#norsi-oil-refinery

#norsi-oil-refinery

In the past two months, conflict in Iran has created an energy crisis - the latest in a series. Oil prices spiked within days of the start of US, Israeli and Iranian bombing in the Gulf region on 28 February.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

The irony is that the plant was shut because of a deal with Trump and now it's reopening because of Trump's war in Iran.

The analysis of energy imports reveals significant variations in the percentage sourced from the Middle East across different regions, indicating a complex global energy landscape.

From 28 March, Prime Minister Mostafa Madbouly announced that emergency energy-saving measures will run for one month to reduce consumption and ease pressure on supplies.

OEUK highlighted that natural gas extracted from the North Sea has a significantly lower emissions footprint compared to imported liquefied natural gas (LNG), which often involves more environmentally taxing transportation and processing methods.

The effective closure of the Strait of Hormuz has paralyzed tanker movements, leading to a dramatic market response with Brent crude surging to $116.38 per barrel on March 19.

Refiners will soon start the switch to so-called summer blends, which don't vaporize as easily, to meet air pollution requirements. It's more expensive and time-consuming to create fuel that's resistant to evaporation, explains Aixa Diaz, an AAA spokesperson. What's next: The seasonal cost rise typically starts at the end of February or early March as "spring break season kicks off and refineries start production of summer-blend gasoline," Diaz said via email.

Nobody expects today's high prices to last and we could very likely get back to the low $60 [per barrel] environment we faced just a few weeks ago. Experts say the unique geology of California's fields, and the nature of its heavy crude, make new projects, and efforts to pump more oil out of existing ones, costlier and more energy-intensive than drilling in other parts of the country.

When markets panic, authoritarian exporters cash in. In less than two weeks, Russia has earned an estimated 6bn from fossil fuel exports, money that ultimately feeds the Kremlin's war machine. Easing sanctions now would not stabilise markets. What it would do is allow Russia to sell the same oil for a far better price.

The US are claiming that they've hit 5,000 sites. So right now, we're just scratching the surface. That's just the tip of the iceberg. The researchers say that figure likely captures only a fraction of the damage from strikes on missile bases to attacks on oil tankers in the Persian Gulf.

Oil and gas exports have sustained Russia's finances throughout its war against Ukraine. But as the fourth anniversary of the full-scale invasion approaches, those cash flows have suddenly dwindled to lows not seen in years. It's the result of new punitive measures from the U.S. and the European Union, U.S. President Donald Trump's tariff pressure against India, and a tightening crackdown on the fleet of sanctions-dodging tankers carrying Russian oil.

Crude oil extended its rally for a third consecutive session today, supported by rising geopolitical tensions, severe winter weather disrupting US output, and a surprise draw in US crude inventories. Together, these factors kept the market focused on immediate supply risks and sustained the rebound. Markets reacted to renewed geopolitical risk sin the Middle East. President Trump has renewed pressure on Iran, while a US naval group's arrival in the region has fuelled disruption fears.