EghtesadOnline: Oil tanker owners are raising the prices they charge to export Middle East crude as tensions surge in a region that accounts for about a third of all seaborne petroleum shipments.
EghtesadOnline: Japanese refiners have started weighing alternative crude supply sources that would not need to transit through the Strait of Hormuz, including from the Red Sea side in Saudi Arabia, West Africa and the US, amid rising tensions in the region, Petroleum Association of Japan President Takashi Tsukioka said Friday.
EghtesadOnline: Japan’s government left its assessment of the economy unchanged in June, after revising it down twice in the past three months, even as the escalating US-China trade war threatens to take a heavier toll on global growth.
EghtesadOnline: An estimated 11 million people were employed in renewable energy worldwide in 2018, according to the latest analysis by the International Renewable Energy Agency (IRENA). This compares with 10.3 million in 2017.
EghtesadOnline: OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead.
EghtesadOnline: After half a decade of lower spending on new projects, oil production growth was supposed to slow to a trickle just as demand was supercharged by a once-in-a-generation shake up in the shipping fuel market. Many market commentators predicted that if $100 a barrel oil was going to make a comeback, it would happen in 2020.
EghtesadOnline: Oil slumped over 3% on Friday and posted its biggest monthly drop in six months, after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, a key US trade partner and major supplier of crude oil.
EghtesadOnline: Weeks after India stopped oil imports from Iran, the Modi government is keen to resume supply from the country and is looking at ways to make payments in Indian rupee to get around US sanctions, two government sources told ThePrint, India's digital platform for latest news and reports.
EghtesadOnline: A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May.
EghtesadOnline: Whether it is the US sending military warnings to Iran or tensions in Venezuela, some oil traders have started to gear up for a possible price surge as political risks escalate.