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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
890.00
-151.00
890.00
+20.00
Jun 22
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	890.00	-151.00	890.00	+20.00	Jun 22

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
595.31	+4.13	752.06	+4.51	1 098.02	+0.58	Jun 22

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	505	576	-71	600	634	-34	890	1 052	-162	Jun 22
Singapore	482	603	-121	720	713	+7	920	1 045	-125	Jun 22
Fujairah	595	545	+50	1 150	640	+510	1 400	1 108	+292	Jun 22
Houston	512	579	-67	618	667	-49	905	1 024	-119	Jun 22

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Latest News
- 2026-06-22
  Oil slips after US-Iran conclude talks in Switzerland
  Oil prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets. Brent crude fell $1.53, or 1.90%, to $79.04... Read more Oil prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.
  
  Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT. Prices had earlier climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran’s announcement it had again closed the Strait of Hormuz.
  
  U.S. West Texas Intermediate crude futures were at $76.53 a barrel, down 7 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 55 cents to $75.30 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.
  
  High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The talks began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.
  
  Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran.
  
  "High-level talks between the US and Iran in Switzerland over the weekend appear to have produced some progress, with both sides agreeing to establish a high-level committee," IG market analyst Tony Sycamore said.
  
  "However, whether these steps will deliver meaningful results on the ground remains to be seen, particularly in Southern Lebanon where both Israel and Hezbollah are seemingly intent on continuing their struggle."
  
  ’VERY REAL RISKS’
  
  Before the talks, the number of ships that passed the Strait of Hormuz fell sharply on Sunday, shipping data showed, after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal.
  
  Israeli strikes in Lebanon killed at least 20 people on Saturday, Lebanon’s state news agency NNA said, one day after a ceasefire with Hezbollah took effect, aimed at halting months of escalating violence.
  
  "Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING analysts said in a note.
  
  Still, oil prices fell more than 8% last week on hopes of more supply from the release of cargoes stranded inside the Gulf and the potential lifting of U.S. sanctions on Iranian oil as part of the U.S.-Iran deal.
  
  Over 25 million barrels of Iranian oil have passed through the virtual blockade line since Monday, the head of the National Iranian Oil Company, Hamid Bovard, told state TV on Sunday.
  
  The United Arab Emirates, Kuwait and Iraq have offered more oil to customers in the past week.
  
  Iraq plans to restore crude production gradually to between 4.2 million and 4.3 million barrels per day, Iraq’s deputy oil minister for upstream affairs said in a statement on Sunday.
  
  Source: Reuters/Investing.com
- 2026-06-22
  Britain’s Energy Crisis Is Driving Manufacturing Offshore
  The UK risks a major wave of deindustrialization and widespread factory closures unless the government expands emergency relief measures for manufacturers battling soaring energy costs, a prominent manufacturing trade body has warned, as reported by the... Read more The UK risks a major wave of deindustrialization and widespread factory closures unless the government expands emergency relief measures for manufacturers battling soaring energy costs, a prominent manufacturing trade body has warned, as reported by the Guardian.
  
  According to a June 2026 survey by Make UK and the Trades Union Congress (TUC), Britain faces an imminent risk of industrial collapse unless the government provides immediate financial relief to protect manufacturers from surging energy and power bills driven by systemic carbon levies and high fuel costs triggered by the Middle East conflict.
  
  The joint manufacturing outlook survey confirms that the UK's ~130,000 manufacturing firms are in crisis mode. Indeed, recent UK government data revealed that industrial electricity prices in the UK can be more than 90% higher than the median of International Energy Agency (IEA) member countries, rendering Britain’s energy-intensive industries far less competitive.
  
  British manufacturers pay an average of around 27 pence ($0.36) per kilowatt-hour of electricity, much higher than 16p ($0.21)/kWh in other developed nations, according to the study. The sector’s severe financial distress is evidenced by the fact that 25% of firms surveyed are holding fewer than 12 months of cash reserves. Further, one in ten manufacturers says they face insolvency within the year. To stay afloat, 38% of businesses have frozen or delayed investment plans, while 21% have been forced to cut staffing levels.
  
  According to the study, 25% of UK manufacturers have already relocated parts of their production overseas or are actively considering moving to other countries in Europe and Asia where energy is cheaper. Not surprisingly, energy-intensive industries, including chemicals, steel, Oil & Gas refining, foundries, glass production, cement, and pulp & paper manufacturing, have been amongst the hardest hit.
  
  Natural gas is the industrial boogeyman.
  
  The UK remains highly dependent on natural gas for power generation compared to other European nations. Natural gas serves a dual purpose in UK chemical manufacturing, functioning both as a raw material feedstock and a thermal fuel. Unfortunately, UK natural gas prices have remained elevated due to the ongoing depletion of domestic North Sea reserves, coupled with the country’s heavy reliance on LNG.
  
  Compared to continental Europe, the UK maintains limited operational gas storage (roughly 2 to 10 days of supply), forcing the country to buy spot-market LNG during supply shocks. Because gas is typically the most expensive fuel required to meet peak demand, it disproportionately sets the wholesale price for all electricity under the UK's marginal pricing system. Britain’s wholesale electricity market holds daily auctions where all generators are paid the price of the most expensive (marginal) source needed to meet demand. Since gas-fired plants are frequently required to ensure a stable supply, they set a high benchmark price that all generators receive.
  
  An aging infrastructure and byzantine energy policies make the situation worse.
  
  The UK energy grid is undergoing a generational shift to accommodate renewable energy sources. This requires massive expansions and equally massive grid investment. But these substantial grid investments, including National Grid's monumental £29 billion transmission rollout, have resulted in soaring “non-commodity charges” that are largely passed on to industrial consumers. In other words, they’re paying for the upgrades.
  
  Roughly 50% of an industrial business's energy bill consists of five government carbon taxes and levies allocated for electricity grid upgrades. Policy costs such as Renewables Obligation (RO), Contracts for Difference (CfD) and Capacity Market (CM) charges make up many of the non-commodity costs on energy bills for UK industries.
  
  The government is now trying to mitigate some pain this is causing heavy industry, providing some targeted relief and compensation schemes to halt the capital flight.
  
  Expected to be launched in 2027, the British Industrial Competitiveness Scheme (BICS) will expand upon the initial British Industry Supercharger. BICS is designed to exempt 10,000 qualifying energy-intensive industries (EIIs) from paying specific renewable levies. Businesses in sectors like aerospace, chemicals, and automotive are eligible to apply to the Department for Business and Trade (DBT) for EII certificates for levy exemptions and grid compensation. This relief is expected to slash electricity bills for eligible firms by up to 25% or up to £40 per megawatt-hour. Additionally, the Network Charging Compensation (NCC) Scheme is designed to help offset high transmission and distribution grid charges. The discount was increased from 60% to 90% in April 2026, though payout for some steel and manufacturing businesses may lag for a year.
  
  Manufacturing investment goes where energy is affordable and reliable. Britain currently offers some of the highest industrial electricity prices in the developed world. The result is visible throughout the sector: investment delays, staffing cuts, shrinking cash reserves and production moving overseas.
  
  Government support may slow the process for some companies. It does not eliminate the cost gap. Manufacturers still have to compete against rivals in countries where electricity is dramatically cheaper. Until that changes, Britain will remain at risk of losing more industrial capacity to foreign markets. Source: Oilprice.com
- 2026-06-22
  MABUX: Bunker market to continue irregular fluctuations on Jun. 22.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved sideways on Jun. 19. 380 HSFO: USD/MT: 591.18 (+6.04) VLSFO: USD/MT 747.55 (+4.31) MGO: USD/MT 1 097.44 (-4.18) In the medium term,... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved sideways on Jun. 19.
  
  380 HSFO: USD/MT: 591.18 (+6.04)
  VLSFO: USD/MT 747.55 (+4.31)
  MGO: USD/MT 1 097.44 (-4.18)
  
  In the medium term, the peace agreement remains bearish for bunker prices as Iranian exports and Gulf cargo flows gradually recover. However, bunker premiums continue to be supported by tight inventories and ongoing logistics normalization. While market sentiment is increasingly oriented toward softer prices, physical supply constraints have not yet fully eased.
  
  As of Jun. 19, the MABUX Market Differential Index (MDI), which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — registered the following trends across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam, Singapore, and Houston were undervalued, with the discount narrowing by $8 in Rotterdam and $13 in Singapore, but widening by $2 in Houston. Fujairah remained the only overvalued port, with its premium rising by $18. Singapore's MDI continued to stay above the $100 threshold.
  
  • VLSFO segment: Three ports: Rotterdam, Singapore, and Houston - were undercharged. The discount decreased by $8, $10, and $12, respectively. Fujairah remained the only overvalued hub, although its premium decreased by another $18 and remained above $100.
  
  • MGO LS segment: Fujairah remained the sole overvalued port, with its premium rising by $67. Rotterdam, Singapore, and Houston stayed undervalued as discounts narrowed by $42, $39, and $16, respectively. Singapore's MDI fell below the $100 threshold, while Rotterdam and Fujairah remained above it.
  
  MABUX expects the Global bunker market to continue irregular fluctuations on Jun. 22: plus-minus 5-15 USD/MT, VLSFO: plus-minus 5–15 USD/MT, MGO LS: plus-minus 10–20 USD/MT.
  Source: MABUX
- 2026-06-22
  Hormuz Crisis Sparks a Middle East Pipeline Boom
  The blockading of the Strait of Hormuz was something that was never going to happen—until it did, paralyzing a fifth of global LNG and crude oil flows and causing quite a bit of economic pain to both producers and consumers of energy commodities. Now,... Read more The blockading of the Strait of Hormuz was something that was never going to happen—until it did, paralyzing a fifth of global LNG and crude oil flows and causing quite a bit of economic pain to both producers and consumers of energy commodities. Now, they are taking care to never let a disruption of that scale happen again.
  
  The most immediate response to Iran’s closure of the strait was switching to alternative pipeline routes for those that had them. Saudi Arabia demonstrated foresight with its East-West pipeline that it used to reroute its export flows from the Persian Gulf to the Red Sea, ramping up to some 7 million barrels of crude daily along the pipe that had previously handled much lower volumes. The only major constraint in that rerouting was the capacity of the loading facilities at Yanbu Port, an issue Aramco will no doubt address soon.
  
  It is worth noting that the risk of Iran closing off the Strait of Hormuz was precisely what made Saudi Arabia decide to build the East-West pipeline in the first place, back in the 1980s, as Reuters’ energy columnist Ron Bousso noted in an overview of alternative oil and gas routes out of the Middle East in the aftermath of the Hormuz crisis.
  
  Meanwhile, its neighbor and former fellow OPEC member, the UAE, will have to build a new pipeline to insulate itself from potential future Hormuz trouble. The country already has one pipeline that ships oil to the port of Fujairah, which sits right outside the Strait of Hormuz, but it now plans to double its capacity with a new pipe, from 1.8 million barrels daily to 3.6 million barrels daily—and it wants to do it fast. The new pipeline is scheduled to be ready by the end of next year.
  Related: Equinor to Boost Troll Gas Output with $412 Million Subsea Development
  
  Iraq is also trying to boost its pipeline capacity. More than 90% of Iraq's oil exports traditionally move through the Persian Gulf, making the country especially vulnerable to Hormuz disruptions. Exports that averaged more than 3.3 million bpd before the conflict collapsed to a fraction of that level, triggering a sharp decline in government revenues and forcing Baghdad to prioritize domestic energy security over export volumes. Production plummeted from over 4 million barrels daily to barely over 1 million bpd.
  
  Like its neighbor, the UAE, Iraq is looking to ramp up its existing pipeline infrastructure, specifically the Kirkuk-Ceyhan pipeline that handles oil flows from Iraq’s northern fields. The pipeline currently has a capacity of around 200,000 barrels daily, but Baghdad is taking steps to increase this to some 770,000 barrels daily, and wants to do it in months. Then, Iraq is also considering a network of other pipelines to Mediterranean ports in Syria and Jordan as a way of bypassing Hormuz and the risk of future disruptions of tanker traffic there.
  
  There is a separate initiative to build a pipeline network connecting the Middle East’s oil fields to port cities in the Mediterranean, with Turkey and Syria becoming major regional energy export hubs. “The post-Assad stabilization of Syria opens a narrow but historically decisive window to transform the Levant from a theater of energy conflict into a continental energy corridor,” the organization behind the idea, a think tank named the New Lines Institute, said. One could argue that the takeover by former radical militants is perhaps best not described as stabilization, but it appears the people currently in charge of Syria are eager to make money from energy.
  
  “The Four Seas Initiative would deliver four compounding strategic goods: European energy sovereignty from Russian and Iranian dependence; American commercial primacy in the Middle East’s most strategically leveraged infrastructure; Syrian economic reconstruction underwritten by transit revenues; and a durable geopolitical settlement that rewards alignment with the West,” the New Lines Institute also said.
  
  Turkey is already working to turn itself into a regional energy hub, especially in natural gas. The Four Seas Initiative will fit well with that Ankara strategy, which, however, also includes transiting Russian gas. The initiative is seen costing some $10 billion—money that energy exporters would likely consider well spent if they minimize the risk of suffering losses from other countries’ geopolitical decisions.
  
  There are, however, those who face a more uphill battle to secure more independence for their oil and gas exports. Kuwait and Qatar will have to rely on neighboring countries and their pipelines to bypass Hormuz, Reuters’ Bousso wrote in his report, because they lack such infrastructure at home. For Qatar, this is far from perfect due to tensions with the UAE and Saudi Arabia—on which it would have to rely should it want to reduce its dependence on Hormuz.
  
  On the other hand, the risk of a repeat of the Hormuz scenario that was never going to happen is, at the moment, quite slim—unless hostilities resume, that is. Source: Oilprice.com
- 2026-06-22
  The Hormuz Crisis Has Forced India to Rethink Its Energy Strategy
  India has been battling to secure its energy security in recent months, as its heavy dependence on fossil fuel imports has made it highly vulnerable to a closure of the Strait of Hormuz. Severe energy supply chain disruptions have prompted India to deepen... Read more India has been battling to secure its energy security in recent months, as its heavy dependence on fossil fuel imports has made it highly vulnerable to a closure of the Strait of Hormuz. Severe energy supply chain disruptions have prompted India to deepen its ties with the United States to secure sufficient liquefied natural gas (LNG) supplies and to reassess its plan to enhance energy security over the coming decades, with consideration of renewable energy expansion.
  
  The months-long restrictions on energy trade through the Strait of Hormuz led to a rise in India’s crude weighted average price from $69 in March to over $114 per barrel in April. This dramatic price increase exposed India’s vulnerabilities to supply chain constraints. India is heavily dependent on imported oil, LNG, and liquefied petroleum gas (LPG), and the war in Iran has significantly driven up prices for all three fuels in recent months.
  
  India is the world’s third-largest oil importer, fourth-largest LNG importer, and second-largest LPG importer. In terms of its domestic energy industry, it is the world’s fourth-largest refiner and fifth-largest exporter of refined petroleum globally. The International Energy Agency expects India to become the largest driver of global oil demand growth between now and 2030, as its population continues to grow and industrialisation accelerates.
  
  Until recently, most of India's energy imports arrived via the Strait of Hormuz from Russia, while it exports refined products through the same route. Around 45 per cent of India’s crude imports, 50 per cent of its LNG, and 90 per cent of its LPG passed through the strait when it was fully operational.
  
  India used to rely heavily on Iran for its oil; however, stricter sanctions on Iranian energy in recent years have led it to shift its dependence to other Middle Eastern powers, including Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait. Most of India’s LNG came from Qatar, the UAE, and Oman, while its LPG was sourced from the UAE, Qatar, Kuwait, Saudi Arabia, and Oman. Since 2022, India had also begun to rely heavily on Russia for its energy, although U.S. sanctions on Moscow and President Trump’s trade-tariff threats last year have discouraged India from further developing this relationship.
  
  The sudden closure of the Strait in March has prompted India’s policymakers to scramble for alternative energy supplies. Early in the closure, the U.S. Treasury Department announced it would waive sanctions on the purchase of Iranian and Russian crude already in transit. While the Iran waiver is no longer in place, the Russian waiver had been extended to mid-June, with the potential for renewal. This has helped alleviate pressure on India. However, these waivers do not provide long-term security, meaning that India has had to seek a more stable, longer-term energy supply.
  
  In May, India’s Foreign Minister S. Jaishankar announced that the country would be expanding its energy ties with the United States to strengthen energy security, following bilateral talks with U.S. Secretary of State Marco Rubio in New Delhi.
  
  “We spent some time today discussing energy issues, and again, you’re all aware that our government’s fundamental responsibility is to address the needs of 1.4 billion people. Obviously, ensuring the accessibility and affordability of energy for them is our prime objective,” Jaishankar stated.
  
  The United States became India’s top LNG supplier in May, shipping 900,000 tonnes of liquefied gas, or 40 per cent of its needs and a threefold increase from April. It also became the top LPG supplier, sending 630,000 tonnes of the fuel, which was 60 per cent more than it received from the Gulf region that month.
  
  This increase in energy imports was largely driven by the closure of the Strait of Hormuz, although it also reflects the deepening of energy ties between the two countries that began before the war in Iran. Sumit Ritolia, the lead research analyst at energy intelligence firm Kpler, explained, “Going forward, the India–US energy trade will increasingly focus on gas.” Ritolia said that the United States’ abundant resources and expanding export infrastructure make it well suited for energy trade with India.
  
  The Indian government was previously reluctant to purchase energy from the United States due to its high cost, particularly compared with Moscow’s discounted crude. However, the closure of a critical energy trade corridor between Europe and Asia left India with little choice but to deepen ties. U.S. LPG exports to India are expected to exceed 1 million tonnes in June.
  
  While India has been able to alleviate immediate energy pressures by importing more fossil fuels from the United States, the closure of the Strait of Hormuz has exposed India’s vulnerabilities. Greater investment in developing India’s renewable energy capacity could reduce the country’s dependence on fossil fuel imports and ensure long-term energy security, particularly with its energy demand set to grow over the coming decades. Source: Oilprice.com
- 2026-06-22
  Energy Security, Not Climate Goals, Is Now Driving the Clean Power Boom
  While ships are beginning to trickle through the Strait of Hormuz after months of near-total closure, it will be a very long time before the effects of this year’s energy crisis fade from the global economy – if they ever do. This latest round of turmoil... Read more While ships are beginning to trickle through the Strait of Hormuz after months of near-total closure, it will be a very long time before the effects of this year’s energy crisis fade from the global economy – if they ever do. This latest round of turmoil in global oil and gas markets has catalyzed clean energy adoption to a degree that may permanently alter the global energy landscape, as well as the way that we conceive of energy security and geopolitical strategy.
  
  It is extremely telling that, against the backdrop of the United States and Israel’s war in Iran, demand for solar energy, electric vehicles, and battery-powered energy systems and storage have skyrocketed in the United States and abroad. In the past, energy insecurities have driven a return to fossil fuels as the stalwart, round-the-clock energy sources that we felt we could best depend on. But with three energy crises in four years, global leaders are starting to get wise and change their strategy. This year’s rush for renewable energy infrastructure in the face of market volatility therefore marks a historic sea change in geopolitics and a tipping point for the global energy transition.
  
  “This moment demands attention,” Time Magazine reported this week. “Across the U.S. and globally, interest in clean energy is accelerating faster than at any point in history, and not necessarily because of anything the clean energy movement achieved on its own. Understanding why is critical.”
  
  This is because the selling point for clean energy is no longer based on sustainability and climate change, which are politically charged goals that wax and wane between leadership administrations. Instead, clean energy increasingly represents energy independence and autonomy, assets which have become increasingly indispensable as global conflict ticks up and a new era of nationalism and protectionism takes hold around the globe. In this context, clean energy no longer represents a costly and risky experiment, but a necessity for energy security and resilience to supply chain shocks like the one ongoing in the Strait of Hormuz.
  
  “Wind and solar cannot be embargoed, blockaded, or shut off by a foreign power,” David Frykman, General Partner at Stockholm-based venture capital group Norrsken, wrote in an op-ed for Fortune earlier this year. “Every terawatt-hour of domestic renewable generation is a terawatt-hour that no adversary can weaponize.”
  
  This is true in virtually every corner of the globe. Unlike fossil fuels, which are geologically limited to certain resource-rich regions and countries, solar power can be viable – albeit to varying degrees – most everywhere inhabited by humans. And, as the cost of solar power continues to plummet, it has become increasingly accessible for even the most cash-strapped nations. As a result, some of the biggest areas for clean energy growth are in the Global South, and many poor nations are even leapfrogging the United States when it comes to solar capacity installations.
  
  This is not to say that the United States is not experiencing the same clean energy boom as the rest of the world. Despite antagonistic policy measures, solar power is booming under the Trump administration as the benefits of the technology simply outweigh the costs. Put simply, renewables have become too cheap to fail.
  
  “For years, clean energy has been sold as a moral imperative. Now it is simply an economic and geopolitical necessity,” Forbes reported earlier this year. “It’s not about emissions. It’s about resilience and price stability.”
  
  But it’s not just about prices. Time argues that we are now in a distinctive third era of clean energy growth. The first was geared toward mitigating emissions. The second was about economics. And now, it’s all about energy security. Of course, price stability is a critical component to energy security, but in a changing and increasingly volatile geopolitical climate, energy independence and autonomy are the order of the day. And solar power offers both in spades. Source: Oilprice.com
- 2026-06-22
  Iraq Is Keeping Its Syria Oil Route—Even If Hormuz Reopens
  Nobody, especially not Iraq, wants to be caught relying on Hormuz ever again. Iraq is preparing to export crude oil and naphtha through Syria's Mediterranean port of Baniyas, expanding an emergency workaround that emerged after the closure of the Strait... Read more Nobody, especially not Iraq, wants to be caught relying on Hormuz ever again.
  
  Iraq is preparing to export crude oil and naphtha through Syria's Mediterranean port of Baniyas, expanding an emergency workaround that emerged after the closure of the Strait of Hormuz disrupted the country's primary export routes and left storage tanks filling up.
  
  According to Reuters, Iraqi officials say the strategy will remain in place even after shipping through Hormuz returns to normal.
  
  That alone says plenty.
  
  Iraq normally exports around 3.6 million barrels of oil per day, with roughly 3.4 million bpd historically flowing through southern Gulf terminals. When Hormuz effectively shut down earlier this year, one of OPEC's largest producers suddenly found itself heavily exposed to a risk that many policymakers had spent decades treating as hypothetical.
  
  Initial crude exports through Syria are expected to begin as early as July at around 50,000 bpd, with fuel oil shipments already moving by truck to Baniyas for export to markets in Europe and Africa. Syria is expanding facilities at the port and preparing additional unloading infrastructure to handle the growing volumes.
  
  The move is part of a broader trend emerging across the Middle East.
  
  Saudi Arabia relied heavily on its East-West pipeline during the Hormuz disruption. The UAE is pushing ahead with plans to expand export capacity outside the Strait. Iraq is exploring multiple routes through Syria and Turkey. Across the region, energy producers are investing in alternatives rather than assuming Hormuz will always remain available.
  
  And recent events have done little to restore confidence.
  
  While markets initially celebrated the reopening of Hormuz, reality quickly intervened. Negotiations scheduled for Friday in Switzerland were postponed before they even began, the IRGC warned vessels against entering the Strait on the grounds that Washington was already violating the newly signed agreement, and tanker operators remained reluctant to rush back into the world's most politically sensitive shipping lane.
  
  The result is a region increasingly focused on redundancy. Source: Oilprice.com
- 2026-06-22
  Israel and Hezbollah Truce Gives Oil Markets a Reason to Pause
  The Middle East's latest peace deal just got a peace deal of its own. Israel and Hezbollah agreed Friday to halt fighting in southern Lebanon after days of escalating clashes threatened to derail the fragile US-Iran peace process, reducing the risk... Read more The Middle East's latest peace deal just got a peace deal of its own.
  
  Israel and Hezbollah agreed Friday to halt fighting in southern Lebanon after days of escalating clashes threatened to derail the fragile US-Iran peace process, reducing the risk that the first major test of the U.S.-Iran agreement would turn into its first major failure.
  
  Negotiations between Washington and Tehran are supposed to begin under a 60-day framework agreement designed to end the war, reopen the Strait of Hormuz, and eventually restore millions of barrels per day of disrupted oil supply. But before those talks could even get underway, fighting between Israel and Hezbollah was already testing the limits of the agreement.
  
  Oil markets noticed.
  
  After collapsing from more than $100 per barrel in May to below $77 earlier this week, Brent crude climbed back above $80 on Friday as traders reassessed just how stable the region really is.
  
  The market's recent selloff was built on a simple assumption: the war is over, and oil is coming back.
  
  Reality, as usual, appears more complicated.
  
  Neither Israel nor Hezbollah is a formal party to the U.S.-Iran agreement. Israel has repeatedly said it intends to maintain military operations in southern Lebanon until security threats are eliminated.
  
  Hezbollah has insisted that any lasting halt to attacks requires an Israeli withdrawal.
  
  In other words, one of the biggest risks to the broader peace process comes from actors who weren't sitting at the negotiating table.
  
  The latest truce may buy diplomats some breathing room, but it does little to resolve the underlying tensions that sparked the fighting in the first place.
  
  The oil price collapse of the past two weeks reflected growing confidence that Middle Eastern supply disruptions would soon become a thing of the past.
  
  And that may eventually happen, but every ceasefire, truce, and memorandum signed comes with an asterisk.
  
  The Strait of Hormuz may be moving toward reopening. The Middle East itself remains very much a work in progress. Source: Oilprice.com
- 2026-06-22
  Kuwait Says Oil Output Could Hit 2 Million Bpd Within a Week
  Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz. This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman... Read more Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz.
  
  This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), to Kuwait News Agency, before the collapse of the talks between the U.S. and Iran on Friday.
  
  “Prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports has resumed,” Al-Sabah was quoted as saying.
  
  Kuwait’s production has collapsed to below 600,000 bpd in recent weeks as one of OPEC’s top producers has been one of the worst affected producers by the closure of the Strait of Hormuz due to a lack of alternative export outlets.
  
  Kuwait doesn’t have an export outlet not depending on the Strait of Hormuz and was forced to slash its oil production.
  
  The U.S.-Iran memorandum of understanding and the reopening of the Strait have made Middle Eastern producers hopeful that they could begin restoring the massive production volumes they had shut-in, estimated at about 13 million bpd. That is, if the deal holds and traffic through the Strait of Hormuz begins to normalize in a sustainable way.
  
  Even before the U.S.-Iran deal, Kuwait began offering its crude to Asian buyers for the first time since the Iran war choked off transit through the critical chokepoint.
  
  Unlike Saudi Arabia or the United Arab Emirates (UAE), Kuwait does not have a pipeline alternative to bypass the Strait of Hormuz, which has severely stifled its crude oil exports in recent months.
  
  Kuwait will likely need up to 12 weeks after the Strait of Hormuz re-opens to restore the oil production that has been curtailed since the war began on February 28, an official at Kuwait Petroleum Corporation (KPC) said earlier this month.
  
  Source: Oilprice.com
- 2026-06-22
  Equinor to Boost Troll Gas Output with $412 Million Subsea Development
  Equinor and its partners in the Troll gas field have decided to invest more than $400 million in a new subsea development to boost gas production from the huge Norwegian gas field in the North Sea. Equinor and its partners Petoro, Shell, TotalEnergies,... Read more Equinor and its partners in the Troll gas field have decided to invest more than $400 million in a new subsea development to boost gas production from the huge Norwegian gas field in the North Sea.
  
  Equinor and its partners Petoro, Shell, TotalEnergies, and ConocoPhillips have decided to invest just over 4 billion Norwegian crowns, or $412 million, in a new subsea development that will increase gas production from the Troll field, the Norwegian energy major said on Friday.
  
  Equinor is betting on increasing its oil and gas production in the Norwegian Continental Shelf (NCS) in the coming decades to meet a large part of Europe’s energy needs and position Norway to remain a key reliable supplier of oil and gas to its closest partner, the European Union.
  
  Norway, Western Europe’s biggest oil and gas producer, replaced in 2022 Russia as Europe’s single largest gas supplier after ramping up exports following the halt of most of Russia’s pipeline gas to Europe after the Russian invasion of Ukraine.
  
  Equinor now looks to launch the third step of Phase 3 of Troll with ambition to start production from the new gas development as early as in 2028.
  
  The so-called TWIN project is expected to contribute around 11 billion standard cubic meters of gas. It is the third step of Troll phase 3, which produces gas from the Troll West reservoir.
  
  The second step of Troll phase 3 is expected to start producing this year and ensure continued high production from Troll A and Kollsnes until 2030.
  
  “Our fields are ageing, new discoveries are smaller and costs are increasing. If we are to continue delivering, we need to do something radically different,” said Gunnar Nakken, senior vice president for projects and subsea Norway at Equinor.
  
  “Our ambition is to halve costs and execution time for our subsea projects and develop six to eight such projects per year towards 2035.”
  
  The announcement of the Troll gas expansion comes days after Equinor said it would advance Norway’s largest oilfield, Johan Sverdrup, to Phase 4, after recent appraisal drilling confirmed additional recoverable resources.
  
  Source: Oilprice.com

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