Economics

Cosmo tanker could reach Japan on Sunday with first U.S. shipment post-Iran war

The tanker, loaded in Texas (U.S.) on March 22, is due to arrive off Chiba as early as on April 26 via the Panama Canal.

Asia deepens refining cuts due to Iran war, putting diesel and jet fuel supplies at risk

Asia, which accounts for 37% of global refining output and ordinarily sources two-thirds of its crude from the Middle East, has been hardest-hit by the closure of the Strait of Hormuz, with run cuts at refiners in the region exacerbating tight fuel supply and keeping prices elevated.

U.S. fund and Indonesian oil group to make offer for Sicilian refinery ISAB

Cypriot private equity fund G.O.I. Energy has owned the refinery since buying it from Russian energy group Lukoil in 2023. The plant accounts for around a fifth of Italy's refining capacity.

What's in the EU's 20th package of sanctions against Russia?

The EU had initially aimed to adopt the package to mark the fourth anniversary of Russia's full-scale invasion of Ukraine on February 24.

Europe's response to the Iran war energy crunch

Central to the EU proposals is a focus on reducing reliance on oil and gas, to cushion against future fossil fuel supply disruptions and price spikes.

Iran war may crush oil demand today, but send it soaring long term

Spiking energy security concerns and greater fragmentation could lead to a less efficient, more voracious global energy system.

Oil prices rise after reports container ships in Hormuz hit by gunfire

Oil prices rose 2% on Wednesday, erasing earlier losses after reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of progress in peace talks between the U.S. and Iran.

LOTTE Chemical to merge into integrated corporation after spinning off Daesan plant

Indonesia, Toyota in talks on potential $300-MM bioethanol project

Opinion: Opening Hormuz is the easy part—restoring oil flows isn’t

The immediate impact has been severe. Around 13 MMbpd of oil supply and roughly 300 MMm3d of liquefied natural gas (LNG) have been trapped inside the Gulf, forcing producers to shut in oil fields, refineries and LNG plants and battering economies from Asia to Europe.