The operator of Tengiz, the biggest oilfield in Kazakhstan, on Friday said it is investigating an incident from Wednesday, which has not interrupted supply.  The field, operated by a Chevron-led consortium, has not stopped oil production, sources told Reuters.   Uninterrupted operations at Tengiz, which has the capacity to produce as much as 950,000 barrels per day (bpd) of crude oil, would be crucial for global oil supply at these times in which about 10% of daily oil supply is already shut in by the producers in the Middle East,…

The operator of Tengiz, the biggest oilfield in Kazakhstan, on Friday said it is investigating an incident from Wednesday, which has not interrupted supply.  The field, operated by a Chevron-led consortium, has not stopped oil production, sources told Reuters.   Uninterrupted operations at Tengiz, which has the capacity to produce as much as 950,000 barrels per day (bpd) of crude oil, would be crucial for global oil supply at these times in which about 10% of daily oil supply is already shut in by the producers in the Middle East,…

Brent crude is set to close above $100 for the first time since 2022 as tensions around the Strait of Hormuz intensify. ICE Brent is set to settle above $100 per barrel for the first time since August 2022, undeterred by the US’ easing of sanctions on Russia and the IEA’s mulled release of strategic petroleum stocks. The closure of the Strait of Hormuz sits front and centre to any oil price outlook, with Iran already striking at least 18 vessels since the US-Iran conflict started two weeks ago. Iran’s New Supreme Leader Goes All…

The war in the Middle East has effectively shut in 15% of TotalEnergies’ global oil and gas output, while the now-offline barrels account for about 10% of the supermajor’s upstream cash flow. Following requests from shareholders and to answer the question about the status of TotalEnergies’ exposure to Middle East, the France-based international major said on Friday that “production has been shut down or is in the process of shutting down in Qatar, Iraq, and UAE offshore, representing approximately 15%” of the group’s…

For decades, global attention has focused on the potential “red line” of Iran’s nuclear program. Intelligence agencies track centrifuge installations, debate enrichment levels, and speculate about the possibility of a nuclear breakout. But while the world has been watching Iran’s nuclear program, it has a far more immediate strategic lever. Iran’s most powerful weapon is not a bomb. It is the geography it controls. The Strait of Hormuz is a narrow shipping corridor between Iran and Oman. If that passage is effectively…