Middle East

India's Reliance buys 5 MMbbl of Iranian oil after U.S. waiver

Iranian oil, which in recent years has mainly been bought by Chinese independent refiners, is often rebranded as originating from another country.

Iran war deals harder blow to natural gas than oil

Key gas infrastructure - liquefaction plants in particular - is more complex and expensive to build and repair than the oil equivalent. That means oil refineries can often resume operations more quickly than liquefied natural gas export hubs after a shutdown.

Middle East shock gives Dangote refinery leverage as cheap imports dry up

Refiners in India, elsewhere in Asia look to buy Iranian oil after U.S. waives sanctions

The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, U.S. Treasury Secretary Scott Bessent said.

China's Sinopec will not buy Iranian oil, wants to tap state reserves

The world's largest refiner usually sources roughly half of its crude oil needs from the Middle East, making it particularly exposed to the near-closure of the Strait of Hormuz amid the U.S.-Israeli war on Iran.

Shell says Pearl GTL facility's train two in Qatar requires around a year for full repair

Iran attacks wipe out 17% of Qatar’s LNG capacity for up to five years

Prices for oil, fuel cargoes smash record highs as Iran war chokes Middle East supply

Surging oil prices in physical markets — the trading place for oil on ships, rail cars or in storage tanks — have outpaced the already dizzying increases in benchmark futures markets, as refiners and traders across Asia and Europe are snapping up whatever barrels they can secure to plug the enormous supply gap caused by the U.S.-Israeli war on Iran.

ADNOC and OMV advance formation of Borouge Group International AG

The formation of Borouge Group International AG, through the combination of Borouge Plc and Borealis, and acquisition of Nova Chemicals, is progressing according to plan, with the transactions close expected by the end of March 2026, subject to customary conditions.

China's fuel export ban to further tighten Asia supply