Oil Bosses Warn on Dwindling Buffers Even as Hormuz Ramps Up
Leading oil executives warned that the world is running out of stopgaps to manage the impact of the Iran war as the conflict extends into an eighth month.
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Leading oil executives warned that the world is running out of stopgaps to manage the impact of the Iran war as the conflict extends into an eighth month.
Risks to Southeast Asia’s energy supplies are multiplying faster than nations are coming up with solutions to meet rapidly rising demand for electricity, according to an International Energy Agency report released on Tuesday. Southeast Asia has a seemingly insatiable appetite for energy, but the region is now in a pinch as energy costs rise, partly due to the Iran war. Fast-growing Southeast Asian economies also need more electricity to power data centres and keep homes and businesses cool. To...
Kuwait is pumping oil at about 75% of the level it was at before the Iran war started as more tankers take the risk of navigating the Strait of Hormuz, the chief executive officer of the nation’s state oil company said.
Intercontinental Exchange Inc. said it would offer tanker derivatives contracts based on a route outside the Strait of Hormuz, as the oil shipping industry’s main benchmark continues to be upended by the Iran war.
European countries have agreed to release diesel stocks, US President Donald Trump said on Friday, after the White House pressured governments to do so, in a bid to cool surging fuel prices linked to the Iran war. “Europe has just agreed to release a massive amount of their heavily stocked diesel oil. The process will begin immediately,” Trump wrote in a post on Truth Social. Trump’s statement followed talks on Friday among EU governments, who discussed a proposal by France for European...
Governments around the world are running out of room to shield consumers from higher energy prices resulting from the Iran war and other crises, with fuel subsidies potentially costing more than $1 trillion this year, a United Nations study found.
Americans’ confidence in the economy sank to the lowest level in more than a decade this month as prices remain elevated and wages stagnate amid the ongoing Iran war. The Conference Board said Tuesday that its consumer confidence index tumbled 6.7 points to 81.9 in September, down from 88.6 in August. That is the lowest reading in the board’s survey since April 2014 and below the lowest level reached during the pandemic. Respondents’ views of their present situation fell by 7.9 points to 109.3....
Saudi Arabia’s crude shipments in September jumped to the highest level since the start of the Iran war, after the kingdom quickly ramped up exports via the Strait of Hormuz following an attack on its key bypass pipeline.
Amos Hochstein, managing partner at TWG Global and former energy advisor to President Joe Biden, proposes an alternative to a US diesel export ban and says the war in Iran will remain a “core problem” for fuel prices. (Source: Bloomberg)
Oil prices dropped to their lowest in 11 days on Monday, as investors hoped to see diplomatic progress on the Iran war with the UN meeting this week, as well as a partial recovery from shipments in Saudi Arabia.
High energy costs at the pump and strategic setback for US in the Iran war will likely cost Trump in the midterms.
The cost of hiring an oil tanker on the industry’s benchmark trade route topped $1 million a day for the first time, as the Iran war leaves too few ships willing to cross the Strait of Hormuz to collect cargoes.
The International Energy Agency cut its forecast for oil demand and said consumption may have to decline further in the coming months as the Iran war drags on and consumers are forced to adjust to lower supply. IEA oil industry and markets head Toril Bosoni discusses the forecast on Bloomberg Television. (Source: Bloomberg)
The International Energy Agency cut its forecast for oil demand and said consumption may have to decline further in the coming months as the Iran war drags on and consumers are forced to adjust to lower supply.
The European Central Bank increased interest rates for the second time since the Iran war started, responding to signs inflation is set to stay well above 2%. The deposit rate was lifted by a quarter-point to 2.5%. Bloomberg's Oliver Crook reports from Berlin. (Source: Bloomberg)
Qatar is in discussions to buy liquefied natural gas from US suppliers under long-term agreements as the Iran war has crippled its ability to supply its own customers, according to people familiar with the matter.
China’s electric vehicle (EV) adoption rate has hit an all-time high, as the Iran war drives motorists to shift away from petrol cars despite a sluggish automotive market. A record 65.2 per cent of the 1.54 million cars sold in mainland China last month were either pure electric or plug-in hybrid vehicles, data from the China Passenger Car Association (CPCA) showed. The figure broke the previous record of 65.1 per cent set a month earlier. “Consumers are convinced of EVs’ advantages now that...
China’s factory-gate price growth accelerated in August, while consumer inflation picked up again, amid volatile energy and commodity costs linked to the US-Israel war on Iran. The producer price index rose 3.8 per cent year on year last month, up from 3.5 per cent in July, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The reading beat a 3.6 per cent projection from economists polled by financial data provider Wind. Meanwhile, the national consumer price...
Sapporo Breweries is shifting some production to the US from Canada due to 50% tariffs imposed on beer exports from the country, Chief Strategy Officer Rieko Shofu said. She spoke exclusively with Bloomberg's Shery Ahn on being impacted by tariffs, as well as the Iran war. (Source: Bloomberg)