Global Supply Disruptions Hit Energean, India Plans Hormuz Moves

UK-based producer Energean plc slashed its dividend and full-year production outlook Wednesday after a 41-day halt to operations at its Karish gas field offshore Israel, according to OilPrice.com. The shutdown, ordered by the Israeli Energy Ministry from early March to April 9, cut first-quarter group production to 114,000 barrels of oil equivalent per day, a 21% year-on-year drop.

As a direct consequence, Energean declared a dividend of 10 US cents per share for Q1 2026, down from $0.30 per share in the previous quarter. The company revised its 2026 total production guidance down to 130,000-140,000 boed, from 140,000-150,000 boed previously. Energean cited regional geopolitical events and their impact on commodity prices and costs.

Meanwhile, India is planning to send empty tankers into the Strait of Hormuz to load oil and LPG directly from Gulf producers, OilPrice.com reported. This would be a first such move west of the chokepoint for India since the Iran war began. The Strait has been nearly inaccessible for 80 days, having previously handled 20% of global daily oil and LNG flows.

India, the world's third-largest crude importer, has been relying more on Russian oil and imports from regions avoiding the Strait, but faces higher costs and longer journey times. The plan would require approval from both the U.S. and Iran for passage through blockades. Moody's analysts suggested oil importers may negotiate bilateral passage with Iran, with signs emerging that Iran is allowing some case-by-case transit.

For Bakken operators, these international developments underscore the persistent volatility of global energy supply chains and the geopolitical risks that can swiftly impact production and financial returns for producers worldwide. Events in the Middle East and key shipping chokepoints directly influence the global oil price environment in which North Dakota crude is sold.

Separately, the North Dakota Department of Mineral Resources is marking the 75th anniversary of the discovery of oil in the state this week, according to Bing News. The milestone highlights the long-term significance and resilience of the state's oil industry amid ongoing global market disruptions.