Politics, Geopolitical & Conflict
- Following recent tensions in the Persian Gulf and the Strait of Hormuz, oil tankers traveling through the Strait of Hormuz are turning off their transponders to avoid detection in an effort to stay safe. Other tankers are hugging the Saudi coast once inside the Persian Gulf. Shell confirmed it is continuing to travel through the Strait, but is not using UK-flagged vessels to move its oil. BP is also moving oil through the Strait on contracted vessels.
- Germany has rejected the idea of joining a US-led naval mission in the Strait of Hormuz to secure oil tankers. Foreign Minister Heiko Maas said that the German government believes the US strategy of exercising "maximum pressure" against Iran "is wrong." The Germans have also rejected a similar proposal from the UK. On the same day as the German rejection of the Hormuz proposal, a US Senate committee passed a bill to slap sanctions on companies, including several German firms and individuals, involved in building the NordStream 2 gas pipeline from Russia to Germany.
- Yemen’s Ministry of Oil and Minerals is calling on IOCs to restart production and exploration in the country. Oil production has been negligent since 2015. In 2018, Yemen produced about 50,000 bpd of crude, compared to nearly 130,000 bpd in 2014. The government also wants to resume production of LNG, which had been halted as a result of the conflict. The ministry also urged domestic and international…