Middle East
Iraq to export crude, naphtha through Syria after Hormuz shock
The move would broaden an arrangement that has seen Iraq export fuel oil through the Mediterranean port of Baniyas after the effective closure of the Strait of Hormuz, which sharply curtailed Gulf export routes for OPEC's second-largest producer.
Majority of Iranian petrochemical units back to production
Iran introduced a ban on petrochemical exports in April to ensure domestic supply after its petrochemical sector production was disrupted by Israeli strikes hitting utilities companies that provide feedstock for petrochemical plants.
TotalEnergies' Saudi Arabia refinery will not be fully repaired until early 2027, CEO says
TotalEnergies' SATORP oil refinery in Saudi Arabia, which was hit by three drones in April, is still running only at 70% capacity.
Opinion: Is the Iran war just an energy shock—or a turning point?
At least 1 billion barrels of crude oil and refined products have been lost from Middle East producers such as Iraq, Kuwait, the United Arab Emirates and Iran itself. As much as 20% of global liquefied natural gas supply is also trapped in the narrow waterway between Iran and Oman.
Fragile Iran deal offers oil relief, but Hormuz risks remain
Under the agreement announced late on Sunday, Iran and the U.S. agreed to lift their blockades on the Strait of Hormuz, through which roughly a fifth of global oil and LNG flowed before the war broke out on February 28.
Opinion: Hormuz reopening could be OPEC’s undoing
The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum Exporting Countries and moved the industry’s center of gravity away from the Middle East.
Chinese refiners delay projects with Middle East oil supply disrupted
The delays come as the Iran conflict has crunched refiners' margins, with the Middle East oil supply disruption driving up crude prices, while they face state fuel price caps. At the same time fuel demand has weakened due to electric vehicle growth.
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