Crude Oil News

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

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.

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

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.

G7 officials have since gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow.

Nasser warned that prolonged conflict in the region could have serious consequences for global energy markets and the broader economy.

The International Energy Agency, the West's energy watchdog, on Monday called for a coordinated ​release of oil, ​and G7 countries ⁠agreed to closely monitor developments in the energy markets.