Energy Daily Brief

Energy Daily Brief — 9 November 2026

Iraq says it has an understanding with Washington on Hormuz exports while its output claim tests OPEC+ quotas, ships are hit near the strait, traders seek licences for blacklisted tankers, China cuts LNG buying and Egypt deepens gas cuts to fertiliser plants.

· 7 stories · Alupetra

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01 #Iraq #Hormuz #OilExports #CrudeOil

Iraq says it has reached understandings with the US on oil exports through Hormuz

Iraq's foreign minister Fuad Hussein told Al Jazeera that Baghdad has reached understandings with the United States that let Iraqi crude transit Hormuz along a lane close to the Omani coast. He put Iraq's losses from the Iran war and export disruptions at $60 billion. Iraqi energy officials put October exports at about 3.5 million bpd, a recovery from 2.65 million bpd in September.

Why it matters: A dependable Basra export route would add Middle East Gulf crude to a market short of prompt barrels and could ease pressure on Asian refiners and on long-haul tanker demand.

Sources: gCaptain

02 #OPECPlus #Iraq #OilSupply

Iraq's claim of more than 5 million bpd output clashes with its OPEC+ quota

Oil minister Basim Mohammed Khudair said Iraq is producing more than 5 million barrels per day, over half a million above its OPEC+ requirement of 4.431 million bpd, days after agreeing to keep December targets unchanged. He argued Iraq complies because exports stay within an export ceiling, but OPEC measures compliance on crude production. The ministry later reaffirmed the 4.431 million bpd ceiling; the IEA estimated September output at 4.10 million bpd.

Why it matters: Quota disputes inside OPEC+ shape how much spare oil reaches the market and how buyers read the group's discipline when it meets again.

Sources: OilPrice.com

03 #Hormuz #Shipping #MarineInsurance #Iran

Both Iran and the US report ships hit in or near the Strait of Hormuz

Iranian state television said explosions heard in southern Iran on Saturday evening, including on Qeshm Island, might be linked to Iranian military activity rather than US strikes. Iran said two vessels had hit mines in the waterway and a third had caught fire, while Washington said US aircraft struck and immobilised a ship in the Gulf of Oman, outside the strait. Strikes on vessels continue to restrict exports of energy and other commodities.

Why it matters: Continued attacks on shipping keep war-risk premiums, freight and insurance costs high for every cargo loading inside the Gulf.

Sources: gCaptain

04 #Tankers #Sanctions #TankerFreight #TradeCompliance

Major traders seek US licences to use some blacklisted tankers

Bloomberg reported that at least four companies, including Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co., are in talks with US officials over licences to buy or lease some tankers sanctioned for carrying illicit oil. The aim is to ease a vessel shortage that has pushed freight rates to records and raised delivered oil prices. Last month the US energy secretary said Washington was working with investors who refurbish idled sanctioned tankers to carry non-sanctioned oil.

Why it matters: Any licensed return of tonnage would add supply to a tight tanker market, but charterers will still need careful screening of each vessel's history and ownership.

Sources: gCaptain

05 #LNG #China #NaturalGas #TTF

China cuts LNG imports as cheap domestic gas undercuts spot cargoes

China is buying less liquefied natural gas as the peak demand season starts, because ample domestic supply has lowered prices. Citing Bloomberg, OilPrice.com said the Chinese national average LNG price was $21.97 per mmBtu, almost $10 below the Japan/Korea Marker. State majors are ending their stockpiling drive. Asian spot LNG topped $30 per mmBtu in late October for the first time since December 2022, while Dutch TTF futures fell to €86.80 per MWh.

Why it matters: Weaker Chinese spot buying frees cargoes for other Asian importers and Europe before winter and can temper the spot price spike.

Sources: OilPrice.com

06 #Urea #Egypt #Fertiliser #LNG

Egypt deepens gas cuts to fertiliser makers by a further 33%

Egyptian fertiliser producers were notified of a new 33% reduction in natural gas supplies, following an earlier 20% cut, as Cairo tries to limit costly LNG imports. Misr Fertilizers Production Company confirmed the notice. Egypt has also stepped up cheaper fuel oil imports, with the state oil company buying six high-sulphur fuel oil cargoes for November and December delivery, according to trading sources cited by Reuters.

Why it matters: Lower Egyptian output tightens the export market for nitrogen fertilisers such as urea while Gulf supply is already disrupted.

Sources: gCaptain

07 #EuropeGas #Power #Norway #NaturalGas

Low hydro reserves and high gas prices lift Nordic power price risk

Danish trader Mind Energy said low hydropower reservoir levels and gas prices at their highest since late 2022 are pushing up Nordic power prices before winter. Reservoirs in Norway's southernmost price area, NO2, are the lowest in 30 years. Analysts told Reuters that when wind output drops, German gas-fired plants set prices in Denmark, southern Sweden and southern Norway, which raises the risk of price spikes.

Why it matters: A tighter Nordic power system adds to European gas demand this winter and supports gas and power hedging costs for industry.

Sources: OilPrice.com

Summaries are written by Alupetra, with the help of automated tools, from the reports linked; they are for information only and are not investment advice. Images are illustrative and come from our licensed library.

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