CDN and International News

  IEA slashes oil demand growth forecast, citing Middle East and Asia-Pacific contraction Strait of Hormuz closure and attacks cause largest oil supply disruption in history, IEA reports IEA warns resuming Hormuz flows is critical; alternative scenario sees deeper supply, demand shocks (Reuters) – The Iran war will force both global oil supply and demand …

Iran War Upends IEA’s Oil Market Outlook as Global Supply and Demand to Contract in 2026  Read More »

(Reuters) – The head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed but “we stand ready to act” if the energy shock resulting from the war with Iran requires it. The 32-member IEA agreed last month to release 400 million barrels of oil from …

IEA is Ready to Further Tap Global Oil Reserves if Needed, Chief Says Read More »

  Iran’s Revolutionary Guards said on Sunday that any military vessels attempting to approach the Strait of Hormuz will be considered a violation of the two-week U.S. ceasefire and be dealt with harshly and decisively. The strait is under the control and ‘smart management’ of Iran’s Navy, the Guards said in a statement reported by …

Iran’s Guards Will View Military Vessels Approaching Strait as Ceasefire Breach Read More »

Iran aims to restore majority of refining capability within two months, oil ministry official says Iran expects to restore most damaged refining and distribution facilities to 70–80% of their pre-attack capacity within one to two months, a senior oil official said, as authorities work to recover from a wave of strikes on energy infrastructure. Deputy …

Iran Aims to Restore Majority of Refining Capability Within Two Months, Oil Ministry Official Says Read More »

Saudi Arabia has restored full oil pumping capacity through the East-West pipelineto about seven million barrels per day, it said on Sunday, days after providing an assessment of damage on its energy sector from attacks during the Iran conflict. The ministry said energy facilities and the pipeline affected by attacks during the conflict have recovered …

Saudi Arabia Restores Full Capacity on East-West Oil Pipeline to 7 Million Bpd After Attacks Read More »