Forward Intelligence
OPEC suffers another 9m b/d output loss
Oil-exporting pact sees two consecutive months of similar production losses with Iraq and Kuwait at forefront of supply squeeze, while Iran also suffers
The great refining reset
Damage to Gulf infrastructure, painful Asian crude slate reconfiguration and rising US swing supply will have multiple repercussions on a structurally tight oil product market in the medium and longer term
Upstream’s Hormuz tinderbox
Lack of spending on oil and gas projects may create a chasm in investment that could have a huge supply ramifications further out
Oil’s black hole
‘The ‘Great Inventory Drain’ is pushing the oil system close to its operational bottom with severe consequences for fuel rationing, demand destruction and stock rebuilding
Gas markets resilient in crisis
Greater market and gas-on-gas pricing has made the sector better able to withstand price shocks such as the disruption caused by the Hormuz crisis
The risk of demand devastation
Demand destruction could turn into something much worse the longer the Strait of Hormuz remains closed
The ceasefire on high oil prices may persist
The bigger the supply disruption, the bigger the move away from oil and gas use, helping keep energy prices in stasis
Letters
Letter from the US: The IEA needs to speak with one voice
The Middle East crisis is not the moment for the organisation to fluff its lines on delivering on energy security
Letter from the UAE: Gulf crude exporters race to bypass Hormuz
From the UAE’s fast-tracked pipeline to Fujairah to the ‘critical lifeline’ for Saudi Arabia at Yanbu, the Iran conflict is forcing an accelerated shift away from traditional maritime routes
Letter from Baghdad: Iraq’s oil curse
How post-2003 Iraq’s reliance on oil has led to corruption and stagnation
Letter from London: The windfall tax circus is back in town
Surging oil prices are once again prompting governments around the world to look at ways to extract more money out of energy companies
Letter from Rotterdam: Hydrogen’s new sweet spot
Energy security has started to eclipse decarbonisation as green hydrogen’s main selling point, as the Middle East crisis forces governments to rethink long-term policy
Americas
Great US oil major minds starting to think alike
ExxonMobil's and Chevron's strategies are showing more similarities than differences as they look to prioritise the Americas
Canada stands at oil crossroads
Haunted by environmental goals and bogged down by regulatory challenges, the oil and gas powerhouse could fail to turn ambition into reality
Mexico bets the house on shale
Spiralling costs and energy security concerns spark major policy reversal
YPF goes global
Argentina’s national energy champion is entering the most transformative phase in its modern history as it accelerates its shift from domestic supplier to globally competitive shale and LNG exporter
Asia Pacific
China holds all the oil cards
The swing consumer is turning a fractured market into a strategic opportunity as a hefty stash of crude gives refiners power in a crisis
Iran war accelerates Japan and Korea’s refining squeeze
Interruption to Hormuz supplies has accentuated trends in both countries towards declining capacity
Australia’s gas reservation policy fuels confusion and uncertainty
Critics of new requirement that east coast LNG producers supply 20% of their volumes to the domestic market say the policy will worsen shortages it is intended to prevent
EMEA
Groningen: Europe’s saving grace?
As Europe’s energy security deteriorates, the decommissioning of Groningen—still holding 550bcm of remaining reserves—could prove a costly mistake
Can Norway maintain its winning formula?
Oslo has urged oil companies to pursue more frontier discoveries, but operators still see near-infrastructure prospects as the main exploration target
Berlin fuel fears rise
The halt to Kazakh crude flows through Russia has raised fresh questions over Schwedt’s ability to keep supplying Berlin at a time of tightening European fuel markets
EU energy policy: Something’s got to give
As energy markets tighten and prices climb, Europe is being forced to reassess the balance between decarbonisation, energy security and economic growth
Energy independence or greater dependence?
The UK plans to permanently ban new oil and gas licences in the name of energy independence, although such restrictive policies risk making the country even more energy dependent
Turkey riding jet fuel turbulence
Decades of investment in refining capacity, source diversification, and reserves have helped turn a potential crisis into a relative advantage for regional aviation hub
Iran’s fuel shortages exposed
The US-Israel-Iran conflict has brought to the fore a deeper crisis of domestic fragility in the Persian oil producer
Kuwait’s exit strategy
When oil producers start publicly engineering around their own export routes, the threat calculation has already shifted
Iraq’s descent from democracy
More than two decades after 2003, Iraq continues to struggle with the consequences of foreign influence, political fragmentation, corruption, and weakened state institutions
Azerbaijan sees opportunity in Europe’s crisis
The Central Asian country argues additional pipeline imports are Europe’s energy solution as the EU eliminates remaining Russian gas, global LNG supplies remain tight and power demand rises
TRIPP: Peace through a pipeline?
A US-backed corridor linking Azerbaijan and Nakhchivan through Armenia could serve as a catalyst for reconciliation between the two adversaries, while also helping Yerevan reduce its dependence on Russian gas supply
BP makes Central Asian foray
The major is pushing into Central Asia, where declining production in Uzbekistan and underexplored areas of the Ustyurt Plateau have created a new opening for IOCs
Nigeria and Morocco target gas pipeline to Europe
Financing and security risks cloud the outlook for project connecting the two countries, which aims to take advantage of Europe’s need for more energy options
Sponsored Content
Innovation and education: The Special Programme at the 25th WPC Energy Congress
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Digital Exclusives
Energy security crisis forces businesses to prioritise supply chain resilience
Geopolitical disruption is increasingly forcing companies to reassess sourcing strategies, supplier exposure and operational vulnerabilities, experts said at a webinar organised by WPC Energy and the Resilience World Nexus Summit, with official media partner Petroleum Economist.