Oil volumes moving out of the Persian Gulf have recovered to about two-thirds of the typical levels from before the Iran war, Goldman Sachs says, noting that the jump in exports could cap oil prices even if the Middle East conflict drags on further. As many as 15 million to 16 million barrels per day (bpd) of crude and petroleum products are now leaving the whole Middle East region, about 5 to 6 million bpd above the March trough, Goldman Sachs analysts said in a note carried by Bloomberg. The total Middle Eastern volumes are still about 7-8 million…

Three of China’s top solar market players reported deepening losses over the first half of the year, reflecting weakening demand for solar in the world’s top manufacturer and generator. Jinko Solar, JA Solar Technology, and Tongwei all reported six-month losses as overcapacity in the sector meets weakening demand, not only at home but also abroad, Bloomberg reported, citing statements made by the companies at their financial results releases. The report noted new solar power capacity additions in China had shrunk to 72.07 GW over the…

Tanker traffic in the Strait of Hormuz slowed below the ten-day average this week, with only seven commodity vessels traversing the waterway on Thursday, Reuters reported today, citing preliminary data from Kpler. This compared to 17 vessels passing through Hormuz a day earlier, with the ten-day average at 15, based on ship-tracking data. A total of 17 tankers passed through the Bab el-Mandeb Strait, 11 of them exiting and six entering, per Reuters. Windward, meanwhile, reported a total of six tankers passed through the Strait of Hormuz on Thursday,…

Crude oil prices were on course to book another weekly loss despite no sign of any progress being made towards peace between Iran and the United States. At the time of writing, Brent crude was trading at $89.17 per barrel, with West Texas Intermediate at $83.19 per barrel. Brent was down by 5.3% over the week, and WTI was set for a 4.3% decline, Reuters reported earlier today. The price trend is interesting in light of reports from vessel-tracking companies that tanker traffic in the Strait of Hormuz remains much weaker than it was before the war.…

Egypt’s gas sector is running short of domestic gas just as Cyprus prepares to become a producer. The recently approved Cronos project offshore Cyprus (expected to deliver up to 2.8 million tonnes per year of LNG from 2028) offers a three-way bargain. Cyprus gains an export route it cannot economically build alone; Egypt secures feedstock for infrastructure increasingly constrained by falling domestic production, and Europe gains another non-Russian source. The logic is compelling, but technical, commercial and geopolitical risks could still…

Asia is expected to welcome roughly the same volumes of crude oil this month as it did in July, with these still weak imports not signaling a surge in tanker crossings at the Strait of Hormuz as the U.S. Administration claims. Asia, the biggest and most prized oil market for oil exporters, is set to import 23.12 million barrels per day (bpd) of crude oil this month, slightly down from 23.36 million bpd in July, per data compiled by commodity analysts Kpler and cited by Reuters columnist Clyde Russell. Sure, tankers need time to move the crude from…

Qatar and Kuwait have managed to boost their crude oil exports from the Strait of Hormuz to 70% of pre-war levels as they followed the United Arab Emirates in shuttling oil through the chokepoint and using ship-to-ship transfers in the Gulf of Oman, anonymous traders told Bloomberg on Thursday.   Before the Middle East conflict, Qatar and Kuwait collectively exported about 2 million barrels per day (bpd) of crude oil via the Strait of Hormuz. They don’t have alternative routes as Saudi Arabia and the UAE do, and struggled to ship oil…

Thailand plans to accelerate the rollout of renewable energy sources and embrace nuclear power for the first time to cut reliance on imported LNG in the wake of the Middle East crisis, Energy Minister Akanat Promphan told Bloomberg in an interview published on Thursday. Thailand relies on natural gas for more than 60% of its electricity generation and has become increasingly dependent on imported LNG. Following the closure of the Strait of Hormuz, the Southeast Asian country is now looking to bolster its energy security and become less dependent…