Oil Surges Past $100/barrel
12 hours ago
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- #Geopolitics
- #Energy
- Pakistan is unlikely to enter the Middle East war despite its alliance, as extending a nuclear umbrella to Saudi Arabia is improbable.
- Disruptions in the Strait of Hormuz and insurer pullbacks have slowed LNG shipping, while the EU needs to secure about 67 bcm of gas.
- China, leading in solar power, faces the challenge of handling 1.5 million tons of decommissioned solar panels.
- Co-ops in the U.S. serve 12% of the population but manage over 40% of the nation’s power lines, highlighting their infrastructure importance.
- International oil majors are shifting focus to Venezuela’s untapped natural gas reserves for faster energy development.
- A drone attack on Azerbaijan’s Nakhchivan exclave has ended its neutrality in the Middle East conflict, with President Aliyev warning of retaliation.
- Rising gasoline and diesel prices in the U.S. do not seem to concern President Trump.
- The U.S. active drilling rig count rose to 551 this week, though it is down 41 from last year.
- Brent crude exceeds $90 as the Strait of Hormuz closure halts Gulf oil flows, with Iraq and Kuwait cutting output, raising fears of further price surges.
- California remains vulnerable to global oil supply disruptions despite record U.S. production, due to limited pipeline access and specialized refining needs.