Iran’s blacklist of 45 vessels has prompted at least three Indian refiners and a global energy major to avoid the ships, including for ship-to-ship transfers, amid rising security risks in the Strait of Hormuz.
The US has sanctioned Wellbred Capital and affiliated trading firms over alleged links to Iranian oil shipping magnate Mohammad Hossein Shamkhani and his global shipping network.
Saudi Aramco has signed agreements and an MoU with French companies worth more than $3.7 billion, targeting supply chain resilience, drilling equipment procurement, and industrial AI and digital technology development.
TotalEnergies is moving discounted Middle Eastern crude through the Strait of Hormuz at a profit, even as higher shipping costs and security risks continue to restrict traffic through the waterway, CEO Patrick Pouyanne said at a Norwegian energy conference on Monday, Reuters reported.
Sinopec, China’s state-owned oil and gas giant, is expanding its energy operations amid shifting domestic demand and global market uncertainty.
Shell is considering selling its US chemicals business, valued at up to $8 billion, with ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum’s chemicals arm reportedly interested.
Iran has authorized a number of Iraqi oil tankers to transit the Strait of Hormuz following repeated requests from Baghdad, as Iraq seeks to maintain crude exports amid continued disruptions and security risks in the strategic waterway.
Iraq plans to increase crude oil production to 8 million–10 million barrels per day (mmbbl/d) within six years, more than doubling its pre-conflict output of around 4 mmbbl/d, as Baghdad seeks to expand its production capacity and secure a larger share of the Organization of the Petroleum Exporting Countries (OPEC) market.
Iraqi Prime Minister Ali al-Zaidi announced the target at the Baghdad Dialog policy conference on August 21.
Global technology company SLB and private equity firm Formentera Partners are working to reactivate oil drilling rigs in Venezuela or potentially bring additional rigs into the country in the coming months, executives from both firms said on Wednesday during a conference in Houston.
Formentera is in talks with international oilfield service providers to import drilling rigs, while SLB plans to reactivate up to 15 rigs already in Venezuela, according to Reuters. Up to four of SLB’s rigs could return to operation this year, depending on contracts with oil producers.
Russian fuel stations have reimposed gasoline sales limits in Moscow as a renewed supply crunch, driven by Ukrainian drone attacks on oil refineries and elevated seasonal demand, spreads to the capital, according to Reuters.
Gazprom Neft has capped gasoline sales at 40 liters per customer at automated stations and 60 liters for gasoline at regular stations, while Rosneft has limited gasoline purchases to 30 liters per vehicle nationwide.
