- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Webinar
$150 Oil Possible if Hormuz Remains Shut, Says Wood Mackenzie
The escalation of conflict in the Middle East following US and Israeli strikes on Iran has placed global energy markets on edge, Wood Mackenzie, a global leader in data, analytics and insights for the energy and natural resources industry, said, warning that oil and LNG prices are “heavily risked to the upside” if disruptions in the Strait of Hormuz persist. In a special webinar about Middle East conflict and implications for oil and LNG prices that was held on 2 March, Wood Mackenzie said the scale of supply at risk dwarfs previous geopolitical shocks.
Oil production and supply
Middle East Conflict Disrupts Oil and Gas Flows, Heightening Global Energy Fears
Rising military tensions between the US , Israel and Iran are disrupting oil and gas supplies across the Middle East, intensifying fears over global energy security and renewed price volatility.
Egypt
Madbouly: No Power Outages or Gas Shorages to Factories during Israel–Iran Conflict
The government had accounted for all scenarios to prevent power outages during the Israel-Iran war, said Prime Minister Mostafa Madbouly, while stressing that the state has already taken significant measures, including securing essential supplies of gas, petroleum, and other energy resources to safeguard stability across the sector.
LNG
QatarEnergy Suspends LNG Output Following Strikes on Industrial Sites
QatarEnergy has halted production of liquefied natural gas (LNG) and related products after military attacks targeted its operational facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar.
US
US-Iran Hostilities Disrupt Supertanker Costs to Surpass $423,000 Per Day
Global oil and gas transport costs have surged sharply, with supertanker rates in the Middle East climbing to unprecedented levels amid escalating hostilities between the United States and Iran, according to Reuters. The benchmark TD3 freight rate (a standardized industry metric used to calculate the cost of transporting 270,000 tons of crude oil on a Very Large Crude Carrier (VLCC) from the Middle East Gulf to Ningbo, China) climbed to a historic high of Worldscale 419 on March 2. This is equivalent to approximately $423,736 per day, according to LSEG shipping data. The rate has more than doubled since February 27, extending the gains from last week when prices had already surged to a six-year high.
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi, Chevron Advance Talks on Aphrodite Gas Pipeline
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Basil Allam, Country Manager of Chevron Cyprus, via video conference to coordinate the executive steps for connecting the Cypriot Aphrodite gas field to Egypt’s infrastructure. The project aims to facilitate the transport of gas to Egyptian liquefaction plants for eventual re-export to international markets.
meeting
Badawi Presents New Technologies, Contract Framework to Boost Production
Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the sector’s five-year plan to increase oil and gas production includes implementing new contractual frameworks aimed at attracting further investments alongside expanding the use of unconventional drilling methods and the latest production technologies. Badawi highlighted the importance of conducting comprehensive technical and economic feasibility studies as part of the plan, noting that such studies provide geological and financial data that help investors make well-informed investment decisions based on clear foundations. The remarks came during a meeting with heads and representatives of investment partners involved in oil and gas production from both international and local companies. They reviewed and discussed key features of the plan.
crude oil
Brent Climbs Above $78 Amid Gulf Tensions, Shipping Disruptions
Global oil prices climbed sharply as escalating tensions in the Middle East and disruptions to shipping through the Strait of Hormuz heightened fears of supply shortages, pushing crude benchmarks to their highest levels in several months, according to the Egyptian General Petroleum Corporation (EGPC).
