Oman’s Ministry of Energy and Minerals announced the offering of five concession areas in the oil and gas sector for competition among local and international petroleum companies.
Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi Press Agency reported, citing an official source at the Ministry of Energy.
Iran continued its near-total blockade of the Strait of Hormuz despite US President Donald trump saying Tehran must allow oil to go through the waterway.
Euro zone inflation soared past the European Central Bank's 2% target this month as surging oil and gas costs drove up headline prices, but the jump was smaller than expected and core inflation declined, muddying the picture for policymakers, said a report.
Opec oil output plunged in March to its lowest level since the height of the Covid-19 pandemic in June 2020, a Reuters survey found, as the US-Israeli war against Iran effectively closed the Strait of Hormuz and forced export cuts.
Iraqi oil production from its main southern oilfields has fallen by 70 per cent to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said.
Bapco Energies, Bahrain’s integrated energy company, hereby serves notice of force majeure on its group operations which have been affected by the on-going regional conflict in the Middle East and the recent attack on its refinery complex.
Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Recent geopolitical developments involving Iran have heightened market sensitivity to oil prices, inflation, and interest rate expectations, according to Lale Akoner, Global Market Analyst.
Aramco offered over 2 million barrels of Saudi crude, including 2 million Arab Heavy and 650,000 Arab Light, in rare tenders as US-Iran tensions disrupted Middle East exports, trade sources reported.
