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Despite the cuts in March production, the agency still expected oil supply to rise faster than world demand, on average, in 2026.

QatarEnergy suspended liquefied natural gas (LNG) production last week following an Iranian drone attack, straining the global LNG market.

The U.S. Treasury previously issued a 30‑day waiver on March 5 specifically for India, allowing ​New Delhi to buy Russian oil stuck at sea.

The second discovery, Frida Kahlo, was drilled from the Sleipner B platform and is located northwest of the Sleipner Vest field.

Oil product markets are also under pressure as exports stall. Over 3 mb/d of regional refining capacity has shut down due to attacks and lack of export options.

Wright said the release will begin next week and will take about 120 days to deliver.

The IEA chief's remarks highlight the strategic importance of maintaining stable relationships with these key supplier nations.

The bank also said that daily ​oil prices are likely to exceed their 2008 peak if SoH flows ​remain depressed through March.

Meanwhile, Shell has signed preliminary agreements to develop the Carito and Pirital fields in the Monagas North region.

Exports to Europe fell by about 7%, while shipments to China and Singapore dropped sharply.

America First plans to break ground in the second quarter of this year, the ​company said.