Iran has said this month's missile-and-drone attack by Yemen's rebels on major Saudi oil sites was an act of "legitimate defence" by the Iran-allied Houthis.
Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.
Saudi Arabia's energy minister has confirmed that drone attacks on its oil facilities knocked out about 50% of the country's production.
Drones claimed by Yemen's Houthi rebels have attacked the world's largest oil processing facility in Saudi Arabia and a major oilfield operated by Saudi Aramco.
Saudi-led forces fighting in Yemen have cleared a Red Sea island of Shiite rebels, Saudi state television reported. The report today said forces had seized control of Jazirat al-Hanish al-Kabir island off the coast of Yemen near the strategic Bab al-Mandab Strait that connects the Red Sea to the Gulf of Aden.
A Briton held hostage in Yemen for around 18 months is reportedly set to return to the UK after being freed. The man, named by the United Arab Emirate’s state news agency as Robert Douglas Semple, 64, was released in a military intelligence operation by the Middle Eastern country’s forces. He had reportedly been working as an engineer when he was kidnapped in February last year by al Qaida.
Power supplier APR Energy has made progress in clawing back payments and equipment from terminated projects in the Middle East - which is likely to help its upcoming half-year results.
Power generator APR Energy has pulled out of conflict-torn Yemen over security concerns, leaving behind $24 million of modular power equipment.
Yemen halted output and exports from the country’s sole liquefied natural gas plant, citing security concerns, as clashes between Shiite Houthi rebels and a Saudi Arabia-led Sunni coalition in the country worsens. Yemen LNG Co. declared force majeure, a legal clause meaning circumstances make it impossible to meet contractual obligations, according to an e-mailed statement Tuesday. Tribal fighters seized posts outside the city of Balhaf in southeastern Yemen near the plant after soldiers fled, said Abu Bakr al-Awlaki, a local resident who witnessed the clashes. “Due to further degradation of the security situation in the vicinity of Balhaf, Yemen LNG has decided to stop all LNG producing and exporting operations and start evacuation of the site personnel,” according to the statement. “The plant will remain in a preservation mode.”
Calvalley Petroleum is set to liquidate and restructure as a result of ongoing trouble in the Middle East. The majority of the company’s operations are based in Yemen. The company has a 50% working interest in a block in the country’s Sayun-Masila Basin, producing 3,700 barrels per day, but was forced to shut down production earlier this week.
DNO ASA, the Norwegian oil and gas operator, have announced a suspension of production in Yemen as violence continues to rock the Middle Eastern country. The news comes just a day after French giant Total evacuated all expatriate staff from Saana and Kharir in the country. The oil major said its operations on Yemen’s Block 10 have also been reduced , with gas production maintained only for local power generation and supply to nearby communities.
Total has evacuated all expatriate staff from Saana and Kharir in Yemen. The French oil major said its operations on Yemen’s Block 10 have also been reduced , with gas production maintained only for local power generation and supply to nearby communities. It comes after disruption in the region following an overnight military raid by Saudi-led forces against Houthi forces.
Speculators were the least bullish on crude in two years before prices surged as Saudi Arabia and its allies bombed rebels in Yemen, threatening supply disruptions in the largest oil-producing region. Hedge funds and other money managers cut their net-long position in West Texas Intermediate crude by 3.8% in the seven days ended March 24, US Commodity Futures Trading Commission data show. Futures jumped more than 8% in the next two days before dropping 5% on Friday as shipping groups said there were no disruptions for now. Yemen lies on one side of Bab el-Mandeb, the fourth-busiest oil and fuel shipping bottleneck in the world by volume. Saudi Arabia and its allies in the fight against the Shiite rebels are among the biggest energy exporters.
Oil prices jumped 5% yesterday, rallying for a second straight day after air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears of a bigger Middle East battle that could disrupt world crude supplies. The military operation against Houthi rebels, who have driven the president from Yemen's capital Sanaa, has not affected the oil facilities of major Gulf producers. But fears the conflict could spread has stoked concerns about Middle East oil shipments.
CNOOC’s Nexen unit has shutdown its operations at an oilfield in Yemen due to a security threat. The company made the move because of safety fears related to terrorist group Al Qaeda.