Tag: U.S.

According to IEA, rising geopolitical tensions in the Middle East, which accounts for one-third of the world’s seaborne oil trade, has markets on edge at the start of 2024.

Tesla and Volvo Car, owned by Geely, are temporarily halting production in Europe due to component shortages resulting from attacks on shipping in the Red Sea, Reuters highlights. 

On 13rd January, the U.S. Central Command declared a subsequent strike on Houthi positions in Yemen, emphasizing their goal to diminish the rebels' capacity to launch missiles and drones at commercial ships in the area.

DOF Group announced the chartering of the Connor Bordelon to support the North America operation in the US Gulf of Mexico for 1-year term with a 1-year option.

 U.S. Representatives Mariannette Miller-Meeks (IA-01) and John Garamendi (CA-08) introduced the “Renewable Fuel for Ocean-Going Vessels Act,” legislation that would allow companies to preserve RIN credits under the Renewable Fuel Standard (RFS) for renewable fuel used for ocean-going vessels.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because large volumes of oil flow through the strait, EIA highlights.

The average utilization rate (or capacity factor) for the entire U.S. fleet of combined-cycle natural gas turbine (CCGT) electric power plants has risen as the operating efficiency of new CCGT units has improved, EIA highlights.

According to EIA's recently released Winter 2023–24 Global LNG Analysis, relatively full natural gas inventories in the United States and Europe and expanded global liquefied natural gas (LNG) export and import capacity have improved the likelihood that global gas supply is sufficient to meet demand in the 2023–24 winter season (November–March).

Reuters highlights that, U.S. liquefied natural gas (LNG) producers ramped up exports in October, to 7.92 million metric tons, according to data provider LSEG, the second-highest monthly level on record.

According to Reuters, while traders said the Israel-Hamas war did not seem to pose a short-term danger to oil supply, anticipation that the U.S. and Venezuela would soon achieve a deal relaxing restrictions on Venezuelan crude exports caused oil futures to fall more than $1 a barrel.