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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 356.00
0.00
1 340.00
+10.00
Sep 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 356.00	0.00	1 340.00	+10.00	Sep 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
646.45	+3.23	812.01	+2.78	1 438.43	+2.92	Sep 7

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	573	670	-97	680	756	-76	1 340	1 548	-208	Sep 7
Singapore	648	701	-53	855	860	-5	1 248	1 541	-293	Sep 7
Fujairah	645	651	-6	857	801	+56	1 446	1 604	-158	Sep 7
Houston	518	669	-151	720	789	-69	1 332	1 440	-108	Sep 7

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Latest News
- 2026-09-07
  Oil extends gains after US and Iran strike ships
  Oil prices extended gains on Monday as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East. Brent crude futures climbed 79... Read more Oil prices extended gains on Monday as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East.
  
  Brent crude futures climbed 79 cents, or 0.82%, to $97.07 a barrel by 0512 GMT while U.S. West Texas Intermediate crude was at $92.28 a barrel, up 80 cents, or 0.87%.
  
  Brent rose 7.8% last week while WTI gained nearly 10% after the U.S. and Iran resumed attacks and caused a reduction in oil flows through the Hormuz strait where a fifth of the world’s oil supply used to transit.
  
  U.S. forces struck three Iranian oil tankers on Saturday, U.S. Central Command said, including one off the coast of Kharg Island, near Iran’s key oil export hub.
  
  The navy of Iran’s Islamic Revolutionary Guard Corps said on Saturday it targeted three oil tankers that were travelling through unauthorized routes in the Strait of Hormuz as well as three additional U.S. vessels in other areas.
  
  The Saturday attacks represented a "major escalation in the maritime conflict", maritime intelligence firm Marisks said.
  
  "Commercial tankers are now being deliberately used as instruments of reciprocal economic pressure, substantially weakening the previous distinction between military confrontation and commercial shipping," it added.
  
  An average of 10 commodity ships transited the Strait of Hormuz per day over the past 10 days, the lowest since May, data from analytics firm Kpler showed on Monday.
  
  "If tanker traffic begins to slow materially, the market could price in a much larger supply shock. And there are already signs that this is happening," said Priyanka Sachdeva, head of market insights at Phillip Nova.
  
  A restricted zone will be announced outside the Strait of Hormuz in coming days, Mohsen Rezaei, the secretary of Iran’s Supreme National Security Council, said on Sunday, according to state media.
  
  OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, the producer group said in a statement, as it needs to agree new quotas before deciding its next output steps.
  
  A prolonged standoff, punctuated by calibrated military action by the U.S. and Iran, appeared to be the most likely scenario and was likely to delay the path to full recovery of Middle East supply, ANZ analysts said in a note.
  
  "We then expect exports to remain constrained through the rest of 2026, before a gradual reopening late in Q4 2026," they said, adding that a return to pre-war throughput is not expected until late first quarter or early second quarter of 2027. Source: Reuters/Investing.com
- 2026-09-07
  Oil Prices Climb After U.S. Strikes Three Iranian Tankers and Iran Vows Revenge
  Estimates of actual Hormuz oil flows remain sharply contested because U.S. figures exceed visible tanker-tracking estimates and AIS-dark voyages complicate monitoring. Military jet on the runway with a sunset at its back. Oil prices edged higher in... Read more Estimates of actual Hormuz oil flows remain sharply contested because U.S. figures exceed visible tanker-tracking estimates and AIS-dark voyages complicate monitoring.
  Military jet on the runway with a sunset at its back.
  Oil prices edged higher in early Asian trade on Monday following another weekend of escalation in the U.S.-Iran war.
  
  At the time of writing, WTI was trading at $92.14 per barrel, up 0.72% on the session, while Brent had risen 0.63% to trade at $96.89.
  
  On Saturday, U.S. Central Command (Centcom) reported that it had struck three Iranian oil tankers in response to the IRGC targeting two U.S. warships with ballistic missiles. The three tankers hit were M/T Downy, M/T Stark 1, and M/T Kylo, and were struck near Kharg Island, Jask, and in the Gulf of Oman, respectively. Following the attack, Admiral Brad Cooper said the message was clear: “If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours.”
  
  On Sunday, Centcom also updated the figures of its naval blockade against Iran, with U.S. forces now having redirected 92 commercial vessels, disabled 3, and boarded 2 since the blockade resumed on July 14.
  
  Following the attacks, Iranian parliament speaker Mohammad Bagher Qalibaf said that the era of “proportionate responses” is now over, and warned that future retaliations from Iran will be “faster, heavier and more painful.” Meanwhile, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, suggested that Iran would soon announce a new restricted zone outside the Strait.
  
  It remains unclear exactly how much oil is making it through the Strait of Hormuz at the moment. U.S. Energy Secretary Chris Wright claimed over the weekend that more than 9 million barrels per day of oil are being exported via water routes, with pipelines taking another four or five million. Iran’s military has continued to describe the Strait as completely closed to vessel traffic, with the stated aim of ensuring not a drop of oil leaves the region. Independent tanker tracking suggests the reality lies somewhere in between those claims, with TankerTrackers.com estimating that flows averaged about 5.04 million bpd over the latest 28-day period. Even that estimate carries considerable uncertainty as a growing number of vessels have been turning off AIS transponders.
  
  Regardless of how much oil is currently getting through, the most recent economic campaign against Iran does appear to be having an effect, with reports of economic pain in the country rising significantly. Whether that will bring Iran back to the negotiating table or result in a more erratic and intense conflict remains to be seen. Source: Oilprice.com
- 2026-09-07
  MABUX: Global bunker market may resume a moderate upward trend on Sep. 07 amid persistent Hormuz supply risks and escalating U.S
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – moved sideways on Sep. 04, showing no clear direction after five consecutive sessions of gains: 380 HSFO: USD/MT: 643.22 (-2.04) VLSFO: USD/MT:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – moved sideways on Sep. 04, showing no clear direction after five consecutive sessions of gains:
  
  380 HSFO: USD/MT: 643.22 (-2.04)
  VLSFO: USD/MT: 809.23 (+0.98)
  MGO: USD/MT: 1 435.51 (-2.07)
  
  As of Sep. 07, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), showed the following dynamics across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports were underpriced. The MDI discount narrowed by $4 in Rotterdam, while widening by $1 in Singapore, $2 in Fujairah and $8 in Houston. Rotterdam's MDI moved below the $100 mark, while Houston remained above this threshold. Fujairah stayed close to the 100% MBP/DBP correlation level.
  
  • VLSFO segment: Fujairah continued to be the only overpriced port, with its premium increasing by $4. Rotterdam and Houston were underpriced, with discounts widening by $10 in Rotterdam and narrowing by $1 in Houston. Singapore’s MDI reached the 100% MBP/DBP correlation.
  
  • MGO LS segment: All four ports remained underpriced, with MDI discounts widening by $28 in Rotterdam, narrowing by $6 in Singapore and $29 in Houston, and remaining unchanged in Fujairah. MDI values stayed well above the $100 mark in all four hubs.
  
  Global bunker market may resume a moderate upward trend on Sep. 07 amid persistent Hormuz supply risks and escalating U.S.-Iran tanker attacks:
  380 HSFO: plus 1-4 USD/MT, VLSFO: plus 1-5 USD/MT, MGO LS: plus-minus 3–10 USD/MT.
  Source: MABUX
- 2026-09-07
  Oil-Rich Oman Bets Big on Renewable Energy
  Oman, a major oil and gas producer, plans to expand its renewable energy capacity as part of its energy diversification and green transition goals. The government recently introduced new national policies to expand Oman’s green energy and cleantech industries... Read more Oman, a major oil and gas producer, plans to expand its renewable energy capacity as part of its energy diversification and green transition goals. The government recently introduced new national policies to expand Oman’s green energy and cleantech industries and to encourage private investment in the sector.
  
  This year, Oman’s Ministry of Energy and Minerals launched a revised net-zero emissions strategy and a carbon markets regulatory framework as part of the government’s aims to achieve net-zero carbon emissions by the mid-Century. Oman aims to become a major green hydrogen and renewable energy hub in the Middle East, to strengthen its energy security and enhance its trade position in the region.
  
  The Oman Centre for Net Zero, part of the Energy Ministry, will oversee the implementation of the plan and track progress on emissions. Oman’s Minister of Energy, Salim Al Aufi, emphasised the importance of adopting the new plan, calling it a strategic step towards a robust, sustainable, low-carbon economy that enhances Oman’s global standing in line with Oman Vision 2040.
  
  The new net zero pathway introduces economic and climate benefits for investors in green energy and cleantech. Meanwhile, the regulatory framework for carbon markets will support the plan’s implementation by establishing clear rules and streamlined procedures for private investors and small- and medium-sized enterprise participation. The growth of Oman’s renewable energy and cleantech industries is expected to support job creation and economic diversification.
  
  The government aims to reduce carbon emissions by 33 per cent by 2035. This will be achieved through greater energy diversification, the development of carbon capture and storage, and adaptation projects across seven key sectors. This will support the government in its aim of developing a strong carbon credit market.
  
  Oman will also continue to develop its oil and gas sectors, having announced a bidding round for five concession areas earlier in the year. Oman’s average crude and condensate production is around 1 million bpd, its gas output is over 151 million cubic metres a day, and its LNG exports are over 11 million metric tonnes, according to Al Aufi. The government aims to maintain its fossil fuel output in the coming years.
  
  Oman’s renewable energy sector has grown rapidly over the last decade, driven by the development of several large-scale solar and wind power projects. The Dhofar I wind farm was commissioned in 2019 in southern Oman, with a capacity of 50 MW.
  
  The 500-MW Ibri II solar project came online in 2021. The expansion of the Ibri solar farm is expected to be completed in 2027, with the incorporation of 100 megawatt-hours of battery storage. This is expected to enhance grid flexibility and support the integration of greater renewable energy capacity. A further two solar power stations with a combined capacity of 1 GW commenced operations in January 2025 in the Wilayat of Manah in the central province of Al Dakhiliyah.
  
  Oman plans to add around 5.7 GW of solar and over 2 GW of wind power, alongside 1 GW of battery storage, by the end of the decade. Adam Solar, a solar project equipped with battery storage in the Al Dakhiliyah Governorate, is expected to be connected to the grid by the first quarter of 2028. Meanwhile, three other 1 GW solar projects, Kamil Solar II, Dhofar, and Mahadah, are expected to come online in 2029 and 2030. The 500-MW Sinaw project has also been awarded to a consortium led by France’s EDF.
  
  The government also aims to develop the country’s pumped hydro storage capacity. The EDF Consortium’s Wadi Dhayka Hydro Pump project will use the existing Wadi Dhayka Dam as the lower reservoir and a new upper reservoir on the Jabal Abyad plateau. Wadi Dhayka will be capable of providing almost 1.98 GW of capacity and 17,970 MWh of storage over nine hours, by storing surplus solar and wind power and releasing it during peak demand to enhance grid stability and reduce reliance on fossil fuels.
  
  Oman also plans to develop its green hydrogen capabilities by constructing seven projects with a combined output of 1 million tonnes of green hydrogen per year by 2030, despite BP and a consortium including Engie and Pesco withdrawing from the projects. During the Green Hydrogen Summit Oman in December, Hydrom’s managing director, Abdulaziz al Shidhani, said that “less than three years after setting the framework, the programme has entered a phase of coordinated execution.” He added, “seven projects… are progressing through milestones.”
  
  Oman has ambitious plans to diversify its energy mix and establish itself as a green energy hub in the Middle East. In addition to oil and gas, Oman will develop its solar, wind, battery storage, pumped hydropower, and green hydrogen capabilities, supported by targeted national policies and regulations to help facilitate investment and development. Source: Oilprice.com
- 2026-09-07
  Iran War Forces a Rewrite of Global Oil Trade Routes
  Oil prices are about to book yet another weekly gain as the war in the Middle East remains hot, with a pessimistic outlook. Oil exporters from the region are rushing to diversify their export channels, and importers are rushing to diversify their suppliers.... Read more Oil prices are about to book yet another weekly gain as the war in the Middle East remains hot, with a pessimistic outlook. Oil exporters from the region are rushing to diversify their export channels, and importers are rushing to diversify their suppliers. The oil market is changing in what may well prove to be an irreversible way.
  
  The Strait of Hormuz is one of the biggest export routes for crude oil—and liquefied gas—in the world. Before the first U.S. and Israeli strikes on Iran, the strait handled close to 20 million barrels daily of crude oil exports from the Gulf States. Now, daily oil flows via the chokepoint are estimated at between 6 and 8 million barrels daily. With LNG, things are even more severe, with Qatar, the region’s largest producer, struggling to export at least some gas amid a force majeure following damage to its Ras Laffan hub as Iran retaliated for U.S. strikes.
  
  Yet there is another oil export route out of the Middle East, and that is the Bab el-Mandeb Strait on the other side of the Arabian Peninsula. Saudi Arabia was quick to take advantage of this fact, reversing the flow along its East-West pipeline to take the oil not to the east, and Hormuz, but to the west, and the port of Yanbu. However, this redirection has had its costs: the port of Yanbu does not have the capacity to handle as much oil as the Persian Gulf ports.
  
  The UAE redirected its own flows to the port of Fujairah, which sits outside the Strait of Hormuz and as such is less vulnerable to attacks. Yet the UAE also ran into the problem of capacity. ADNOC now plans to double the capacity of the pipeline that carries crude to Fujairah, but this will take until at least next year, per official plans.
  
  Essentially, any oil-exporting state that has alternative routes is exploiting them, and if it does not, it is planning to build some. This will certainly reshape the regional oil export channels, with the Strait of Hormuz potentially losing its significance in the long run. It won’t lose it in the near term because all those alternative export routes take time to build, as noted already.
  
  Importers are also adjusting. The global total energy import bill swelled by $330 billion over the six months between March and August from what it was expected to be, Finland-based climate outlet CREA reported last month. In other words, the war between the United States and Israel, and Iran, had caused a rise in oil and gas prices that added a combined $330 billion to the price tag of these imports—and prices are rising further as it dawns on persistently optimistic traders that TruthSocial posts by President Trump cannot change the course of the war.
  
  Both Brent crude and West Texas Intermediate are currently trading at over $90 per barrel, and there is a possibility that even if they decline in the coming days and weeks, they will not decline by as much as they did three months ago, swinging on a social media post. This is the effect of the transformation of oil markets—because that transformation has a price.
  
  Asian energy importers were the biggest clients of Middle Eastern oil and gas producers because of the favorable geography that meant favorable prices. Now that importers are forced to search for alternatives, they must pay higher prices because the geography of most of these alternatives is less favorable and it takes tankers longer—sometimes a lot longer—to reach their destination.
  
  Japan is a case in point. Before the U.S. and Israeli war with Iran broke out, Japan relied on the Middle East for almost all of its crude oil imports, which are vital for the resource-poor country. After the war, the Japanese government rushed to secure alternative suppliers. These include the United States, Canada, African oil producers, and Azerbaijan. The price: a record import bill of $76.39 billion for July, likely to be eclipsed by the August bill as reliance on oil and gas suppliers further out in the world strengthens.
  
  Japan is a case in point, but it is not the only one. Every energy-importing nation in Europe is in a similar position, not least because of EU sanctions on Russian oil and gas, which have created additional pain in the region, while China and India have happily boosted their imports of Russian crude to replace some suddenly unavailable Middle Eastern crude.
  
  The global oil and gas market is changing—fracturing, as some commentators have called it. It remains to be seen whether the transformation will be completed, which would require a further extension of the Hormuz disruption, which is a painful prospect. The silver lining, for whatever it’s worth, would be a global oil export network less reliant on a couple of critical waterways that can be paralyzed by war—but also a network carrying more expensive oil. Source: Oilprice.com
- 2026-09-07
  Japan, South Korea and the U.S. Forge a New Nuclear Alliance
  Northeast Asia is experiencing a rapid nuclear energy revival as Japan and South Korea move to prioritize the baseload clean energy source into their energy security strategies. Not only are the two major economies ramping up nuclear energy expansion,... Read more Northeast Asia is experiencing a rapid nuclear energy revival as Japan and South Korea move to prioritize the baseload clean energy source into their energy security strategies. Not only are the two major economies ramping up nuclear energy expansion, they are also changing the geopolitics of how and with whom they plan these expansions. As the artificial intelligence boom pushes an all-of-the-above approach to energy expansion and the war in Iran catalyzes a transition away from reliance on international fossil fuel supply chains, a new nuclear energy alliance is emerging between Japan, Korea, and the United States.
  
  After the 2011 nuclear disaster in Fukushima, Japan swore off of nuclear energy entirely, planning to swiftly decommission its entire sector. But over the past decade and a half, the relative merits of nuclear energy for the country’s energy security, independence, and climate goals have pushed the technology back into the spotlight. As for South Korea, the nuclear energy industry has seen steady growth for years now, continuing to develop even as different governmental regimes with diverging views on nuclear power have come and gone. And now both have set extremely ambitious targets to continue growing their respective sectors at a rapid pace over the coming decades.
  
  “Together, the two countries are reshaping the nuclear politics of Northeast Asia and doing so increasingly in concert with Washington, as energy policy folds into the broader architecture of trilateral security cooperation,” the Diplomat recently reported. This alliance offers strategic economic and political benefits for all involved, with a particularly strong geopolitical incentive for the United States.
  
  “With Russia and China as the only realistic nuclear vendors for many developing countries, Washington has a clear interest in ensuring that Japan and South Korea enter the race. It would benefit Washington if its two Northeast Asian allies, rather than Beijing or Moscow, become the default suppliers of reactor technology to the rest of the region.” This logic extends to the national security concerns of Japanese and Korean leadership as well. It is in both of the nations’ best interest to limit the reach and influence of China in their energy markets. One way to do that is to ensure that these markets’ nuclear reactors are not made in China – or Russia, for that matter.
  
  Nuclear energy is experiencing a renaissance across the globe as energy demand from AI hyperscalers, continued fossil fuel supply chain disruptions from the wars in Russia and Iran, and climate concerns highlight its many benefits. Nuclear power is a proven technology capable of producing emissions-free energy at all hours of the day, eschewing any need to build up any energy storage capacity, a necessity where utility-scale solar and wind power are concerned.
  
  “With energy security now ranking alongside climate commitments as a top policy priority, nuclear power appears positioned to play a central role in the global electricity landscape through mid-century,” the Foreign Policy Journal reported earlier this year. However, this development is also giving China and Russia newfound opportunities to expand their influence over international critical infrastructure.
  
  While traditional nuclear reactors continue to dominate new capacity additions, there is also a growing interest in next-gen nuclear energy technologies including nuclear fusion and small-scale modular reactors (SMRs). The United States, Japan, and South Korea signed a cooperation agreement for the deployment of SMRs in July of this year, solidifying the new nuclear triumvirate. According to the U.S. Department of State, the memorandum "outlines opportunities for our three countries, which have complementary advantages in the civil nuclear field, to encourage mutually beneficial cooperation among their respective nuclear industries."
  
  "This framework aims to foster fleet deployment models that de-risk project development, achieve economies of scale, catalyse private investment, streamline licensing processes, and optimise supply chains,” the official statement continued. "A coordinated trilateral approach positions American, Japanese, and Korean firms to provide partners in the region with more competitive alternatives to meet their growing energy demands and to uphold the highest standards of nuclear safety, security, and non-proliferation as new reactor technology increasingly comes online." Source: Oilprice.com
- 2026-09-07
  Citadel Eyes U.S. Shale as Oil Trading Moves Closer to the Wellhead
  Citadel is shopping for U.S. oil production assets, including a previous bid for WildFire Energy before Magnolia Oil & Gas agreed to buy the Eagle Ford producer for $4.06 billion. Reuters reported Friday that the hedge fund and commodities trader has... Read more Citadel is shopping for U.S. oil production assets, including a previous bid for WildFire Energy before Magnolia Oil & Gas agreed to buy the Eagle Ford producer for $4.06 billion.
  
  Reuters reported Friday that the hedge fund and commodities trader has held talks with several private-equity owners of oil-weighted exploration and production companies in recent weeks.
  
  WildFire would have given Citadel roughly 53,000 barrels of oil equivalent per day of production, about 70% of it oil, plus 810,000 net acres in South Texas. Magnolia ultimately won the auction in July.
  
  Citadel already trades oil, natural gas, power, and other commodities. It also already owns natural gas production. The firm bought Paloma Natural Gas from EnCap Investments in 2025, renamed it Apex Natural Gas, and added more assets from Comstock Resources and Azul Resources.
  
  Oil would give Citadel another physical position behind its commodities trading business.
  
  U.S. shale has become particularly attractive this year because its barrels do not need the Strait of Hormuz, Bab el-Mandeb or another overseas chokepoint to reach Gulf Coast refineries and export terminals. Middle East disruptions have kept crude prices elevated and pushed U.S. producers to some of their strongest earnings in years.
  
  That geography is something Citadel founder Ken Griffin was already worried about months ago. In April, Griffin warned that a six-to-12-month Hormuz closure would push the global economy into recession. His concern was straightforward: sustained oil shortages would raise energy costs, inflation and transportation costs across the global economy.
  
  Owning U.S. production gives a commodities firm direct exposure to the barrels that become more valuable when overseas supply gets disrupted.
  
  Citadel would hardly be alone. Vitol built and later sold its VTX Energy Partners shale business. Gunvor has been pursuing more than $1 billion of Haynesville gas assets.
  
  Private-equity-backed shale producers have traditionally been sold to larger drillers looking for acreage and scale. Citadel’s interest adds another class of buyer: firms that already make money trading the price of oil and increasingly want ownership of the oil itself. Source: Oilprice.com
- 2026-09-07
  Rosneft CEO: China Calls The Shots in Oil Markets, Not OPEC
  China and its crude oil buying behavior in the spring and summer have stabilized global oil markets as Beijing, not OPEC, is calling the shots now, according to Igor Sechin, chief executive of Russia’s biggest oil producer Rosneft. China has strengthened... Read more China and its crude oil buying behavior in the spring and summer have stabilized global oil markets as Beijing, not OPEC, is calling the shots now, according to Igor Sechin, chief executive of Russia’s biggest oil producer Rosneft.
  
  China has strengthened its position of the ultimate swing buyer on the global market and has taken the initiative from OPEC, said the executive, who is considered to be a close ally of Vladimir Putin and who has been a long-time critic of OPEC.
  
  “China has successfully turned from a major consumer and importer into an active market leader,” Sechin said at an economic forum in Vladivostok in Russia’s Far East.
  
  “China took the initiative out from OPEC this year and without joining any cartels, it has managed to stabilize the global market by slashing its crude oil imports by about 5.5 million barrels per day (bpd),” Russia’s top oil executive said.
  
  Arguably, the biggest cushion the market has had this summer was China’s crude oil import behavior. The world’s largest crude oil importer had amassed an estimated up to 1.4 billion barrels of crude in commercial and strategic stockpiles before the Iran war. The huge cushion allowed it to slash imports when the Strait of Hormuz closed, and prices spiked.
  
  Ever the opportunistic buyer, China withdrew from the spot market amid the Middle East crisis, and by slashing this import demand, Beijing single-handedly offset part of the lost supply.
  
  The market appeared to have underestimated China’s ability to be as flexible in its crude oil imports as to slash purchases by as much as 40% in June compared to pre-war levels.
  
  In addition, during the crisis, China has also seen soaring EV use, a massive switch to coal, and rising shares of power generation from renewable energy sources.
  
  “I believe that further growth of the strategic and commercial reserves will strengthen China’s role in the energy market, amid OPEC’s fading influence a shrinking number of members,” Sechin said.
  
  Earlier this year, the United Arab Emirates (UAE), one of the cartel’s biggest producers, quit OPEC effective May 1 to pursue its national interests. Source: Oilprice.com
- 2026-09-07
  India Plans Mandatory Battery Storage at Solar and Wind Projects
  India’s authorities plan to introduce, from July 1, 2027 a regulation requiring developers of solar and wind energy projects to have battery storage installed at the sites in a bid to better manage the renewable energy output and reduce curtailments. For... Read more India’s authorities plan to introduce, from July 1, 2027 a regulation requiring developers of solar and wind energy projects to have battery storage installed at the sites in a bid to better manage the renewable energy output and reduce curtailments.
  
  For solar and wind projects commissioned after July 1, 2027, the Central Electricity Authority (CEA) of India proposes that developers to be mandated to have co-located energy storage equal to at least 10% of the renewable project’s installed capacity, with a minimum duration of two hours.
  
  The proposed regulation would become more stringent for projects commissioned between July 2029 and 2031, with battery storage of at least 10% of installed capacity and a minimum duration of four hours, according to the draft proposals.
  
  Despite a major solar and wind installations boom in recent years, India has been struggling to fully utilize the capacities because output has often been curtailed due to the lack of battery storage.
  
  As a result, solar power developers in India have started to add battery storage to photovoltaic projects to attract buyers and reduce the large share of curtailments for power supply that the grids are unable to absorb, Santosh Sarangi, Secretary of India’s Ministry of New and Renewable Energy, said last month.
  
  Without battery backup, solar projects see curtailments during the hottest months and peak daytime hours.
  
  India's electricity grid is expanding at a slower pace than the boom in renewable energy installations, leading to an increased share of clean energy curtailments and threatening to slow the solar and wind boom in the world’s most populous country.
  
  Grid and transmission constraints accounted for nearly two-thirds of all renewable energy curtailment at 300 gigawatt-hours (GWh) in the first quarter of the year, clean energy think tank Ember said in a report in May.
  
  In a separate analysis in June, Ember said that India needs around 10 GWh of battery storage immediately to stop renewable energy curtailment when the coal fleet cannot ramp down below its technical minimum. Source: Oilprice.com
- 2026-09-07
  Iran Says It's Found Ways to Dodge U.S. Oil Blockade
  Iran pursues various tactics to bypass the U.S. blockade, which President Trump reimposed in the middle of July after the deal to make a deal collapsed, according to Iranian Oil Minister Mohsen Paknejad. “The oil industry has not sat idle and has not... Read more Iran pursues various tactics to bypass the U.S. blockade, which President Trump reimposed in the middle of July after the deal to make a deal collapsed, according to Iranian Oil Minister Mohsen Paknejad.
  
  “The oil industry has not sat idle and has not stopped,” Iranian media quoted the minister as saying.
  
  “We are pursuing various solutions and different measures so that we can reach a day when we are able to completely bypass this blockade,” Paknejad added.
  
  Iran managed to move a lot of oil out of the Persian Gulf during the brief three-week period in which the U.S. blockade was lifted between mid-June and mid-July, the minister said.
  
  Iran also claims it pursues efforts to boost oil and associated gas production despite the war and the U.S. strikes.
  
  Vessel-tracking services have estimated that Iran's oil exports plunged in August from a year earlier after the U.S. reinstated the blockade in the middle of July.
  
  Iran managed to load around 260,000 barrels per day (bpd) for export at its ports in August, an 80% slump compared to 1.7 million bpd loaded in August 2025, per data from trade intelligence firm Kpler cited by CNBC.
  
  The August loadings were also more than halved compared to about 740,000 bpd in July 2026.
  
  Kpler and other ship-tracking services, including Vortexa and TankerTrackers.com say the reinstated blockade has been very effective in crippling Iranian oil exports and oil revenues.
  
  TankerTrackers.com this week said that its estimates showed that Iran's oil exports plunged by 100% in August 2026 compared to the immediate pre-war baseline of January and February 2026.
  
  The U.S. is attempting to inflict maximum economic damage to Iran with the blockade and the ‘Economic D-Day’ announced last week.
  
  China, Iran's top and almost only oil buyer, has signaled it would not end its ties and trade relations with Iran following the U.S. sanctions that target Chinese and Hong Kong entities for helping Iran do business.
  
  “China will do everything necessary to firmly safeguard its rights and interests,” Lin Jian, spokesperson for the Chinese Foreign Ministry, said at a regular p Source: Oilprice.com

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