire European industrial value chain. "It is vital to continue working on reducing energy costs."
MAXIME KOGGE IS AN ANALYST WITH ODDO BHF
After a disappointing result from the safeguard review, published last week, it is encouraging to observe the EU going further to tackle import pressure by introducing a melt and pour rule and committing itself to replace the safeguard with another similar mechanism after 2026. This is despite WTO rules theoretically preventing such a scheme.
The proposed changes to CBAM is also positive, as the Commission appears to be intent on addressing the structural flaws in the existing mechanism. "However the concrete actions won't be announced until 2025, and the implementation is in large part in the hands the member states who may have other priorities at the moment." (Reporting and editing by Alexandra Hudson, with additional reporting by Eric Onstad. Pratima Deai, Julia Payne, Philip Blenkinsop and Christoph Steitz.
(source: Reuters)