Middle East energy infrastructure targeted in escalating conflict
** Iran hit more oil and fuel storage tanks in Dubai as it responded to the latest U.S. and Israeli attacks. One was near Dubai International Airport and a drone attack left an oil facility ablaze in the United Arab Emirates. Saudi Arabian oil installations were also targeted by a wave of 34 Iranian drones which were intercepted. Recent drone strikes have caused fires at fuel storage sites and disrupted aviation and energy operations in the Gulf region.
Chevron and Shell pursue Venezuela production deals
** Chevron and Shell are closer to inking major deals as the Iranian crisis looms in the backdrop. Both energy giants are inching toward some of the first major production agreements in Venezuela since the January political upheaval, Reuters reports. This led to a massive opening in the market.
India trade deficit and Strait of Hormuz risks
** India’s merchandise trade deficit narrowed to $27.1 billion in February from the previous month, data released on Monday showed, with economists warning that shipments face risks from the escalating crisis around the Strait of Hormuz, one of the world’s most critical energy shipping lanes.
Gas shortages disrupt Indian steel production
** Mounting gas shortages have disrupted operations at some steel plants of India’s top metals conglomerate JSW Group, with one unit facing a potential shutdown in the coming days, according to an internal note seen by Reuters.
Puerto Rico electricity costs expected to rise
** Puerto Rico, a country that relies on fossil fuels for more than 90% of its electricity, with liquefied natural gas as its next-biggest source after oil, is bracing for higher power costs.
U.S. Energy Developments
Energy Secretary Chris Wright comments on Iran war and gasoline prices
** Energy Secretary Chris Wright said Sunday that the war with Iran will come to an end in the next few weeks, and possibly sooner, amid concerns about high gas prices. Wright’s comments come as Americans are seeing increasingly high gasoline prices as a result of the war.
Vineyard Wind offshore project reaches construction milestone
** Construction is complete on Vineyard Wind, one of the five offshore wind projects the Trump administration tried to halt in December, though it will be a few more weeks before all 62 turbines off Massachusetts’ coast are fully up and running. The project is expected to generate roughly 800 megawatts of electricity, enough to power hundreds of thousands of homes once fully operational.
Gulf of Mexico drilling project approved
** The Trump administration approves a $5 billion ultra-deep oil drilling project in the Gulf of Mexico, despite opposition from environmentalists and Democrats.
Honda EV plans scaled back
** Honda scraps plans to build three electric vehicle models in Ohio, citing concerns over waning demand, tariffs, and economic uncertainty.
Black Hills Energy transmission project completed
** Black Hills Energy completes construction on a 260-mile transmission project linking its South Dakota and Wyoming distribution grids.