As Reported Energy Price, news updates / LNG prices up

12 Mar As Reported Energy Price, news updates / LNG prices up

(Oilandgaspress) The war in the Middle East is creating the largest supply disruption in the history of the global oil market. With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity available to bypass the crucial waterway, and storage filling up, Gulf countries have cut total oil production by at least 10 mb/d. In the absence of a rapid resumption of shipping flows, supply losses are set to increase.

Global oil supply is projected to plunge by 8 mb/d in March, with curtailments in the Middle East partly offset by higher output from non-OPEC+ producers, Kazakhstan and Russia following disruptions at the start of the year. While the extent of losses will depend on the duration of the conflict and disruptions to flows, we estimate global oil supply to rise by 1.1 mb/d in 2026 on average, with non-OPEC+ producers accounting for the entire increase.

The conflict is also having a significant impact on global product markets, with export flows through the Strait at a near standstill. Gulf producers exported 3.3 mb/d of refined products and 1.5 mb/d of LPG in 2025. More than 3 mb/d of refining capacity in the region has already shut due to attacks and a lack of viable export outlets. Related News

As the Strait of Hormuz remains de facto closed for tanker traffic, Saudi Arabia is scrambling to hike its oil exports via the Red Sea route by boosting east-west pipeline flows and accelerating loadings at the Yanbu port on the Red Sea. Saudi Arabia is rapidly scaling its Red Sea export pivot through Yanbu, with 27 very large crude carriers (VLCCs) heading toward the terminal as export dependency shifts westward, maritime AI company Windward said in its latest daily analysis. Related News

China has reportedly ordered an immediate ban on refined ​fuel exports in March in a further step to pre-empt ‌a potential domestic fuel shortage caused by the U.S.-Israeli war on Iran, four sources with knowledge of the matter said on Thursday. .Related News

The Economic Times, an Indian outlet, reported on Thursday that Iran had allowed two India-flagged tankers to transit the Strait of Hormuz after the Indian and Iranian foreign ministers held a telephone conversation to discuss keeping the route open for Indian vessels. Related News

Lloyd’s of London emphasises it has not stopped providing contracts to those who ask – although at the right tariff. Fending off criticism over cancelled policies and sharp price rises, Lloyd’s said it still provided insurance cover for hull and cargo for vessels in the Persian Gulf and the Gulf of Oman, including in the strait of Hormuz. However, last week it extended the restricted areas where clients needed to notify insurers to agree an appropriate premium in terms of the risk. Related News

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