Oil prices hit $125 early Thursday
US talks Strait of Hormuz
** The US is pushing for other countries to form an international coalition to restore freedom of navigation in the Strait of Hormuz, according to a State Department cable seen by Reuters.
** At least six ships – a fraction of the usual traffic – have crossed the Strait of Hormuz in the past day, shipping data showed on Wednesday, while the U.S. and Iran remain deadlocked over coming to terms that would re-open the crucial waterway.
Where’s Iran’s hidden uranium?
** The head of the U.N. nuclear agency says the majority of Iran’s highly enriched uranium is still believed to be at its Isfahan nuclear complex. The site was bombarded by airstrikes last year and faced less intense attacks earlier this year
OPEC weakened by UAE
** The United Arab Emirates hit two birds with one stone with its dramatic announcement on Tuesday. Its decision to quit the Organisation of the Petroleum Exporting Countries (Opec) has dealt a potential death blow to the influential oil group. Equally, it aims a powerful punch at its neighbour and de facto Opec leader Saudi Arabia, reigniting a tense regional rivalry between the two nations.
Ukrainians hit another Russian depot
** A major fire reportedly broke out on Wednesday at a Russian oil pumping station in the Perm region in the Ural Mountains in a suspected drone attack just a day after Ukrainian President Volodymyr Zelenskyy touted the increasing range and accuracy of Ukrainian drones.
Offshore wind farm
** Ocean Winds, a joint venture between EDP Renewables (EDPR) and ENGIE, has completed the installation of the final turbine at its Îles d’Yeu and Noirmoutier (EMYN) offshore wind farm near Vendée, France.
US Energy
** Between the week ending March 20 and the week ending April 24, the U.S. Department of Energy (DOE) released a total of 17.5 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR), according to data in the U.S. Energy Information Administration’s Weekly Petroleum Status Report. DOE released 7.1 million barrels in the week ending April 24, the most released since the week ending October 7, 2022.
** Democratic Congress members launch an investigation into the Trump administration’s deal with TotalEnergies to abandon its offshore wind leases.
** Chinese EV firm BYD reports a 55% drop in its first quarter profits compared to a year earlier, extending three straight quarters of falling profits as domestic sales slow.
** NTT Data, a major data center operator, is buying carbon removal credits from startup Climeworks to help meet its climate goals, the companies exclusively shared with Axios.
** The Senate holds a procedural vote to pave the way for confirming Steve Pearce to head the Bureau of Land Management as part of a package aimed at putting dozens of President Trump’s nominees in place.