OPEC+ plans oil quota hikes through September
Leading OPEC+ members plan to continue monthly oil quota hikes through September to complete the restoration of production cuts implemented in 2023
Category: Production
IEA: Market has lost 14 million barrels per day due to Hormuz, Iran
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
OPEC output hits new low in April amid Strait of Hormuz crisis
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
US hits record oil exports amid Strait of Hormuz blockade
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
UAE leaves OPEC in blow to global oil producers’ group
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
Trump says talks with Iran could resume on Friday
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
IEA: Even if Hormuz reopens, recovery will take time
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 cede control of Strait of Hormuz, senior Iranian politician says
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 declares Strait of Hormuz ‘completely open’ for remainder of truce
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
IEA: Oil output sees ‘largest drop history’ in March
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