The US Naval Blockade and what it means for the world
Iran boasts of oil sales not be interrupted by blockade
** Iranian oil sales in recent weeks have been favorable and part of the revenue will be allocated to repairing damage to industry caused by wartime attacks, Iran’s oil minister said on Tuesday. Mohsen Paknejad said oil workers had maintained operations across facilities during the conflict, ensuring oil exports were not halted “even for a single day,” including at key export hubs such as Kharg Island.
Chinese tanker allowed through blockade
** A Chinese tanker sanctioned by the United States passed through the Strait of Hormuz on Tuesday despite a US blockade on the chokepoint, shipping data showed. The Rich Starry would be the first to make it through the strait and to exit the Gulf since the blockade began, data from LSEG, MarineTraffic and Kpler showed.
War’s impact on oil and economy in India
** The Indian rupee’s direction this week is likely to revert to being driven by oil prices and equity flows, with support from central bank rule-linked flows now having faded, while bonds will be driven by oil and the Reserve Bank of India’s actions.
Chevron boosts standing in Venezuela
** Chevron is strengthening its long-standing position in Venezuela’s upstream sector through a strategic asset swap with state-owned PDVSA, aimed at concentrating its portfolio around high-value heavy crude assets in the Orinoco Oil Belt.
Ukrainian drones keep pounding Russian refineries
** New Ukrainian drones have reached deep into Russian territory, and ISW said Ukraine is inflicting major damage on the Russian energy sector. It highlighted a series of drone attacks on Novorossiysk on the Black Sea as well as on the Baltic Sea oil hubs of Primorsk and Ust-Luga, which previously handled about 45% of Russia’s seaborne crude exports.
US energy
** Michigan’s secretary of state and Democratic candidate for governor proposes banning political contributions from regulated utilities as part of a broader plan to lower utility costs for ratepayers.
** Members of the Sault Ste. Marie Tribe of Chippewa Indians in Michigan unanimously approve a moratorium on data centers over concerts about stressing local resources and lacking long-term economic benefits.
** An analysis shows a liquified natural gas export facility under construction in Louisiana will produce more greenhouse gases than any terminal built in the U.S. so far.
** Environmental groups challenge Mississippi regulators’ award of a permit to Elon Musk’s xAI to build a massive gas plant to power a data center in Memphis, Tennessee, and another planned for Mississippi.