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India Today
a day ago
- Business
- India Today
Iran speeds up oil exports amid Israel conflict: Report
Iran is moving quickly to ship its oil out of the country, according to new satellite images. The rush comes at a time when tensions are esclating between Iran and Israel as both countries traded missile and drone strikes on Friday. According to Bloomberg, oil is currently flowing out of Iran's ports in large amounts, signalling Iran wants to make sure it earns as much money as possible from oil sales before potential big-scale strikes may block its exports. Even with oil shipments rising, Iran's biggest export site -- Kharg Island -- has storage tanks that are now of the oil tanks at Kharg Island were only partially filled, according to satellite images taken by Planet Labs on June 11. Because of their floating roofs, these tanks' roofs rise and block sunlight when they are full. The tanks' shadows at the time indicated that they weren't yet IMAGES CONFIRM TANKS ARE FULL AFTER ATTACKS BEGIN But on June 18, shortly after the Israeli attacks began, another set of satellite images showed a major change. The tanks now had no visible shadows on their roofs, which meant they were full to the top. The shadows around the tanks were still visible, proving that sunlight wasn't the issue. The photos were taken around the same time of day, under similar conditions, Bloomberg means Iran had presumably prepared for disruptions by filling its oil storage tanks. The tanks remain full despite high exports, indicating that Kharg is receiving even more oil. Iran seems to be storing more oil in case it is unable to ship later, while simultaneously exporting as quickly as to a 2024 S&P Global Commodity Insights report cited by Bloomberg, Kharg Island can store about 28 million barrels of crude oil. Two large tanks, each holding 1 million barrels, were repaired recently. It's unclear if these were counted in the previous storage STRATEGY CHANGES TO AVOID RISKIran's oil exports increased significantly after Israel launched missile strikes against the country on June 13. According to data from Iran exported an average of 2.33 million barrels of oil per day in the five days after the attacks, a 44% increase from earlier in the may explain why Iran's oil tankers have started changing their usual behaviour. In the days before the attacks, satellite images from June 11 showed several large tankers -- each able to carry around 2 million barrels -- waiting near Kharg Island. This was seen as a normal number by experts, based on earlier a new image from June 17 -- four days after missiles struck Iran -- tells a different story. The tankers had all disappeared from the nearby waters. Bloomberg points out that this shows how Iran is now keeping ships farther away from the island until the last moment. Tankers arrive quickly, loading oil fast, and then leaving immediately, which reduces their chances of being hit during an method isn't new to Iran. In a similar response back in October, when Israel also launched attacks. At that time, Iran used the same strategy: spreading tankers out to safer areas and keeping oil exports InMust Watch
Indian Express
4 days ago
- Business
- Indian Express
Qatar says its output at gas field shared with Iran is steady, following Israeli strike
Qatar's gas production at the South Pars field is steady and supply is proceeding normally, it said on Tuesday, after the world's largest gas field was hit by an Israeli airstrike on Saturday, prompting Iran to partially suspend its production. Qatar, the world's third-biggest liquefied natural gas exporter after the US and Australia, shares the South Pars gas field with Iran. 'So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies,' Qatar foreign ministry spokesperson Majed Al-Ansari said. 'This is a reckless move … The companies operating in the fields are international, and there is a global presence, especially in the North Field,' he said during a weekly press briefing in Doha. Qatar Energy has instructed tankers to remain outside the Strait of Hormuz and to enter the Gulf only the day before loading, two sources familiar with the matter told Reuters on Tuesday. Concerns over LNG supply disruptions have boosted LNG prices at the Japan Korea Market (JKM), widely seen as an Asian benchmark. It reached $13.948 per million British thermal units (mmBtu) on Tuesday, up from up $1.19 on Thursday June 12, before Israeli launched its attack on Iran on June 13, according to data from S&P Global Commodity Insights. The South Pars field is located offshore in Iran's southern Bushehr province and accounts for the bulk of production in Iran, the world's third-largest gas producer after the United States and Russia. Loading of LNG from Qatar's Ras Laffan LNG Terminal, which usually loads about 90 cargoes a month, remains within the usual range so far, according to shipping data from ICIS LNG Edge. 'There appear to be more than a dozen vessels in ballast (not carrying any cargo) waiting outside the port. These would ordinarily be expected to load quickly, but it remains to be seen if these will be delayed,' said ICIS' LNG analyst Robert Songer. LNG tanker, HLAITAN, which delivered a cargo to India earlier this month, was on its way back to Ras Laffan but is idling away from the Strait of Hormuz, according to LSEG data. 'The current pattern — more idling vessels during summer — is typical, and the only tangible impact appears to be a few diversions and minor delays in loading,' said Go Katayama, LNG and gas analyst at data analytics firm Kpler. Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries' conflict. US President Donald Trump said he wanted a 'real end' to the nuclear dispute with Iran, and indicated he may send senior American officials to meet with Islamic Republic officials as the Israel-Iran air war raged for a fifth straight day on Thursday.
CNBC
5 days ago
- Business
- CNBC
Dave Ernsberger talks about why India needs to build up its energy security
As the Israel-Iran conflict escalates, questions are also rising around the impact on oil markets. Even though India does not import any oil from Iran, disruptions in the oil supply chain could impact the country which is a net importer of the commodity. Can India avoid this situation by building its own reserves? Dave Ernsberger, co-President of S&P Global Commodity Insights, lays out the key issues.
Mint
5 days ago
- Business
- Mint
Oil prices above $75/bbl as Israel-Iran conflict intensifies
New Delhi: Crude oil prices edged higher early Monday as tensions escalated between Israel and Iran, with both countries targeting each other's key energy infrastructure. Over the weekend, Israel launched airstrikes on several oil and gas fields in Iran, including South Pars, one of the world's largest natural gas reserves. Despite the intensity of the attacks, reports indicated that there has been no immediate disruption to energy supplies. Meanwhile, Iranian missile strikes on northern Israel reportedly caused localized damage to pipelines and transmission lines in the Bazan oil refinery complex near Haifa. While refining operations continue, other functions at the facility have been suspended, according to reports. At 0755am, IST, the August contract of Brent crude on the Intercontinental Exchange was trading at $75.14 per barrel, up 1.24% from previous close. Immediately after Israel attacked Iran, oil prices shot up on Friday. Brent Crude, the global benchmark, had surged 8% to $74 per barrel. Traders remain wary of further escalation, particularly any threat to the Strait of Hormuz—a critical chokepoint through which nearly 20% of the world's oil supply is transported. S&P Global Commodity Insights said Israel's surprise airstrikes on Iranian nuclear sites have jolted global energy markets, sending oil prices higher and fuelling fears of broader regional instability. While the conflict is driving up oil and gas prices in the short term, S&P noted that sustained pressure is unlikely unless crude exports are directly impacted. 'If Iranian crude exports are disrupted, Chinese refiners—the primary buyers of Iranian oil—would be forced to seek alternatives from other Middle Eastern suppliers and Russia,' said Richard Joswick, head of near-term oil analysis at S&P Global. 'This could also lift freight rates and tanker insurance premiums, narrow the Brent-Dubai spread, and hurt refining margins, especially in Asia.' According to the Platts OPEC Survey, Iran produced 3.25 million barrels per day (b/d) of crude in May. It also has around 2.2 million b/d of refining capacity and 600,000 b/d of condensate splitting capacity. However, crude exports slipped below 1.5 million b/d last month as floating storage levels rose amid rising geopolitical tensions. India, which imports over 85% of its crude oil, does not purchase Iranian oil due to US sanctions. Nonetheless, any global supply disruption and price surge increases India's import bill, putting pressure on the rupee and trade balance. JP Morgan recently projected that crude oil prices could surge to $120–130 per barrel if the conflict worsens. 'If prices climb to $120 per barrel, there will be pressure on the forex front and the trade balance due to a higher import bill. However, inflation may not be immediately impacted, as domestic fuel prices are unlikely to be raised in the short term, having remained static even during earlier price dips,' Madan Sabnavis, chief economist at Bank of Baroda, had told Mint earlier.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
ASX set to slide, Middle East attacks trigger Wall Street slump; Oil prices surge
Oil prices leaped, and Wall Street stocks slumped on Friday on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy. The S&P 500 sank 1.1 per cent and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8 per cent, and the Nasdaq composite lost 1.3 per cent. The Australian sharemarket is set to retreat, with futures on Saturday pointing to a loss of 23 points, or 0.3 per cent, at the open. The Australian dollar retreated. It was fetching 64.85 US cents at 5.21am AEST. The strongest action was in the oil market, where the price of a barrel of benchmark US crude jumped 7.3 per cent to $US72.98. Brent crude, the international standard, rose 7 per cent to $US74.23 for a barrel. Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price of crude and petrol higher for everyone worldwide. Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran's coast. Much of the world's oil that's been pulled from the ground moves through it on ships. Loading Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights. That has Wall Street waiting to see what will come next. US stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel.
