(Oil Price) – Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are
(Investing) – Seven leading OPEC+ oil-producing countries are likely to agree to a modest increase in July output when they meet on June 7, according to a Reuters report on Thursday. The monthly target set by the seven core members is expected to rise by approximately 188,000 barrels per day, though delivery for several nations remains disrupted by the Iran war.
(BOE Report) – Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that
(BOE Report) – Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that
(Oil Price) – Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus. According to the May 2026 Oil Market Report by the International Energy Agency (IEA), global oil supply is projected to fall by 3.9 million bpd across 2026, with ~10.5 million bpd of Gulf
(Investing) – Oil prices climbed on Tuesday, extending gains of nearly 3% in the previous session, after U.S. President Donald Trump said a fragile ceasefire with Iran was on “life support,” denting hopes for an imminent peace agreement. As of 09:46 ET (13:46 GMT), Brent crude futures, the global oil benchmark, rose 3.6% to $107.96 a barrel, while U.S. West Texas Intermediate
(Oil Price) – The processing capacity of the Habshan facilities, the biggest gas processing site in the United Arab Emirates, is expected to be restored to 80% by the end of 2026, after damage from the Iran war, ADNOC Gas said on Tuesday. The Habshan onshore facilities are part of one of the world’s largest gas processing plants, which is operated by ADNOC
(World Oil) – The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said. Even if movement is restored, “the vase has been broken. You can’t glue it back together,” Birol said, warning that the disruption has undermined confidence in what
(World Oil) – OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey. Output from the Organization of the Petroleum Exporting Countries declined by 420,000 bpd to 20.55 MMbpd in April, the lowest since 1990, driven by deeper
(Oil Price) – The new energy crisis triggered by the Middle East conflict could hurt European consumers and industries for years, European Commission President Ursula von der Leyen said on Wednesday. “Our shared goal is now to see a lasting end to the war,” von der Leyen told the European Parliament in a speech today. “But there is also a harsh reality
(Oil Price) – China’s imports of liquefied natural gas this month are expected to be the lowest since 2018, based on data from Kpler, Bloomberg has reported, citing soaring prices. April LNG arrivals are seen at 3.5 million tons, which would also be a 30% drop on a year ago, the report said. An earlier report by Reuters pegged China’s LNG imports
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
