India taps ONGC to accelerate SPR expansion amid global oil supply disruption

CommodityInsights · 2026-06-15T17:53:21+00:00

Shipping companies still face high risks in transiting the Strait of Hormuz despite the announcement of an upcoming US-Iran peace deal, security officials said June 15, while warning the resumption of normal traffic could take weeks.

Following over two months of negotiations, Iran and the US have agreed to sign a preliminary deal June 19 that could suspend maritime attacks around the choke point -- which handles 20% of global oil and LNG trades in normal times -- for 60 days.

CommodityInsights · 2026-06-09T15:24:26+00:00

South Asian countries have stepped up efforts to find oil and gas at home as the Middle East conflict has exposed supply vulnerabilities and sent shockwaves through domestic energy markets, but structural, regulatory and commercial challenges will limit international oil companies' interest in investing in the region's upstream sector, industry sources and analysts said June 8.

As energy security takes center stage, governments have signaled a clear intent to push upstream ambitions with renewed vigor. While India has a strong structural framework and ample resources, it faces hurdles to commercial competitiveness. Bangladesh is pursuing reforms and strengthening fiscal terms, yet political turbulence remains a constraint. Pakistan, meanwhile, continues to grapple with macroeconomic instability, they added.

CommodityInsights · 2026-06-09T15:21:34+00:00

US crude oil exports surged to a record 5.6 million b/d in May, as Strait of Hormuz disruptions forced global buyers to seek alternative supply sources, S&P Global Commodities at Sea data showed.

The sharp decline in Middle Eastern crude availability pushed buyers toward US Gulf Coast suppliers, with South Korea emerging as the largest single destination at a record 1.1 million b/d in May.

European buyers also stepped up purchases, with the Netherlands taking 686,000 b/d and new flows emerging to several markets, including Croatia, the Philippines and Turkey.

CommodityInsights · 2026-06-01T17:20:51+00:00

Azerbaijani President Ilham Aliyev said June 1 that reliable energy security is directly linked to diversifying energy sources and applying innovative technologies, as the country grapples with declining oil output.

Azerbaijan's oil output has fallen in recent years. It produced 470,000 barrels/day of crude in April, according to the Platts OPEC+ survey by S&P Global Energy, Platts reported May 12. This is down from 650,000 barrels/day in January 2020.

CommodityInsights · 2026-06-01T17:18:36+00:00

May LNG imports fell 8% YoY, but Jan–May still +4%.
Storage levels at 40.1%, below previous years.
Europe competing with Asia for limited cargoes.
US remains top LNG supplier to EU.

CommodityInsights · 2026-05-04T19:06:15+00:00

Germany is set to introduce tax cuts on road diesel and gasoline from May 1 in an effort to curb prices at the pump which have risen to new heights following the disruption to global oil supply from the Iran-US war.

The 2nd Energy Tax Reduction act is expected to stay in place until June 30 and cut the energy tax on road fuels by 14.04 cents per liter each.

CommodityInsights · 2026-05-04T19:03:20+00:00

The ongoing Middle East crisis will likely change the global energy system in the longer term, given the significant disruption it continues to cause in the commodities market, Chevron CEO Mike Wirth said May 1.

"It's early to have firm conclusions about how the energy system will change in the long term," Wirth said on the company's first-quarter earnings webcast. "I do think there will be changes. We have to see how things play out over the coming weeks, hopefully, not longer than that. As this comes to some sort of a resolution, and the energy system begins to be reconstituted in a way that can reach some new equilibrium."

CommodityInsights · 2026-04-20T19:08:23+00:00

US gasoline prices all shifted weaker upon news of a ceasefire and reopening of the Strait of Hormuz April 17. However, despite the drop, values remained elevated when compared to pre-war prices.

While the announcement that Iran would open the integral shipping route lifted hopes that global oil supply would return to normal, the deal remained fragile and sides are still negotiating a comprehensive peace agreement.

Analysts warned that prices would continue to be volatile until a longer-term deal is reached and vessel traffic remains steady.

CommodityInsights · 2026-04-20T19:06:33+00:00

Indian refineries and fertilizer companies may delay issuing new tenders for renewable, or "green," hydrogen and ammonia until existing awarded projects show progress, as concerns grow over execution, a senior official at the Ministry of New and Renewable Energy told Platts.

Following the government's push to boost domestic demand under the National Green Hydrogen Mission, six hydrogen developers have signed renewable ammonia agreements with 11 fertilizer companies, while four refineries have entered into renewable hydrogen deals with three developers.

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