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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 041.00
+47.00
980.00
-20.00
Jun 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 041.00	+47.00	980.00	-20.00	Jun 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
652.28	-17.43	801.45	-19.48	1 180.43	-23.07	Jun 15

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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	530	618	-88	625	683	-58	980	1 113	-133	Jun 15
Singapore	555	646	-91	700	766	-66	1 005	1 106	-101	Jun 15
Fujairah	640	590	+50	1 215	713	+502	1 508	1 169	+339	Jun 15
Houston	610	634	-24	700	735	-35	1 010	1 088	-78	Jun 15

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Latest News
- 2026-06-15
  Oil slips $4 as US, Iran reach peace deal to reopen Strait of Hormuz
  Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz. Brent crude futures... Read more Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.
  
  Brent crude futures fell $4.08, or 4.7%, to $83.25 a barrel by 0415 GMT and U.S. West Texas Intermediate was at $80.53, down $4.35, or 5.1%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.
  
  The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, whose country has served as a mediator. Trump said on Sunday that the Strait of Hormuz would be open "toll free" and that a U.S. naval blockade of Iranian ports would also end.
  
  Iran’s semi-official Mehr news agency said the draft deal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements.
  
  "The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in the prospect of restored oil flows," said Tim Waterer, chief ⁠market analyst at KCM Trade.
  
  The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a chokepoint for a fifth of the world’s oil and liquefied natural gas supplies, for more than three months.
  
  Investors are also watching cautiously how quickly Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.
  
  "While these uncertainties suggest upside risks to our forecast for Brent oil futures to reach $80/bbl by the end of the year, it’s worth noting that oil flows through the Strait of Hormuz just needs to reach 60-70% of pre-war levels to return oil markets to pre-war oversupply expectations," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia, said in a note.
  
  Iran’s deputy foreign minister, Kazem Gharibabadi, said a more expansive agreement would be negotiated during a 60-day ceasefire period.
  
  E4 nations, which include the UK, France, Germany and Italy, said on Sunday the countries were prepared to lift sanctions on Iran in response to steps on its nuclear programme.
  
  "Beyond the immediate price reaction, attention will now shift toward the pace of actual supply normalization and compliance with the agreement," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
  
  "While the conflict may have come to an end and oil flows through the Strait of Hormuz may gradually return to normal, the damage already done cannot be reversed overnight. This includes not only any physical damage to oil infrastructure but also the economic strain endured by oil importing economies that have faced elevated energy costs for months."
  
  Source: Reuters/Investing.com
- 2026-06-15
  Nuclear Drives “All of the Above” Trend in Energy Security
  Japan plans to rebuild over a dozen nuclear reactors by 2050; China is building seven new ones this year alone; in the U.S., two companies are building a hybrid nuclear-and-gas power plant; Germany admitted killing nuclear was a big mistake. Nuclear is... Read more Japan plans to rebuild over a dozen nuclear reactors by 2050; China is building seven new ones this year alone; in the U.S., two companies are building a hybrid nuclear-and-gas power plant; Germany admitted killing nuclear was a big mistake. Nuclear is back—and it makes the backbone of a new approach to energy security.
  
  “We clearly need more nuclear power and we’re bullish on it,” the president of Microsoft, Brad Smith said recently, as quoted by the Wall Street Journal, which reported that nuclear is back in favor with everyone, but especially Big Tech. Microsoft is among the tech majors investing in nuclear generation to power its AI data centers, effectively admitting that hopes and dreams of low-carbon wind and solar reliance would never become a reality. Nuclear remains the only reliable, (dispatchable), low-carbon form of energy—and it is also a lot less vulnerable to geopolitical price swings than oil and gas.
  
  Japan is a good case in point. Following the 2011 Fukushima disaster, the Japanese government closed all of its nuclear reactors and tried to switch to other forms of electricity generation. The Strait of Hormuz crisis, as well as LNG price volatility, however, recently prompted a reconsideration of the nuclear-divorce policy, with growing pro-nuclear sentiment in Japanese political circles.
  
  The idea to rebuild as many as 11 to 14 nuclear reactors was laid out in a proposal by the country’s trade ministry earlier this month. If all 14 are built, this would add 16 GW to Japan's generation capacity. Currently, Japan generates between 60% and 70% of its electricity from hydrocarbons, including coal, oil, and natural gas, which it imports due to a lack of its own resources. The drawbacks of this dependence have become quite obvious amid the Middle Eastern crisis, highlighting the advantages of nuclear.
  
  China, meanwhile, is fully living up to its reputation as an all-of-the-above energy planner. The country is building solar, wind, coal, and nuclear with equal enthusiasm. Beijing plans to put into operation seven new nuclear reactors this year, boosting its already substantial fleet, which is already the largest in the world. Ground has been broken on two of the seven planned for commissioning before the end of the year.
  Related: The Oil Market Could Be Weeks From a Breaking Point
  
  Another 16 reactors have been approved for construction, and a total of 36 are under construction, Chinese media reported in April, citing official data. There are 60 already operating nuclear reactors in the country with an installed capacity of 125 million kW, with China overtaking the United States as the biggest nuclear nation in the world, after it built 34 GW over ten years.
  
  The United States, however, is starting to catch up. A nuclear renaissance is among the energy priorities of the Trump administration, and the Department of Energy is taking this priority seriously. There are plans in place to extend the lives of existing reactors and build new ones, including large conventional facilities and small modular reactors, which have made a lot of media noise but little in the way of actual capacity, for now. Last month, the DoE even said it was considering funding research into using Cold War-era nuclear weapon fuel for power generation to reduce dependence on imported uranium, which comes from Russia and Kazakhstan.
  
  Speaking of small modular reactors, despite the absence of any demonstrable success there, hopes are high. “If we can figure out a design that people can be happy with and try and replicate that a series of times, I think that’s going to help on construction,” Constellation Energy executive VP Dan Eggers told the Wall Street Journal. “It’s going to help on operations costs, and that will all lead to hopefully a better cost profile.”
  
  Nuclear does need a better cost profile because its big drawback is upfront costs, if we are talking conventional nuclear. It is the reason why there has been reluctance to build more reactors even in the face of soaring demand from the tech sector. It is also the reason Big Tech is teaming up with power utilities to supply the money for the reactors. SMRs are supposed to be cheaper, but the one attempt, by NuStar, ended up so expensive that it did not make commercial sense.
  
  Even with these upfront costs, however, nuclear is back. It is back because the Middle East crisis has painted a point that China already knows well in stark relief for the rest of the world. All energy matters, and so does diversification. Europe is learning this lesson the hard way, by making all the mistakes that it could make, but even in Europe, the attitude towards nuclear is shifting, with none other than Germany admitting it was a grave mistake to shut down all of its reactors. It is a mistake that has cost the country—and the EU—dearly and one that everyone has learned from and will be able to avoid.
  
  Source: Oilprice.com
- 2026-06-15
  MABUX: Global bunker market to extend sustainable downward correction on Jun. 15 as U.S. and Iran reach deal to reopen Hormuz.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — reversed into negative territory on Jun. 12, reflecting renewed pressure across all major fuel segments: 380 HSFO: USD/MT: 669.71 (-15.79) VLSFO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — reversed into negative territory on Jun. 12, reflecting renewed pressure across all major fuel segments:
  
  380 HSFO: USD/MT: 669.71 (-15.79)
  VLSFO: USD/MT 820.93 (-21.82)
  MGO: USD/MT 1 203.50 (-42.76)
  
  As of Jun. 12, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — indicated the following trends across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam, Singapore, and Houston were undervalued. The degree of underpricing widened further by $21 in Rotterdam and $12 in Singapore, signaling increasing divergence between market prices and the benchmark, while narrowing by $6 in Houston. Fujairah remained the only overvalued port in this segment, with its premium expanding by $13.
  
  • VLSFO segment: The undervaluation trend persisted in Rotterdam, Singapore, and Houston. The discount to the digital benchmark increased by $5 in Rotterdam and $16 in Singapore, while decreasing by $4 in Houston. Fujairah continued to stand out as the sole overvalued hub, with its premium surging by an additional $37 and remaining comfortably above the $100 threshold.
  
  • MGO LS segment: Fujairah also remained the only overvalued port in the MGO LS segment, with its premium rising by $16. Rotterdam, Singapore, and Houston continued to trade below their digital benchmark levels. The degree of underpricing widened by $19 in Rotterdam and by a substantial $72 in Singapore, while easing by $4 in Houston.
  
  The latest MDI readings suggest that bunker fuel pricing remains uneven across major hubs, with Fujairah maintaining a pronounced premium structure, while Rotterdam, Singapore, and Houston continue to trade at discounts relative to their fair market values.
  
  MABUX expects the global bunker market to maintain a firm downward trajectory on Jun. 15 driven by easing geopolitical tensions and a sharp decline in global oil prices following the announcement of a tentative U.S.-Iran deal: minus 5-20 USD/MT, VLSFO: minus 5–20 USD/MT, MGO LS: minus 10–30 USD/MT.
  Source: MABUX
- 2026-06-15
  Rising Energy Bills Are Fueling a Global Home Battery Boom
  Consumers are battling higher energy bills worldwide due to rising inflation and greater price volatility of oil and gas, driven by significant restrictions on energy trade through the Strait of Hormuz in recent months. This has prompted a surge in interest... Read more Consumers are battling higher energy bills worldwide due to rising inflation and greater price volatility of oil and gas, driven by significant restrictions on energy trade through the Strait of Hormuz in recent months. This has prompted a surge in interest in household solar systems, as consumers look to produce their own clean, affordable power. Consumer interest in battery installations is also growing as battery prices decrease and people become increasingly aware of the potential for 24-hour clean power.
  
  Australia is one of the countries pioneering household battery installations as targeted policies drive uptake. Approximately one in three houses already have domestic solar power, as consumers across the country take advantage of the country’s favourable conditions for clean power production. Now, people are looking to battery storage to boost their power and ensure a stable supply, day and night.
  
  Since July 2025, around 415,000 Australian households have invested in battery storage, equivalent to around one in every 25 homes. This reflects a broader trend in Australia, as the government rapidly deploys industrial-scale batteries nationwide. The increased uptake of batteries is helping to drive down electricity prices.
  
  Tristan Edis, the director of the consultancy Green Energy Markets, who authored a report that analyses Australia’s household battery trend, explained, “It’s amazing… It shows again that if you go big with a technology, and you kick it off big from the start, you can make a really significant difference. If you’re a battery manufacturer focused on residential right now, you really must be focused on Australia.”
  
  Many concerns about the shift away from fossil fuels to renewable alternatives centre around the instability of energy sources such as wind and solar power. However, the installation of battery storage is helping to assuage these doubts by providing critical power backup and eliminating the need to turn to gas to fill the gap at certain times of the day.
  
  As the price of solar panels has fallen, thanks to increased uptake and technological innovations, battery prices remained high until recently. However, battery storage is gradually becoming more affordable, with prices falling by around 90 per cent since 2010, according to the International Energy Agency, a trend that has helped attract more consumer interest. Batteries have improved in recent years as prices have decreased, with most now requiring fewer critical minerals for production, offering longer lifespans, and improving fire safety.
  
  At a time when fossil fuel prices are increasingly volatile due to ongoing geopolitical tensions, consumers are more willing to invest in household renewable energy systems that provide clean, affordable power.
  
  In addition, the increase in battery storage uptake in Australia has driven down gas use in recent months, with fewer people relying on gas-powered mains electricity during the night hours. This is helping to save consumers money by reducing peak-hour electricity prices and decreasing the country’s carbon emissions.
  
  It is not just in Australia that consumer interest in battery storage is increasing; uptake has risen worldwide in recent years. In the United States, home battery capacity grew by over 50 per cent last year, and the domestic battery market is expected to grow by around 120 per cent by 2030.
  
  In Europe, solar power installations are helping to save consumers millions, particularly as gas prices continue to climb. One analysis suggests that solar power saved Europe over $115 million a day throughout March by reducing gas imports, savings that could climb to almost $78 billion by the end of the year if the Strait of Hormuz remains closed.
  
  In addition to commercial solar power, households across the region are increasingly investing in residential installations to reduce their reliance on expensive electricity from the mains supply. Europe is the global leader in residential energy storage, accounting for 7 of the top 10 global residential storage markets, according to a December report from Wood Mackenzie.
  
  In the United Kingdom, over 27,000 solar installations were completed in March 2025, according to government data, marking the highest monthly total since 2012 and adding 2.3 GW of clean electricity. A June government proposal could help households with solar systems cut their energy bills further by installing community batteries, as the government launches a call for evidence to unlock barriers to the rollout of shared battery storage across the U.K.
  
  Phil Steele, from British energy firm Octopus Energy, explained, “Batteries, when combined with smart tariffs, can significantly lower energy bills… Rather than paying the same flat rate around the clock, smart tariffs like Agile Octopus automatically charge the battery when electricity is at its cheapest and discharge it when prices are at their highest, so customers get the most out of every unit of energy stored.”
  
  As consumers grow more concerned about fossil fuel price volatility, more people are looking to generate their own clean, affordable power, driving the uptake of solar and battery storage installations. Greater interest in residential battery systems could help rapidly shift energy demand in countries with strong records of household solar power uptake.
  
  Source: Oilprice.com
- 2026-06-15
  The Oil Market Could Be Weeks From a Breaking Point
  Three and a half months after the blocked Strait of Hormuz created the worst oil supply disruption in history, oil prices remain below $100 per barrel amid hopes of an imminent U.S.-Iran deal. It’s not only hopes that have been keeping prices much... Read more Three and a half months after the blocked Strait of Hormuz created the worst oil supply disruption in history, oil prices remain below $100 per barrel amid hopes of an imminent U.S.-Iran deal.
  
  It’s not only hopes that have been keeping prices much lower than a sudden disappearance of 13 million barrels per day (bpd) of supply would warrant.
  
  The market has had major buffers to rely on. China, the world’s top crude importer, slashed imports to multi-year lows, while the U.S. boosted its crude exports to a record high. Strategic releases of oil stocks in developed economies have also helped the market through this unprecedented crisis.
  
  But these buffers are now vanishing, inventories are crashing, and the market is just weeks away from an inflection point and a price spike if the Strait of Hormuz remains largely inaccessible to tanker traffic, analysts say.
  
  “From an inventory perspective, we believe that the end of July could be an inflection point for the market if there is no improvement in energy flows from the Persian Gulf,” Warren Patterson, Head of Commodities Strategy at ING, wrote in a note this week.
  
  This inflection point, without a sustainable improvement in Hormuz traffic, could push Brent Crude prices to spike to as much as $120-$130 per barrel this summer. Such a high price would increase pressure on the U.S. for a deal, Patterson said.
  Related: Europe Wary Of Too Much Dependence on U.S. LNG
  
  “And failing a deal, one can’t rule out the possibility that we get to a point where energy-starved buyers are more willing to pay Iran tolls for safe passage through the Strait of Hormuz,” the strategist noted.
  
  ING’s base case is that Strait of Hormuz flows will remain largely constrained until the end of July, leaving the market in deficit over the third quarter. The bank expects Brent Crude prices to average $110 per barrel between July and September, before trending lower in the fourth quarter and in 2027 as flows from the Middle East are expected to recover.
  
  The three buffers that have been anchoring oil prices below $100 per barrel (excluding sentiment and Trump-driven volatility) – China’s low imports, record U.S. exports, and SPR releases – are now becoming unsustainable for much longer.
  
  Crude oil imports to China in May fell to their lowest since October 2017 due to the price spike.
  
  The world’s top crude importer started tapping its huge oil reserves last month, in a sign that Beijing is still refraining from paying top-dollar for prompt crude deliveries. So far into this unprecedented crisis, China has slashed refinery run rates, limited exports, and cut demand for road transportation fuels as consumers prefer driving EVs over paying high gasoline prices.
  
  The key question for the oil market is how long China could tolerate stock draws and slashed refinery output, and when it will return to more active crude purchases.
  
  The buffer of record-high U.S. oil and fuel exports, running 1.8 million bpd above year-ago levels since the start of the war, is also unsustainable.
  
  “These stronger exports are coming from inventory rather than additional supply growth. The clear upside risk for the market is if tightening in the US market prompts any intervention from the government when it comes to exports,” ING’s Patterson said.
  
  Finally, the SPR releases are about to be completed soon. In the U.S., the release is set to conclude by the end of July, “after which the pace of tightening in the oil market is likely to pick up”, also amid peak summer demand, the strategist noted.
  
  As the buffers are being depleted, a few more weeks of nearly-closed Strait of Hormuz could tip the oil market into triple-digit prices for the summer, making a deal more urgent for the Trump Administration than it is now. Source: Oilprice.com
- 2026-06-15
  Oil Prices Plunge as U.S. and Iran Reach Deal to Reopen Strait of Hormuz
  Oil prices plunged in early Monday trading in Asia after the U.S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure. At the time of writing, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while... Read more Oil prices plunged in early Monday trading in Asia after the U.S. and Iran announced a deal to reopen the Strait of Hormuz more than 100 days after its closure.
  
  At the time of writing, Brent crude had dropped 3.95% to trade at $83.88 per barrel, while WTI had fallen 4.62% to $80.96 per barrel. Oil prices, which peaked in mid-May, have been slowly but surely trending downward in recent weeks on rumors of a deal, even after multiple escalatory strikes.
  
  On Sunday night, President Trump declared that a deal with Iran was complete, writing on social media that “oil will flow” through the Strait of Hormuz once the deal is signed on Friday.
  
  Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed that the text of a memorandum of understanding had been finalized and that a formal signing ceremony would take place in Switzerland on Friday.
  
  Pakistan and Qatar, the two lead mediators in the deal, also confirmed the agreement.
  
  While details of the deal are yet to be confirmed, semi-official Iranian state news outlet Mehr News Agency published details from a source “close to Iran’s negotiating team”. Those details include an end to the war in Lebanon, the suspension of sanctions on Iranian oil, the release of $24 billion in frozen Iranian funds, and an affirmation that Iran will not produce nuclear weapons.
  
  The release of funds and the broader lifting of sanctions on Iran are set to take place during the ceasefire period, although reporting by Mehr News Agency suggested that $12 billion would be made available to Iran before negotiations begin.
  
  Importantly for oil markets, Iran will be able to resume crude exports during the 60-day ceasefire period while broader nuclear negotiations continue.
  
  The diplomatic breakthrough was nearly foiled at the eleventh hour when Israel conducted an air strike on southern Beirut, with Trump saying the attack “should not have happened”. The President took to social media immediately after the attack to say “all sides should stand down” and added that there should be no more attacks by Israel anywhere in Lebanon.
  
  While the agreement represents the most serious diplomatic breakthrough since the war began, markets will remain on edge until the Strait is cleared of mines, the deal is signed, and normal shipping flows resume.
  
  After more than three months of war, traders are finally beginning to price in the possibility of peace and a return to normal. Whether that peace holds, and just how long a return to normal will take, remains to be seen. Source: Oilprice.com
- 2026-06-15
  UK Sets January 2027 Deadline for Ban on Fuel Made From Russian Crude
  The UK has finally put a date on the sanctions loophole it said it would close a while ago. The British government said Friday that imports of diesel and jet fuel refined from Russian crude in third countries will be banned no later than January 1,... Read more The UK has finally put a date on the sanctions loophole it said it would close a while ago.
  
  The British government said Friday that imports of diesel and jet fuel refined from Russian crude in third countries will be banned no later than January 1, 2027, closing one of the remaining routes by which Russian oil products can still find their way into the UK market.
  
  The move builds on sanctions announced in May that prohibit the import of refined oil made from Russian crude, even if that refining occurred outside Russia. At the time, however, London carved out a temporary license allowing imports of diesel and jet fuel to continue while supply chains adjusted.
  
  In other words, Russian crude could be shipped to a third country, refined there, and the resulting fuel could still legally enter the UK. The government now says that arrangement has an expiration date.
  
  Officials stressed that the current license is subject to review every two weeks and could be terminated earlier if market conditions allow. Industry will receive at least four months' notice before any changes take effect.
  
  The UK has already banned direct imports of Russian crude and refined products, but policymakers have increasingly targeted what they see as backdoor routes that blunt the impact of sanctions.
  
  Trade Minister Chris Bryant called the January 2027 deadline a "clear signal" that Britain intends to maintain maximum pressure on Russia's economy.
  
  The government also highlighted restrictions introduced in May on maritime services related to Russian LNG, part of a broader effort to squeeze Moscow's energy revenues.
  
  Whether the measure meaningfully dents Russia's finances is another question. Russian crude has spent the past several years taking increasingly creative journeys around the globe before reappearing as something else. Sanctions have made those routes more expensive and more complicated, but they haven't exactly eliminated them.
  
  The UK says international sanctions have deprived Russia's economy of more than $450 billion since the invasion of Ukraine. London has now sanctioned more than 3,300 individuals, companies, and vessels under its Russia sanctions regime. Source: Oilprice.com
- 2026-06-15
  U.S. Military Helping Move 7 Million Bpd Out of Persian Gulf, Wright Says
  U.S. Energy Secretary Chris Wright just gave the market a number that helps explain why Brent crude isn't trading at $150 per barrel. Speaking at a Bloomberg Energy event in Houston on Friday, Wright said the U.S. military is now helping move roughly... Read more U.S. Energy Secretary Chris Wright just gave the market a number that helps explain why Brent crude isn't trading at $150 per barrel.
  
  Speaking at a Bloomberg Energy event in Houston on Friday, Wright said the U.S. military is now helping move roughly 7 million barrels per day (bpd) of oil out of the Persian Gulf. According to Wright, that's about half of the oil that remains stranded following the disruption of tanker traffic through the Strait of Hormuz during the ongoing U.S.-Israeli conflict with Iran.
  
  The figure is significant because normal flows through Hormuz are typically around 20 million to 21 million bpd, making the waterway the world's most important oil chokepoint. If Wright's estimate is accurate, current exports are running at roughly one-third of normal levels—far higher than many traders appeared to assume.
  
  In fact, the market may have been pricing in a much worse situation. Rebecca Babin, senior energy trader at CIBC Private Wealth, said at the same event that oil prices in the upper-$80-per-barrel range suggested investors believed only 3 million to 4 million bpd were making it through the strait.
  
  Brent crude futures were trading around $87 per barrel on Friday, down more than 3.7% on the day despite the continued disruption. That's an astonishingly subdued price response considering that roughly two-thirds of normal Hormuz volumes remain offline.
  
  The explanation may be that traders are now hearing the message that supply losses have not been as severe as feared. Wright said the U.S. military effort to escort or facilitate cargo movements began only recently and has not been publicly discussed.
  
  "We have a military effort that we've not talked a lot about, which started more recently to get cargoes out," Wright said.
  
  Wright added that no Iranian crude is currently leaving the strait. He said the United States expects full flows to resume if a diplomatic agreement is reached with Tehran. If negotiations fail, Wright said Washington will continue working to restore oil movements through the region.
  
  The comments offer the clearest indication yet that U.S. military involvement is playing a direct role in keeping at least part of the global oil trade moving. Source: Oilprice.com
- 2026-06-15
  Europe Wary Of Too Much Dependence on U.S. LNG
  European buyers aren’t committing to long-term LNG supply agreements with U.S. exporters despite the ongoing EU phase-out of Russian gas imports and the supply crisis in the Middle East. U.S. developers and proponents of new LNG export facilities in... Read more European buyers aren’t committing to long-term LNG supply agreements with U.S. exporters despite the ongoing EU phase-out of Russian gas imports and the supply crisis in the Middle East.
  
  U.S. developers and proponents of new LNG export facilities in America have been trying to lock in long-term supply deals with European importers, with little success so far this year, U.S. executives have told Bloomberg.
  
  The Europeans are interested in discussions, but not really committing to long-term supply deals, according to the American LNG exporters.
  
  European importers are concerned about becoming too reliant on U.S. gas and simply replace decades-long reliance on Russia with a new reliance on America.
  
  Europe isn’t budging to signing many long-term U.S. LNG supply deals, even in the face of a tighter global LNG market than expected before the Iran war, and the phase-out of Russian gas by 2027.
  
  The EU banned, effective April 25, imports of LNG from Russia under spot contracts as part of its wider stepwise ban on all Russian gas imports by the end of 2027. A full ban will take effect for LNG imports from the beginning of 2027 and for pipeline gas imports from the autumn of 2027, under the EU’s plan to ditch Russian gas.
  
  The EU has raised its dependence on U.S. LNG and it could source as much as 80% of its LNG imports from the United States by 2028, according to forecasts by the Institute for Energy Economics and Financial Analysis (IEEFA) published last month.
  
  A number of European energy utilities have recently expressed interest in buying the future output of the Ksi Lisims LNG project, which will be Canada’s second export facility for liquefied gas.
  
  The Ksi Lisims LNG facility already has offtake agreements for 5 million tons in annual production, but the companies behind the project want to secure commitments for another 3 to 4 million tons, the chief executive of Western LNG, the project leader, told Reuters in an interview.
  
  Source: Oilprice.com
- 2026-06-15
  Nigeria's Crude Oil Production Hits 15-Month High
  Nigeria’s crude oil output jumped to a 15-month high in May as Africa’s top producer continues to ramp up production, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed. Nigeria pumped 1.53 million barrels per day (bpd)... Read more Nigeria’s crude oil output jumped to a 15-month high in May as Africa’s top producer continues to ramp up production, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed.
  
  Nigeria pumped 1.53 million barrels per day (bpd) of crude last month, the highest level since January 2025, as the African country now produces at its ceiling per the OPEC+ group’s agreements, after years of failing to do so due to sabotage, oil theft, and oil spills.
  
  Nigeria actually produced 102% of its OPEC+ quota of 1.5 million bpd in May, slightly exceeding the ceiling. Hardly anyone can blame it for exceeding its quota in the current global supply crisis.
  
  Combined with 170,446 bpd of condensate output, Nigeria’s total crude and condensate production reached an 11-month high at 1.7 million bpd in May. The last time Nigeria produced an average of more than 1.7 million bpd of crude and condensate for a full month was in July 2025.
  
  Nigeria has shown sustained growth in its crude and condensate output so far this year. Total oil output rose from 1.48 million bpd in February to 1.7 million bpd in May, according to the figures reported by the NUPRC.
  
  Nigeria has struggled to pump to its quota in recent years as sabotage often led to force majeure at major export streams.
  
  However, with a recent crackdown on oil theft and sabotage in the Niger Delta, Nigeria has managed to increase crude production and aims for further growth by 2030.
  
  Nigeria is actively increasing its crude oil production in response to major global supply disruptions caused by the ongoing war in Iran, with authorities now aiming to raise output by 100,000 barrels bpd in the immediate term to capture widening supply gaps.
  
  Nigeria’s state-owned oil and gas company NNPC is set to increase oil production to 2 million bpd over the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025. Source: Oilprice.com

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