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Energy & Sustainability

Oil and gas, renewables, storage and environmental industries

Industry News
Source: China Daily Global Edition

Iran Reaffirms Diplomatic Stance Over Strait of Hormuz Following US Ceasefire Rejection

Iran stated it remains committed to diplomacy while prepared to confront aggression after US President Donald Trump rejected its ceasefire road map for the Strait of Hormuz. Tehran proposed a seven-day truce involving the reopening of the waterway on the sixth day in exchange for specific US steps, including unfreezing Iranian assets. Iranian military commanders maintained that naval forces retain decisive control over waters leading into the strategic strait.

Industry News
Source: Arabian Gulf Business Insight | AGBI

Gulf Crude Shuttled Through Hormuz for Offshore Transfers to Long-Haul Tankers

Gulf producers are utilizing short-haul shuttle tankers to transport crude through the Strait of Hormuz for offshore ship-to-ship transfers off Oman and the UAE. According to Arabian Gulf Business Insight, Saudi Arabia adopted the workaround following the disruption of its East-West pipeline, pushing loadings back toward 4 million barrels per day. The crude is transferred off Sohar and Fujairah to long-haul vessels serving Asian destinations including China.

Industry News
Source: Gulf Business

QatarEnergy Extends LNG Force Majeure to Late 2026 Amid Hormuz Disruption

State-owned QatarEnergy has extended force majeure notices on liquefied natural gas deliveries to Italian utility Edison and Asian buyers due to continued transit disruptions in the Strait of Hormuz. Deliveries to Edison are suspended until early December, while Asian clients in Bangladesh and Pakistan face cancellations through November. Data from ICIS shows Qatari LNG exports fell to 18 cargoes through end-August 2026, compared to 509 in the same period last year.

Industry News
Source: Oil & Gas Middle East

Middle East to China VLCC Freight Rates Surpass $1.2 Million Daily

Daily earnings for Very Large Crude Carriers on the Arabian Gulf to China route exceeded $1.2 million per day in late September 2026. According to the Baltic Exchange, round-trip earnings for shipments from Ras Tanura to Ningbo hit $1,235,414 a day amid shipping bottlenecks near the Strait of Hormuz. LSEG data showed spot rates reached an absolute high of $1.27 million on September 21.

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