Latest News Updates From Anthony Di Paola

Oil storage sites outside Hormuz have become key as the vital energy chokepoint is disrupted by the conflict in the Middle East. 

Abu Dhabi National Oil is accelerating the construction of a pipeline that runs to the port of Fujairah on the Gulf of Oman.

That shortfall in supply is being met by companies and governments dipping into storage, with stockpiles running dangerously low, Saudi Aramco CEO Amin Nasser said.

The escalating war has choked off oil and gas supplies to key customers in Asia and Europe and sent energy prices soaring.

DP World named Yuvraj Narayan as the new CEO and Essa Kazim as chairman, it said in a statement on Feb. 13. DP World has activities in 83 countries, including logistics sites in the U.S.

TotalEnergies CEO Patrick Pouyanne said it would take years to increase Venezuela’s oil output to above 3 million barrels a day from less than 1 million currently.

Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of Saudi Aramco.

Emirates Global Aluminium is planning additional acquisitions of U.S. assets after an initial deal last year as tariffs on metal imports into the country raise prices in that market.

Sen. Marco Rubio (R-Fla.) wants the U.S. to sanction China’s purchases of oil and other energy supplies from Russia in an effort to cut off funding for that country’s war against Ukraine.