More than 190 countries signed on the dotted line of the Paris Agreement in 2015, forming a new global consensus on the imperative to halt rising temperatures. The collective results since then haven’t been enough.
Oil stored in ships has been piling up off key Asian ports as a crackdown in China on private crude oil processors has blunted purchases and disrupted flows, including some US-sanctioned barrels from Iran.
Fuel shortages are taking their toll in Lebanon, including on the UK embassy, which is withdrawing some staff.
The US government has sanctioned an Omani businessman for his participation in oil smuggling for Iran, with the proceeds going to destabilise the region.
Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the US, UK and Israel all blamed on Tehran.
The UK has accused Iran of being behind an attack on a tanker offshore Oman on July 29 and is working with partners on a response.
Iran has opened a new export terminal in Jask, in the south of Iran, allowing it to bypass the Straits of Hormuz.
Alfa Laval has settled a complaint from the US about exporting storage tank cleaning units to Iran.
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors.
Indonesia released on Friday an Iranian-flagged ship it had seized four months ago over suspected illegal transfer of crude oil, an Indonesian official and Iranian state media said on Saturday.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
Iran is preparing to ramp up global oil sales as talks to lift U.S. sanctions show signs of progress. But even if a deal is struck, the flow of additional crude into the market may be gradual.
Iran’s Petropars Ltd. will be awarded a $1.78 billion contract by the National Iranian Oil Co. to develop the giant Farzad-B gas field that was previously intended to be tapped by a group of Indian companies.
The MT Ever Given container ship has become wedged into the wall of the Suez Canal, blocking the waterway.
At COP21 in Paris in 2015, 11 countries made gas flaring a stated commitment to their Paris Nationally Determined Commitments (NDCs). Disappointingly, five years on, flaring has increased for these 11 countries, by 6% to 60 billion cubic metres per year.
Israel has pointed the finger of blame for pollution of its beaches at Iran, saying an illegal delivery of crude to Syria had gone awry.
Iran has started ramping up its oil production and expects to reach pre-sanctions levels in one to two months, Deputy Oil Minister Amir Hossein Zamaninia said.
UK oil and gas firm Serica Energy has managed to extend a US sanctions waiver for its Rhum gas field in the northern North Sea.
Qatar’s ruler landed in Saudi Arabia on Tuesday to a warm embrace from host Crown Prince Mohammed bin Salman, hours after their nations re-established travel ties and eased a longstanding regional dispute.
Saudi Arabia has confirmed a missile attack on a fuel tank in the city of Jeddah, claimed by Houthi rebels in Yemen.
The next U.S. president will have to come to terms with “the will of the Iranian people” and end the economic war against the Islamic Republic, Iranian President Hassan Rouhani said in a speech Thursday. Bluster aside, there is a kernel of truth to his prediction — and President Donald Trump’s Iran policy may make negotiations easier for President-elect Joe Biden.
The US Department of the Treasury has imposed new financial sanctions on Iran’s oil industry.
Iran's president dismissed US efforts to restore all UN sanctions on the country, as mounting economic pressure from Washington pushed the currency down to its lowest level ever on Sunday.