Oil Daily | Hostilities Double Tanker Rates in Strait of Hormuz; Algeria's Gas Contracts Expand
Market BriefThursday, Jun 19, 2025 8:00 am ET
1min read【Oil-Producing Countries Dynamics】
Zhongman Petroleum and Natural Gas Group ZPEC, a Chinese oil and gas company, has won a contract for exploring the Zerafa II gas block in Algeria, awarded by ALNAFT. ZPEC competed against TotalEnergies, Eni, and Equinor. Meanwhile, TotalEnergies and QatarEnergy secured the Ahara license, marking strategic expansion in Algeria's upstream sector.
Algeria, an OPEC member since 1969, currently produces around 900,000 barrels per day of crude oil. It is part of an OPEC agreement to manage oil supply, and the country aims to monetize its natural gas resources amid reduced Russian gas exports to Europe.
Iran has increased its oil exports by 44% since Israel's offensive began, seeking to maximize shipments amid growing hostilities. Iran exported an average of 2.33 million barrels per day since June 13. Despite tensions, vital export infrastructure in Iran has not been targeted, but potential disruptions remain a concern.
【Industry News】
Tanker rates through the Strait of Hormuz have doubled due to hostilities between Israel and Iran, leading to raised insurance premiums for vessels. There is concern over the safety of shipping, with analysts speculating about potential disruptions if the strait is closed, impacting global oil supply and prices.
Shell is exercising caution in the Middle East, particularly in tanker movements, due to heightened tensions between Israel and Iran. The region's instability raises risks for shipping and has potential implications for global trade, with the Strait of Hormuz crucial for energy flows.
Canada may begin its first liquefied natural gas (LNG) exports from the Pacific coast this weekend. LNG Canada, backed by Shell and others, is completing cooldown operations, marking a milestone for Canada's gas industry and shifting North American export patterns towards Asia.
Norwegian utility Statkraft plans to cut annual costs by 2.9 billion NOK, possibly leading to staff layoffs. This reflects financial strain among renewable-focused utilities due to inflation and challenging market conditions. Statkraft's restructuring is part of a broader trend among utilities facing ambitious decarbonization targets.
【Company News】
The Dangote oil refinery in Nigeria is set to export its first gasoline cargo to Asia, marking a shift from previous exports to West Africa. The 650,000-barrels-per-day refinery, which began operations last year, aims to meet Nigeria's refined petroleum product demand and export surplus.
【Others】
The Dangote refinery plans to export polypropylene globally under a partnership with Vinmar International. This collaboration aims to expand the reach of Dangote's petrochemical complex in Nigeria, enhancing its production and export capabilities.
Zhongman Petroleum and Natural Gas Group ZPEC, a Chinese oil and gas company, has won a contract for exploring the Zerafa II gas block in Algeria, awarded by ALNAFT. ZPEC competed against TotalEnergies, Eni, and Equinor. Meanwhile, TotalEnergies and QatarEnergy secured the Ahara license, marking strategic expansion in Algeria's upstream sector.
Algeria, an OPEC member since 1969, currently produces around 900,000 barrels per day of crude oil. It is part of an OPEC agreement to manage oil supply, and the country aims to monetize its natural gas resources amid reduced Russian gas exports to Europe.
Iran has increased its oil exports by 44% since Israel's offensive began, seeking to maximize shipments amid growing hostilities. Iran exported an average of 2.33 million barrels per day since June 13. Despite tensions, vital export infrastructure in Iran has not been targeted, but potential disruptions remain a concern.
【Industry News】
Tanker rates through the Strait of Hormuz have doubled due to hostilities between Israel and Iran, leading to raised insurance premiums for vessels. There is concern over the safety of shipping, with analysts speculating about potential disruptions if the strait is closed, impacting global oil supply and prices.
Shell is exercising caution in the Middle East, particularly in tanker movements, due to heightened tensions between Israel and Iran. The region's instability raises risks for shipping and has potential implications for global trade, with the Strait of Hormuz crucial for energy flows.
Canada may begin its first liquefied natural gas (LNG) exports from the Pacific coast this weekend. LNG Canada, backed by Shell and others, is completing cooldown operations, marking a milestone for Canada's gas industry and shifting North American export patterns towards Asia.
Norwegian utility Statkraft plans to cut annual costs by 2.9 billion NOK, possibly leading to staff layoffs. This reflects financial strain among renewable-focused utilities due to inflation and challenging market conditions. Statkraft's restructuring is part of a broader trend among utilities facing ambitious decarbonization targets.
【Company News】
The Dangote oil refinery in Nigeria is set to export its first gasoline cargo to Asia, marking a shift from previous exports to West Africa. The 650,000-barrels-per-day refinery, which began operations last year, aims to meet Nigeria's refined petroleum product demand and export surplus.
【Others】
The Dangote refinery plans to export polypropylene globally under a partnership with Vinmar International. This collaboration aims to expand the reach of Dangote's petrochemical complex in Nigeria, enhancing its production and export capabilities.
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