OPEC Oil Production Drops to Lowest Since COVID-19
OPEC oil output plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey found, as the U.S.-Israeli war against Iran effectively closed the Strait of Hormuz and forced export cuts.Crude output by Organization of the Petroleum Exporting Countries members in March fell by 7.3 million barrels per day month-on-month to 21.57 million bpd, the survey showed, led by cuts in Kuwait, Iraq, Saudi Arabia and the United Arab Emirates.OPEC and its allies including Russia…
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing run rates to roll over some of their feedstock into next month…
Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce the Kremlin's revenues as attempts to secure an end to the conflict through peace talks have stalled.Oil and gas revenues have accounted for between a third and half of Russia's total federal budget proceeds over the past decade…
