Latest news with #energySupply
Reuters
09-07-2025
- Business
- Reuters
Ghana reaches deal with ENI to increase gas supply, energy ministry says
DAKAR, July 9 (Reuters) - Ghana has reached a deal with Italian energy group Eni ( opens new tab to increase natural gas supply by 30 million standard cubic feet per day from July 13, the West African country's energy ministry said on Wednesday.
Zawya
26-06-2025
- Business
- Zawya
Jordan: Natural gas resumes after disruption caused by Iran-Israel war
AMMAN — A source at the National Electric Power Company (NEPCO) on Wednesday announced the resumption of natural gas supplies used for electricity generation. The source said that the flow of gas resumed after a temporary suspension caused by recent regional tensions between Israel and Iran, the Jordan News Agency, Petra, reported. The disruption began on June 17, following the precautionary shutdown of key Eastern Mediterranean gas fields amid fears of a broader regional escalation after direct exchanges of fire between Iran and Israel. As a result, gas exports to Jordan and Egypt were suspended. A ceasefire between the two countries was later announced on June 23 by US President Donald Trump. Despite the suspension of Jordan's primary source of electricity generation, the Kingdom's power supply remained stable and uninterrupted, Minister of Energy and Mineral Resources Saleh Kharabsheh recently said. The minister said the ministry had swiftly activated emergency protocols, shifting to alternative fuels such as diesel and heavy fuel oil to maintain power generation. Kharabsheh emphasised that Jordanian power plants are equipped to switch to these fuels efficiently, ensuring grid stability even under pressure. While this ensured a continuous power supply, officials noted that reliance on more expensive fuels has increased pressure on the national budget. Energy experts have confirmed that Jordan also maintains strategic fuel reserves and a floating LNG storage unit in Aqaba, which provides a critical short-term buffer.
Yahoo
26-06-2025
- Business
- Yahoo
AP Top Financial News at 12:48 a.m. EDT
Middle East conflict highlights how vastly the global energy supply has changed in recent years Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
25-06-2025
- Business
- Wall Street Journal
Israel-Iran Conflict Spurs China to Reconsider Russian Gas Pipeline
The war between Israel and Iran has revived Chinese leaders' interest in a pipeline that would carry Russian natural gas to China, according to people close to Beijing's decision-making, potentially jump-starting a project that has been stalled for years. The Power of Siberia 2 pipeline project has been mired in disagreements over pricing and ownership terms, as well as Chinese concerns about relying too heavily on Russia for its energy supplies. But the recent war in the Middle East has given Beijing reason to reconsider the reliability of the oil and natural gas it gets from the region, the people said, even as a fragile cease-fire between Israel and Iran takes hold.
Yahoo
23-06-2025
- Business
- Yahoo
What is the Strait of Hormuz and why is it so important for oil markets?
On Sunday, Iran's state-owned Press TV media outlet reported that the country's parliament voted to close the Strait of Hormuz in response to U.S. strikes on its nuclear facilities. The strait is a vital transport route for major Middle East oil and liquified natural gas (LNG) producers. What is the likelihood that Iran will cut off the trade route and what would such a closure mean for global energy supply and oil prices? The Financial Post explains. The Strait of Hormuz is a 167-kilometre-long sea passage that connects the Persian Gulf to the Indian ocean. Bordered by Iran on one side and Oman and the United Arab Emirates on the other, it is a crucial route for shipping crude oil and liquified natural gas from countries such as Iran, Iraq, Kuwait, Bahrain, Qatar, Saudi Arabia and the United Arab Emirates. About 20 per cent of the world's oil and gas demand flowed through the strait in 2024, according to the U.S. Energy Information Administration (EIA). The EIA calls Hormuz 'one of the world's most important oil chokepoints,' as there are few alternatives to move oil from the Gulf states. In a note released on Monday, Capital Economics estimates that no more than 30 per cent of existing oil flows could conceivably be redirected, citing the East-West pipeline in Saudi Arabia, which connects to the Red Sea, and a pipeline in the United Arab Emirates as two potential means of bypassing the Strait of Hormuz. Options for Iran are limited, as 96 per cent of the country's oil exports flow through its main export terminal on Kharg Island, located northwest of the strait, according to commodities and shipping intelligence firm Kpler. Capital Economics points out that Middle Eastern LNG exports, the vast majority of which comes from Qatar, cannot be redirected. 'The lack of an alternative for rerouting LNG flows has contributed to the sharp rise in natural gas prices since the start of the conflict,' it said. An estimated 84 per cent of crude oil and condensate and 83 per cent of liquefied natural gas that flowed through the Strait of Hormuz in 2024 went to markets in Asia, according to EIA data. 'China, India, Japan, and South Korea were the top destinations for crude oil moving through the Strait of Hormuz to Asia, accounting for a combined 69 per cent of all Hormuz crude oil and condensate flows in 2024,' said the EIA. 'These markets would likely be most affected by supply disruptions at Hormuz.' For China, Iran is particularly important. China buys around 90 per cent of Iran's global oil exports, according to Kpler. Capital Economics' report noted that nearly 50 per cent of China's crude oil imports come from Iran, giving China 'outsized influence' on its ally and 'a vested interest in keeping energy trade flowing.' Chokepoints such as the Strait of Hormuz are critical to global energy security, said the EIA, and closing it even temporarily can create 'substantial supply delays and raise shipping costs, potentially increasing world energy prices.' That said, Iran closing the Strait of Hormuz is a 'fairly unlikely scenario,' said Jackie Forrest, executive director of the ARC Energy Research Institute. 'I don't think it's likely to be choked off for an extended period of time, because there will be a lot of Gulf countries that want to see it reopen, but also the United States. The president of the United States doesn't like high oil prices, and the U.S. has a fair amount of military presence in the Middle East.' Forrest said closing off the strait would be a no-win situation for both Middle East producers and customers around the world. 'I think everyone has a lot to lose. Because when you have a disruption, like in that scenario, let's say you did lose around 20 per cent of the world's (oil) supply, it's going to affect everyone,' said Forrest. 'Shortages are going to be everywhere and, of course, the price is going to be quite high.' While shutting down Hormuz would be the 'most extreme' case, Forrest said there are other possible events that could disrupt oil flows, such as Iran targeting tankers or attacking other countries' oil infrastructure. 'For example, in 2019, Iran's proxy in Yemen, the Houthis, struck some important oil export infrastructure in Saudi Arabia. So, you could start to see that as a way to reduce the supply of oil,' said Forrest. 'It's still possible that military strikes from Israel could take out some Iranian oil infrastructure as well.' Capital Economics said that energy prices would likely spike if hostilities between Israel and Iran escalated to the point of causing major disruptions of exports and shipping through the Strait of Hormuz, such as Iran ramping up detainment of ships or jamming GPS in the area, which it has done numerous times since 2019. M&A in Canadian oil and gas accelerating: 'We see a lot of consolidation' says Keyera CEO Haitham Al Ghais: Future energy policies must be based on reality, not ideology If Qatari LNG and crude oil exports from the region were stranded, Capital Economics suggests both natural gas and oil prices could double from current levels. However, their report said, given that the U.S. is now a net exporter of energy, 'closing the Strait of Hormuz would probably hurt most countries, including Iran itself, more than the U.S.' • Email: jswitzer@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
