The volume of oil supply lost because of the war in Iran and the blockade of the Strait of Hormuz has reached 14 million barrels per day, International Energy Agency (IEA) Executive Director Fatih Birol said
A survey found that crude output from the 12 members of the Organization of the Petroleum Exporting Countries fell by 830,000 barrels per day (bpd) in April from the previous month to 20.04 million bpd
The United States reached record oil export levels, surpassing an average of 5 million barrels per day, following the blockade of the Strait of Hormuz, a route previously critical for 20% of global crude flows before traffic was halted by the Iran war
The United Arab Emirates said it was quitting OPEC, dealing a blow to the oil producers’ group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations
U.S. President Donald Trump said there is a possibility of resuming negotiations with Iran in Pakistan on Friday, after the ceasefire was extended indefinitely
International Energy Agency (IEA) Executive Director Fatih Birol warned that even if the Strait of Hormuz were to reopen immediately, it would take “a long time” to return to normal, with risks of rising inflation and slower economic activity
Iran will never hand over control of the Strait of Hormuz because it is an “inalienable right” of Tehran, said Ebrahim Azizi, a former commander of the Islamic Revolutionary Guard Corps (IRGC) and head of parliament’s National Security and Foreign Policy Committee
Iran said the Strait of Hormuz will remain “completely open” until the end of the ceasefire with the United States next Wednesday, following the start of a truce in Lebanon
In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April
Argentina could reach oil production of 1 million barrels per day (bpd) in 2026, up from the current level of just over 850,000 bpd, driven by increased activity in the Vaca Muerta shale formation, Energy Secretary Daniel González said
