U.S. Oil Is Skipping the Chance to Grab Market Share From the Gulf
U. S. oil production is expected to grow only modestly next year as companies hesitate to spend more in an uncertain market.
U. S. oil production is expected to grow only modestly next year as companies hesitate to spend more in an uncertain market.
Modest reactions in the oil and financial markets as Iran and the U. S. met in Switzerland for a first round of talks aimed at making a temporary cease-fire permanent.
The possible reopening of the Strait of Hormuz may not prompt China to return quickly to prewar levels of oil purchases from the Persian Gulf.
More oil is getting out of the Persian Gulf, but the region’s producers are looking for signs that it is safe as they ramp up plans for alternative routes.
After months of shortages and uncertainty, India sees an opportunity to restore a once-crucial energy relationship.
Oil remains on track for a second straight weekly decline, but signs of cracks in the agreement to end the war have given traders pause.
The country has long faced some of the world’s heaviest sanctions. The lifting of restrictions could open new vistas on trade and financial access.
The agreement delays the most difficult steps for Iran for later talks, while granting it a crucial economic lifeline.
Jet fuel may stay expensive for months, and airlines know travelers are willing to pay more for tickets.
Drivers are enjoying some relief at the pump after the United States and Iran signed an agreement to reopen the Strait of Hormuz.
Oil prices fell and stocks rose after Pakistan announced that the agreement to reopen the Strait of Hormuz would take effect immediately.
The preliminary U. S. -Iran deal temporarily waives restrictions that have limited the country’s oil sales and how much money it has been able to make from those exports.
Traders are waiting for U. S. and Iranian officials to meet in Switzerland on Friday, when they are expected to sign an initial agreement and being a 60-day cease-fire.
The Iran war and lower crop prices have hurt makers of sulfur-based supplements. But farmers won’t skip nitrogen-based fertilizers, no matter the cost.
Stocks were mixed after strong rallies the day before.
The preliminary agreement may not have an immediate effect on prices at the pump. Damaged infrastructure and risky transport could keep costs up.
Charging a toll is illegal under international law, but some fees are allowed for services. It is not clear what services Iran would provide, but there were no fees charged before the war.
The pace of the recovery will depend on how confident companies are that the deal between the United States and Iran will hold and be extended.
Shipowners welcomed the agreement to reopen the Strait of Hormuz, but said they would need more security guarantees before resuming transits.
China is the world’s largest purchaser of oil. But three months after the war with Iran began, it cut its imports, cushioning the global market.