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Global Energy Shift: Rising Demand for Russian Oil Amid Iran Conflict
Global energy disruptions from the US-Israeli conflict with Iran shut the Strait of Hormuz, raising demand for Russian oil and liquefied natural gas, with Qatar halting 20% of LNG supply.
- On Friday, the Kremlin said demand for Russian energy rose amid the United States-Israeli war on Iran, with Kremlin spokesman Dmitry Peskov calling Russia a 'reliable supplier' and declining to disclose volumes after a US Treasury waiver.
- As the conflict entered its seventh day on Friday, the Strait of Hormuz was effectively shut, and Qatar halted liquefied natural gas production on Monday, cutting about 20 percent of global supply.
- On Friday, benchmark US crude surged 4.1 percent to $84.36 and Brent crude rose to $87, while Saad al-Kaabi forecast $150 per barrel and $40 per million British thermal units.
- International Energy Agency Executive Director Fatih Birol warned on Friday that looking to Russia for gas would be 'economically and politically wrong' as the EU faces pressure to curb high energy prices, despite logistical disruption from the war and plenty of oil.
- The United States, as the world's largest LNG exporter, is on track to double its export capacity by 2029, with analysts saying suppliers could reap a windfall, while terminals are already operating at full capacity.
24 Articles
24 Articles
(New York = Yonhap News) Correspondent Lee Ji-heon = Russia is being cited as the biggest winner of the Middle East energy crisis triggered by the war between the U.S., Israel, and Iran, according to the U.S. Wall Street Journal...
Europe faces gas trouble as war strains supplies
Europe is facing major economic trouble due to constrained natural gas supplies as the war in Iran upends global energy flows, with further disruptions possible as Russia weighs suspending gas exports. In the days since the start of the war in Iran, Europe has seen a rise in natural gas prices, as shipments through the Strait of Hormuz have been paused and major liquefied natural gas supplier Qatar has shut down production. The strait is a key t…
The Iran war creates chaos in the global gas and oil markets. How much is Russia playing into the hands of a continuing energy crisis? An analysis.
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