US EditionIran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas
Production at Iraq’s southern fields dropped 70%, Qatar halted LNG exports, and the Strait of Hormuz remains closed, disrupting 20% of global oil and gas supplies.
- This past week, the Iran war has put pipelines, refineries and shipping terminals at risk, leading state-owned QatarEnergy to shut a terminal and Iraq to suspend 1.5 million barrels per day at Rumaila and West Qurna.
- Analysts say Iran aimed at oil storage and reroute points like Fujairah oil terminal, United Arab Emirates and Kharg Island, Iran, forcing shutdowns and hitting pipelines that avoid the Strait of Hormuz.
- At Saudi Aramco’s Ras Tanura, the port and refinery, operations were temporarily halted after a drone caused a fire, while Brent crude rose from $72.97 to almost $103 on Monday.
- Restart timelines indicate that Iraq and other Gulf oil fields have cut output as onshore storage fills, and experts warn some facilities will take weeks or months to resume, industry analysts including Torbjorn Soltvedt said.
- The Strait of Hormuz matters because it is effectively closed to some traffic and channels about 20% of global oil and LNG, while Al Basra Oil Terminal, Iraq exports oil worth 80% of Iraq’s GDP.
54 Articles
54 Articles
The Gulf War cut off 20 percent of the global supply of oil and gas from the market. First countries want to save energy.
War On Iran – Oil Prices Lag Supply Deficit – Arab’s Won’t Fight Iran – Khamenei Son Succeeds Father - The Ron Paul Institute for Peace & Prosperity
Iraq has shut down some oil wells. As have Kuwait, Qatar, Bahrain, the Emirates and Saudi Arabia. Qatar has also shut down is gas wells and the process ‘trains’ needed to liquefy natural gas. All this because of the virtual closure of the Strait of Hormuz and because of potential missile and drone attacks on the fragile production installations. While oil and LPG prices have increased the global markets have not yet recognized the length and sev…
An ever-widening war in Iran has interrupted the navigation of oil vessels, turned refineries into military targets and caused fear among investors concerned about the cascade effect of a rise in energy prices.
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