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In just over two weeks since the US-Israeli strikes on Iran triggered the closure of the Strait of Hormuz, more than 12 million barrels of oil equivalent per day (boepd) of Middle East oil and gas production has been taken offline, including 7 million barrels per day (bpd) of crude supply – equivalent to roughly 7 % of total global liquids demand. Iraq has been hit hardest, with over 60% of its pre-conflict volume curtailed. Still, the more alarming reality is that the worst is likely yet to come. Rystad Energy analysis shows that in a worst-case…
Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG—or was, until this month. With the shutdown of Qatar’s Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain. QatarEnergy announced a complete halt to LNG production after Iranian drone strikes hit facilities at Ras Laffan Industrial City and Mesaieed Industrial City on March 2. A force majeure declaration followed on QatarEnergy exports. The move started a…
The United States and Iran are fighting not just because of their differences, but also because of their similarities. Both countries see themselves as exceptional civilizations shaped by religion and sustained by a sense of victimhood. Each believes it has been repeatedly wronged by the other and is therefore acting defensively. This mutual narrative has become one of the most powerful forces shaping U.S.–Iran relations. Both nations interpret the relationship through different historical starting points. Because their memories of the conflict…
Since coming into power in January 2025, United States President Trump has pursued an energy policy centred around fossil fuels. As part of his plan to expand U.S. oil and gas production, Trump has made it easier to attain licences to dig for fossil fuels on federal land and has reopened several regions to exploration. One such region is Alaska, where new exploration had previously been restricted due to environmental concerns. However, during the recent sale of oil and gas leases in Alaska, there was little interest in the region, suggesting that…
