Latest news with #ConocoPhilips
Khaleej Times
5 days ago
- Business
- Khaleej Times
Israel-Iran conflict: Which energy sites are impacted by air war so far?
[Editor's Note: Follow the KT live blog for live updates on the Israel-Iran conflict.] Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region's important oil and gas fields and infrastructure. Below are details about these sites and about how they have been affected so far: South Pars gas field Israel struck an installation at the South Pars offshore gas field on June 14 where Iran has partially suspended production. South Pars is part the world's largest natural gas reserve, which Iran shares with Qatar. The attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar's installations, many of which are joint ventures with international firms, including U.S. giants ExxonMobil and ConocoPhilips. South Pars makes up around a third of the world's largest reservoir of natural gas. Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Sanctions and technical constraints have meant most gas Tehran produces there is used domestically but it also exports some. Iran exported about 15.8 billion cubic metres of gas in 2023, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations. The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas - enough to supply the world's needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years. Tehran fuel depot and oil refinery Israel struck a Tehran fuel depot and an oil refinery near the capital on June 14, Iran said, but authorities said the situation was under control. Haifa oil refinery Israel's Bazan Group shut down its Haifa oil refinery, the country's largest, on June 16 after its power station was damaged in an Iranian attack. The refinery has a crude processing capacity of 197,000 barrels per day (bpd). Iran's oil Iran is OPEC's third-largest oil producer and extracts about 3.3 million bpd of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies. Its exports in recent months have reached 1.8 million bpd, their highest level since 2018, data from Kpler showed, driven by strong Chinese demand. Iran's production facilities are primarily in the southwest, in Khuzestan province, and in Bushehr province for gas and condensate from South Pars. It exports 90% of its crude via Kharg Island. The US tightened sanctions on Tehran in 2018 after US President Donald Trump exited a nuclear accord. Analysts have said that oil prices could surge to over $100 a barrel due to the Israel-Iran air war, even though there is plentiful spare capacity and ample storage. Iran's oil exports fell to nearly zero but rebounded under US President Joe Biden, with analysts saying sanctions were less rigorously enforced and Iran succeeded in evading them. Iran is exempt from OPEC+ output restrictions and China does not recognise the sanctions imposed on Tehran, meaning some Chinese private refiners have been placed on the U.S. Treasury's sanctions list. Analysts say Saudi Arabia and other OPEC members could compensate for any drop of Iranian supply by using their spare capacity to pump more.
Reuters
5 days ago
- Business
- Reuters
Iranian and Israeli energy sites impacted by conflict
June 17 (Reuters) - Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region's important oil and gas fields and infrastructure. Below are details about these sites and about how they have been affected so far: Israel struck an installation at the South Pars offshore gas field on June 14 where Iran has partially suspended production. South Pars is part the world's largest natural gas reserve which Iran shares with Qatar. The attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar's installations, many of which are joint ventures with international firms, including U.S. giants ExxonMobil and ConocoPhilips. Israel struck a Tehran fuel depot and an oil refinery near the capital on June 14, Iran said, but authorities said the situation was under control. Israel's Bazan Group shut down its Haifa oil refinery, the country's largest, on June 16 after its power station was damaged in an Iranian attack. The refinery has a crude processing capacity of 197,000 barrels per day (bpd). South Pars makes up around a third of the world's largest reservoir of natural gas. Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome. Sanctions and technical constraints have meant most gas Tehran produces there is used domestically but it also exports some. Iran exported about 15.8 billion cubic metres of gas in 2023, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations. The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas - enough to supply the world's needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years. IRAN'S OIL Iran is OPEC's third largest oil producer and extracts about 3.3 million bpd of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies. Its exports in recent months have reached 1.8 million bpd, their highest level since 2018, data from Kpler showed, driven by strong Chinese demand. Iran's production facilities are primarily in the southwest, in Khuzestan province, and in Bushehr province for gas and condensate from South Pars. It exports 90% of its crude via Kharg Island. The U.S. tightened sanctions on Tehran in 2018 after U.S. President Donald Trump exited a nuclear accord. Iran's oil exports fell to nearly zero but rebounded under U.S. President Joe Biden, with analysts saying sanctions were less rigorously enforced and Iran succeeded in evading them. Iran is exempt from OPEC+ output restrictions and China does not recognise the sanctions imposed on Tehran, meaning some Chinese private refiners have been placed on the U.S. Treasury's sanctions list. Analysts say Saudi Arabia and other OPEC members could compensate for any drop of Iranian supply by using their spare capacity to pump more.
Bloomberg
6 days ago
- Business
- Bloomberg
Stock Movers: ConocoPhilips, AMD, Meta
On this episode of Stock Movers: - ConocoPhilips (COP) shares fall after the Wall Street Journal reported earlier that Iran has signaled it wanted to de-escalate hostilities with Israel. Meanwhile Reuters is reporting Iran is seeking for President Trump to press Israel for an immediate ceasefire and is offering flexibility in nuclear talks. - AMD (AMD) shares rise after Piper Sandler raised the price target to $140 from $125. It's a 21% increase from the current price. Analysts said products unveiled last week were positive and expects a 'snapback' for the graphics processing unit business in the fourth quarter. - Meta (META) shares gain after news that Whatsapp will show ads in the Updates tab, which gets 1.5 billion visitors per day, according to Meta. WhatsApp will also let Channel operators sell subscriptions, meaning they can create special messages just for a group of paying customers.
Bloomberg
20-05-2025
- Business
- Bloomberg
US Stock Rally Set to Stall; GOP Hits SALT Snag; Qatar Economic Forum
'Bloomberg Brief' delivers the market news, data and analysis you need to set your agenda. US equity futures decline, Treasury yields rise amid investor bets that the rest of the world's stocks would outperform US stocks. President Trump appears to disengage from truce talks between Ukraine and Russia. House Republicans fail to arrive at an agreement on the SALT deduction cap ahead of a vote on a landmark tax bill. Home Depot reports before the bell. Conoco Philips CEO Ryan Lance says he expects a return of moderated US shale production growth. Erik Nelson of Wells Fargo says the dollar will weaken if the US exceptionalism story continues to fade. (Source: Bloomberg)
