global-oil-supply
6 stories related to this topic, newest first.
Gzzz / Wikimedia (CC BY-SA 4.0)South Korea's Consumer Prices Increase 2.6% in April Amid Rising Fuel Costs
South Korea's consumer inflation accelerated to 2.6% year-over-year in April, matching estimates and marking the fastest pace since July 2024. The rise was primarily driven by a 21.9% surge in petroleum product prices, attributed to global oil supply disruptions from the closure…
azernews.azOPEC+ Group of Seven Agrees to 188,000 Barrels Per Day Oil Increase for June Amid UAE Departure
OPEC+ announced an increase in oil production by 188,000 barrels per day for June in its first meeting without the United Arab Emirates. The group, now consisting of seven major producers, adjusted output amid ongoing disruptions from the Iran war. The UAE, the cartel's third-lar…
U.S. Embassy Jerusalem / Wikimedia (CC BY 2.0)US Treasury Secretary Meets Chinese Vice Premier
The U.S. Treasury Secretary held talks with China's Vice Premier on the upcoming presidential trip to Beijing. The discussions occurred against the backdrop of a U.S. blockade on Iranian shipping, which has closed the Strait of Hormuz and disrupted global oil supplies.
ndtv.comJones Act Waiver Enables Phillips 66 Crude Shipment from Texas to East Coast Refinery
Phillips 66 has transported Texas crude to an East Coast refiner, marking the first such shipment since President Trump issued a Jones Act waiver on March 18, 2026. The waiver permits foreign vessels to carry oil between U.S. ports amid supply disruptions from Iran's blockade of…
Substrate placeholder — needs review · Wikimedia Commons (CC BY-SA 3.0)Oil Prices Decline Following U.S.-Iran Cease-Fire Announcement Amid Ongoing Regional Tensions
Oil prices fell sharply after President Trump announced a cease-fire with Iran on Tuesday evening. Energy producers in the Persian Gulf remain cautious due to continued attacks and risks in the Strait of Hormuz. Restarting oil production is expected to take months, with at least…
Substrate placeholder — needs review · Wikimedia Commons (CC BY-SA 3.0)US EIA Estimates Middle East Oil Production Cuts to Reach 9.1 Million Barrels per Day in April Due to Strait of Hormuz Closure
The US Energy Information Administration has estimated that oil production cuts in the Middle East will increase to 9.1 million barrels per day in April due to the closure of the Strait of Hormuz. This projection reflects disruptions in a key global oil transit route. The estimat…