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Middle East Offshore Sector Faces Structural Risks Amid Contract Terminations

Middle East Offshore Sector Faces Structural Risks Amid Contract Terminations

The offshore sector in the Middle East Gulf is experiencing significant structural risks due to contract terminations, rising insurance costs, and threats to EPC projects. According to MSI's HORIZON Monthly Offshore report, while drilling suspensions have been brief, many contracts in Qatar, the UAE, and Saudi Arabia have been suspended or terminated. The Saudi energy sector remains relatively stable due to alternative export routes. However, insurance costs have surged, with premiums increasing up to tenfold, impacting operational costs. The closure of the Strait of Hormuz (SoH) has further complicated logistics, affecting vessel maintenance and construction projects.
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OECD Warns of Economic Slowdown Due to U.S.-Iran Conflict Impacting Global Growth

OECD Warns of Economic Slowdown Due to U.S.-Iran Conflict Impacting Global Growth

The Organisation for Economic Cooperation and Development (OECD) has revised its global growth forecast downward, citing the ongoing U.S.-Iran conflict as a significant factor. The OECD's June Economic Outlook projects global growth to decelerate from 3.4% in 2025 to 2.8% in 2026, with a potential recovery to 3.1% in 2027, contingent upon a resolution to the current energy price shock. The report highlights the critical role of the Strait of Hormuz, a vital shipping route, which has been disrupted due to the conflict, leading to increased energy prices and affecting industrial inputs like fertilizers. Stefano Scarpetta, the OECD's chief economist, emphasized that prolonged disruptions could further reduce global growth to 2.1% in 2026 and 1.8% in 2027, potentially pushing some economies into recession.
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Venezuela's Acting President Visits India to Expand Crude Trade Amid Hormuz Disruption

Venezuela's Acting President Visits India to Expand Crude Trade Amid Hormuz Disruption

Venezuela's acting President Delcy Rodríguez is visiting India to meet with Prime Minister Narendra Modi, focusing on energy security as India seeks to diversify its crude supplies disrupted by the Iran war. The discussions will cover the full spectrum of India-Venezuela relations, including energy, trade, investment, pharmaceuticals, and healthcare. India is looking to broaden its sources of crude after the Iran conflict blocked the Strait of Hormuz, a critical chokepoint for oil supplies. Venezuela has become increasingly important in India's energy mix, with shipments reaching 283,000 bpd in April and expected to rise further.
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Oil prices climb back toward $100, but US stocks hang near their records

Oil prices climb back toward $100, but US stocks hang near their records

Oil prices are rising back toward $100 per barrel, but U.S. stocks are nevertheless holding near their records
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Gold and Silver Prices React to U.S.-Iran Negotiations Amid Market Uncertainty

Gold and Silver Prices React to U.S.-Iran Negotiations Amid Market Uncertainty

Gold and Silver Prices React to U.S.-Iran Negotiations Amid Market Uncertainty
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Resilient Saudi economy proves a draw for wartime Gulf business

Resilient Saudi economy proves a draw for wartime Gulf business

By Timour Azhari, Federico Maccioni and Yousef Saba RIYADH, June 3 (Reuters) - When food-tech entrepreneur Sara Amini wanted to see where Gulf businesses were still spending despite the Iran war, she flew to Riyadh.
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Tones of Beauty Expo 2026 Expands with Record Fragrance Exhibitors

Tones of Beauty Expo 2026 Expands with Record Fragrance Exhibitors

Tones of Beauty Expo 2026 Expands with Record Fragrance Exhibitors
TheStreet TheStreet
Goldman Sachs doubles down on oil and economy message for 2026

Goldman Sachs doubles down on oil and economy message for 2026

Three months into the Iran War, vessel traffic through the Strait of Hormuz is still running more than 90% below normal levels. Base chemicals have risen faster than at any point on record. Asian petrochemical plants are declaring force majeure. And Goldman Sachs just published its most detailed ...
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Iran War's Impact on Global Energy Markets: A 90-Day Review

Iran War's Impact on Global Energy Markets: A 90-Day Review

The ongoing conflict involving U.S.-Israeli strikes on Iran has led to significant disruptions in global oil and LNG markets. Over the past 90 days, the world has lost approximately 1 billion barrels of crude oil supply, causing oil and gas prices to rise sharply. The closure of the Strait of Hormuz, a critical chokepoint for global oil supply, has forced Middle Eastern producers to curtail output. This has resulted in severe supply shortages, particularly in Asia, and has led to a reconfiguration of trade routes and shipping practices. The conflict has also impacted LNG production, with Qatar halting production due to damage from missile strikes.
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India bonds seen consolidating in range at start of RBI policy week

India bonds seen consolidating in range at start of RBI policy week

By Dharamraj Dhutia MUMBAI, June 1 (Reuters) - Indian government bonds are likely to open the week on a quiet note, as focus turns to the central bank's Friday monetary policy decision, while crude oil prices and Treasury yields remain largely unchanged after witnessing a decline last week.
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Wall Street poised to open with gains, oil jumps again after the US and Iran trade strikes

Wall Street poised to open with gains, oil jumps again after the US and Iran trade strikes

Wall Street is poised to open with gains and oil prices jumped again as tensions between the U.S. and Iran escalated
Reuters Reuters
Venezuela's Rodriguez to discuss energy ties during India visit from June 3-7

Venezuela's Rodriguez to discuss energy ties during India visit from June 3-7

NEW DELHI, June 2 (Reuters) - Venezuela's interim President Delcy Rodriguez will visit India from June 3 to June 7, India's foreign ministry said on Tuesday, at a time when New Delhi is ramping up its crude imports from Caracas.