12/05/2026 – Crude oil: Saudi exports to China hit record lows amid the conflict – Read more news

GAS & POWER: Tensions in the Gulf are rising once again following the failure of the latest diplomatic efforts. Trump met with his national security team yesterday to assess the options following Iran’s failure to respond, with a decision on how to proceed postponed until his departure for China, scheduled for this afternoon. The president is keeping both avenues open — diplomatic and military — stating that if an agreement is not reached, “we will have to go back to bombing them”. Iranian Parliament Speaker Ghalibaf has warned citizens to prepare for difficult times, whilst Israel has hinted at a prolonged period of hostilities.

According to Cheniere, the start of liquefied natural gas production from the sixth liquefaction train of Expansion Phase 3 is expected within days. The ramp-up at the terminal has been underway since last summer, with the number of monthly deliveries rising from 19 to 26 in March and April, and is expected to increase further. The terminal has been undergoing scheduled maintenance since 1 May; however, Cheniere has not disclosed either the timeline or the expected impact on liquefaction capacity.