Liquefied natural gas shipping costs have surged to their highest level in roughly eight months, driven by reduced vessel availability as more tankers are redirected to Asia amid rising tensions in the Middle East, Reuters reported citing Spark Commodities’ data.
The Japanese key gas player, Tokyo Gas expects that Israel- Iran war will not affect directly the liquefied natural gas (LNG) purchases.The Japanese key gas player, Tokyo Gas, ruled out that the Israel-Iran war will directly affect its liquefied natural gas (LNG) purchases as it gets its LNG neither from the UAE nor Qatar, the company's CEO Nobuhiro Sugesawa said.
Wael Sawan, the CEO of Shell stated that his company is being "very careful" with its Middle East shipments, due to the Israel-Iran conflict, to ensure not taking unnecessary risks, Reuters reported.
The International Energy Agency (IEA) released a report on the oil market medium-term outlook, where it expected structural changes in the oil market amidst the outbreak of the Israel-Iran conflict.
The International Energy Agency (IEA) stated in a report that any disruption to transit flows in the Strait of Hormuz (SoH) would have significant consequences for global oil and LNG markets. The report, issued in December 2023, notes that prolonged disruption will trigger a sharp surge in oil prices and lead to swift, widespread supply shortages. Moreover, worldwide LNG supply could fall by approximately 295 mmcm/d.
SoH is a narrow, strategically vital waterway located between the Persian Gulf and the Gulf of Oman, separating Iran to the north and Oman and the UAE to the south. It serves as a crucial route linking oil and gas producers in the Middle East Gulf with global export markets.
Minister of Petroleum and Mineral Resources Karim Badawi, accompanied by a delegation of petroleum sector leaders, visited the Petroshahd site in the Western Desert to follow up on the production operations and current drilling activities in the company’s concession areas.
Prime Minister Mostafa Madbouli held a meeting on Friday afternoon to review the government's plan to secure the country’s needs of oil and natural gas following the Israeli military operation in Iran. The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt, Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Karim Badawi, Minister of Petroleum and Mineral Resources
In response to Israeli strikes on nuclear targets in Iran, which have heightened political tension in the region, the Ministry of Petroleum and Mineral Resources (MoPMR) has activated a pre-prepared emergency plan to prioritize natural gas supply.
The team representing Egypt’s petroleum sector won the first place at the BRICS Young Professionals International Engineering Championship, held in Moscow, Russia, from May 26–31, 2025, under the theme “Technological Innovations”. The Egyptian team presented an outstanding project titled: “Smart Biogas Production Units Integrated with Artificial Intelligence”, outperforming teams from Russia, South Africa, China, and Iran.
Iran, one of the largest oil exporting countries and a key player in the Organization of the Petroleum Exporting Countries (OPEC), has recently increased its oil storage capacity by adding 2 million barrels, after starting the operation of two tanks that have been upgraded at the Kharg oil terminal in the operational zone.
