Getting Middle East Oil to Market Just Got Harder
- On Friday, Russian ESPO crude prices surged past $120 per barrel, Reuters reported, citing trading sources and market data as global energy markets face continued disruption.
- Militants in Iraq launched drone attacks on Saudi Arabia's critical East-West pipeline last week, forcing a shutdown and disrupting crude shipments through the Red Sea port of Yanbu.
- Saudi Aramco redirected supplies from Persian Gulf terminals to the Strait of Hormuz, raising exports through the waterway to roughly 2.9 million barrels a day.
- Aramco informed European refiners they will receive no crude oil next month, forcing buyers to seek alternative supplies from the North Sea.
- While markets currently improvise workarounds, analysts warn these adaptations add cost and complexity, threatening reliable energy access for import-dependent nations.
40 Articles
40 Articles
World oil prices began to rise on Tuesday against the backdrop of the continuing risks to shipping in the Strait of Ormuz and investors' expectations for a diplomatic settlement of the conflict with Iran. The cost of Brent oil futures increased by 1.7 per cent at the beginning of the European trade to $102.07 per barrel, writing The Wall Street Journal. While the price of WTI oil also increased by 1.7 per cent, reaching $97.4 per barrel, it is n…
Costco and Walmart Limit Motor Oil Sales as Base Oil Prices Hit Record
U.S. retail giants Costco and Walmart have imposed purchase limits on motor oil as the country faces a severe shortage of lubricants and record-high prices. The crisis stems from a critical depletion of strategic reserves and production failures in the petrochemical sector, threatening the maintenance of both private and commercial vehicle fleets. At Costco, a 9.4-liter pack of synthetic motor oil now costs $57.99, with a strict limit of one uni…
Informed Comment
evshift.comChina's EVs Foil Oil Market Chaos, unlike Carbon Economies
Demand in the world’s largest oil-consuming nation is set to fall for the third successive year
Engine oil, also known as drain oil, is an essential product for driving your car. But since the beginning of the Middle East war, the shortage of engine oil has been a challenge for the automotive industry.
Costco Limits Motor Oil Purchases as Iran War Disrupts Supply Chain
The war with Iran is increasingly being felt by American motorists as disruptions to energy production and shipping tighten supplies of the high-grade base oils needed to manufacture synthetic motor oil. The price of Group III base oil — a critical ingredient in many full-synthetic automotive lubricants — reached a record $12.45 per gallon on […]
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
