Latest news with #oilSupply
Reuters
03-07-2025
- Business
- Reuters
ADNOC restores most Murban oil supply to equity holders in July, sources say
SINGAPORE, July 3 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has restored most of the Murban crude oil supply going to equity holders in July after making a sharp cut earlier, multiple trade sources said on Thursday. Partners in Murban crude producer ADNOC Onshore, which include BP (BP.L), opens new tab, TotalEnergies ( opens new tab, China National Petroleum Corp, Inpex (1605.T), opens new tab, Zhenhua Oil and South Korea's GS Energy, are entitled to about 40% of production of the grade that stands at around 2.1 million barrels per day, traders said. During the Israel-Iran conflict last month, ADNOC notified equity holders that it would cut their Murban crude supply by 3 million to 4 million barrels in July, the sources said. It was not immediately clear what led to the changes. Most of these volumes have since been restored, they said. A spokesperson for ADNOC said there had been no cuts to supplies to long-term customers such as refiners. "ADNOC has maintained uninterrupted supply to our customers, with no cessation of Murban sales contracts or nominations in June and July," he added in an email. Japan, Thailand and India are the biggest importers of Murban crude, Kpler data showed.
Zawya
03-07-2025
- Business
- Zawya
ADNOC restores most Murban oil supply to equity holders in July, sources say
SINGAPORE - Abu Dhabi National Oil Company (ADNOC) has restored most of the Murban crude oil supply going to equity holders in July after making a sharp cut earlier, multiple trade sources said on Thursday. During the Israel-Iran conflict last month, ADNOC notified equity holders that it would cut their Murban crude supply by 3 million to 4 million barrels in July, the sources said. Most of these volumes have since been restored, they said. ADNOC did not immediately respond to a request for comment. It was not immediately clear what led to these changes. Partners in ADNOC Onshore, the subsidiary which produces Murban crude, include BP, TotalEnergies, China National Petroleum Corp (CNPC), Inpex, Zhenhua Oil, and South Korea's GS Energy. Equity holders are entitled to about 40% of the flagship grade's production which stands at around 2.1 million barrels per day, traders said. Japan, Thailand and India are the biggest importers of Murban crude, Kpler data showed.
Wall Street Journal
24-06-2025
- Business
- Wall Street Journal
Cool Heads Prevailed in the Strait of Hormuz
Your editorial 'Iran's Strait of Hormuz Gambit' (June 23) rightly notes the waterway's importance. Much of the global economy depends on the 20% of the world's oil supply that travels through the strait. Yet even as the Iranian parliament voted to close the strait, the shipping industry reacted with remarkable sanguinity. Oil prices rose, and maritime insurers' long-standing requirements for voyages through the strait remained in place, but ships sailed through at an almost-normal pace. On June 20, 104 ships transited, and on June 21, 122 ships did so. On June 22, as the U.S. bombed three Iranian nuclear sites, 117 sailed through. In June 2024, an average of 114 ships transited the strait each day. The shipping industry has learned to distinguish between threats and realities, knowing that Iran depends on the passage too. The industry also knows that the Iranian regime remembers the chaos and hardship caused by the 1980s 'Tanker War' between Iran and Iraq. The 451 attacks, most of which were carried out by Iraq, struck 340 ships, killed 116 seafarers and caused enormous disruption to merchant shipping.
Bloomberg
24-06-2025
- Politics
- Bloomberg
Trump Team Weighed Range of Options for Oil Supply Disruptions
Trump administration officials considered a range of options in case of a major oil supply disruption in the Middle East ahead of the US strikes on Iran and President Donald Trump's ceasefire declaration, according to people familiar with the matter. The odds of needing to employ those strategies diminished Monday evening after Trump announced that Israel and Iran had agreed to a tentative truce.
The Sun
23-06-2025
- Business
- The Sun
Brits urged to fill up tanks as ‘petrol price shock' days away
BRITS are being urged to fill up their tanks as petrol prices could rocket in a matter of days. Fears are mounting that Iran may retaliate to US strikes on its nuclear sites by closing the world biggest shipping facility of oil. The Strait of Hormuz, which lies between Oman and Iran, sees around a fifth of the world's global oil supply pass through. Iran 's parliament voted on Sunday, June 22 to close the strait but it requires approval from the country's Supreme National Security Council. However, threats of the route being blocked led oil prices to surge to their highest price in six months when markets opened today. Brent crude, the international benchmark for oil prices, hit $81.40 (£60.41) a barrel when the market opened on Monday. But it later dropped to trade 0.3% lower on the day at $76.76 (£56.97) by early afternoon in London. When the price of crude oil rises, the amount punters pay for petrol also tends to increase. Fuel prices had been edging down, but prices have slightly increased since conflict between Israel and Iran intensified earlier this month. Susannah Streeter, head of money and markets, warned fuel prices could be "severely disrupted if the conflict is prolonged"/ She added: "If the Strait is closed there are fears it will lead to an oil price shock." Ben Perks, managing director at Orchard Financial Advisers also warned the "price of petrol will almost certainly rise". He explained: "The rise in this overhead can lead to price rises on everything that's transported. Warning over petrol station mistake which can cost £1,000s "It's a waiting game to see how markets will react, but as things in the Middle East heat up, it's likely to cause volatility." It is not the first time that punters have been warned of price hikes at the pump due to a global conflict. When Russia - one of the world's biggest producers of oil - invaded Ukraine fuel prices also shot up. But Simon Williams, RAC head of policy said the rise in oil costs might not be enough to "cause a major hike at the pumps". 'As retailer margins have been high for some time, the oil price rise has squeezed these to fairer levels for drivers. He added: "If, however, retailers are set on maintaining margins of around 12p a litre, we may well see the average price of fuel go up further." SHOULD YOU FILL YOUR TANK NOW? The price of petrol is currently at 132.06 per litre, but experts fear that this could rise further if the Strait closes. In light of the news, Tony Redondo, founder at Cosmos Currency Exchange said it would be "wise for consumers to fill up their tanks now". He explained: "The effect at the petrol pumps of even a partial closure of the Strait of Hormuz would be immediate and significant". Tony said the closure could spike Brent crude, up 15% to over $80/barrel, may push prices to 152p/litre very quickly. He also warned a full closure could see oil hit $100-$150, driving petrol up towards £2/litre. He said: "That's why now could be a smart time to fill up your tank before any further hikes come into effect." However, it is important to only fill up your tank if you need to and if you can afford it. Markets also fluctuate on a regular basis, so if oil prices spike it does not mean it won't edge down at a later date. How else can I cut fuel costs? ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre. Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points. BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points. Loyalty schemes from Texaco, Shell, Sainsbury's, and Tesco also offer savings on fuel and shopping bills. You can further reduce fuel costs by driving more efficiently by: Accelerating gradually without over-revving. Driving in the highest gear possible. Allowing your car to slow down naturally instead of braking unnecessarily. Don't forget about clutter in your car. Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%. Clearing out unnecessary items can make a noticeable difference to your costs. How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius. .
