UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.
Customers of Ikesu Onsen, a traditional Japanese bathhouse in Tsushima in Aichi prefecture, have had to delay their daily dips due to the Iran war. The sento, or public bathhouse, has been forced to push back its opening time by an hour since late March because of an unstable supply of fuel oil, according to Kyodo. Monthly delivery has been halved from about a tonne, leading the number of customers of the family-run 97-year-old sento to fall to around 10 per day. “It’s a major blow,” its...
Move is part of a broader US push to curb politically sensitive fuel price spikes before November’s midterm elections.
Brent crude falls over 9 percent after Iran said it will reopen waterway, only to shut it again over US blockade.
Growing gap between physical and on-paper oil prices points to more serious energy shock than appreciated, analysts say.
As the Strait of Hormuz reopened and closed again this week, manufacturers across China are navigating a roller coaster of concerns rooted in supply and pricing volatilities. Soaring oil prices have already filtered through to processed fuel and petroleum-based raw materials that help power China’s manufacturing sector – the world’s largest – and a fragile two-week ceasefire between Iran and the United States is unlikely to restore pre-conflict stability in the near term, according to industry...
Hong Kong bus company boss Martin Lau feels overwhelmed as he attempts every option possible to minimise mounting losses wrought by runaway fuel prices. He has done everything he can think of, from trying to reduce services to doing his own repairs on his fleet of more than 20 coaches. Lau, managing director of ABC Touring Car Company, told the South China Morning Post that he and his team had no choice for now but to absorb the losses as there was no help he could access. “The reality is cruel,...
While the world remains divided over the unresolved issue of toll collection in the Strait of Hormuz, some Chinese experts have proposed pegging fees to oil prices or using exportable digital tokens from China for settlements. If tolls were to be imposed in this strategic chokepoint for global energy trade, settlement mechanisms could be “innovative”, said Wang Yiwei, director of the Institute of International Affairs at Renmin University. “Tolls and settlements could be tied to oil prices or...
Peak summer electricity demand, rising crude oil prices, and West Asia tensions threaten to push India’s energy demand, import bill and inflation higher
The Strait of Hormuz blockage is being felt far and wide. While the world struggles with higher pump prices, key energy exporters such as the United Arab Emirates (UAE) and Qatar face severe economic setbacks. In Gulf states serving as air hubs, expats and affluent locals are scrambling for the exit. The discovery of oil transformed Arabian deserts into rich petro-states. Knowing this wealth would not flow forever, the states leveraged their strategic locations to become air traffic hubs....
Surging oil prices are driving up costs for Hong Kong’s laundry sector, with the tripling of fuel prices forcing some operators to turn down new orders and freeze hiring. An industry representative said on Monday that the price of industrial diesel, commonly known as “red diesel”, had surged from about HK$6 (80 US cents) per litre in late February to as high as HK$17.50 in early April – an increase of more than 190 per cent in just over a month. The sharp rise has significantly raised operating...
The Senegalese government has banned all but essential foreign trips for government ministers as part of cost-saving measures triggered by the energy crisis linked to the Iran war. Senegal, like many African countries, imports most of the petroleum products it consumes, leaving its economy vulnerable to supply disruptions such as the closure of the Strait of Hormuz, which has sent the price of crude soaring. For millions in the region, soaring fuel prices have worsened the hardships they already...
Hundreds of petrol stations across Australia have run out of fuel as the Iran war disrupts global oil shipments and pushes up prices.