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

Brent crude is set to average more than $100 a barrel through 2026 if the Strait of Hormuz remains closed for another month, according to Goldman Sachs

The OPEC+ alliance agreed to increase oil production by 206,000 barrels per day, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist

OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts

The United States Coast Guard will allow a Russian tanker to deliver more than 700,000 barrels of crude oil to Cuba, easing months of restrictions imposed by Washington on fuel shipments to the island

In recent years, refined fuel prices have been adjusted in line with that system, making this decision an exception in response to volatility driven by the war in the Middle East

International Energy Agency (IEA) Executive Director Fatih Birol warned that the current situation is “very serious” and exceeds the energy crises of the 1970s, amid the blockade of the Strait of Hormuz and attacks on energy infrastructure in the Middle East

Spain has approved the release of up to 11.5 million barrels from its oil reserves over a 90-day period to counter supply shortages caused by the partial closure of the Strait of Hormuz

Member countries of the agency could release additional emergency oil reserves, as more than 1.4 billion barrels will still remain in emergency stockpiles despite the largest reserve release in history already agreed upon, Executive Director Fatih Birol said

The European Union has asked the International Energy Agency (IEA) to assess the medium-term impact that the release of 400 million barrels of oil from strategic reserves will have on supply security, the European Commission said