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
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
Repsol, through the joint venture Repsol Sinopec Brasil and in a consortium with TotalEnergies and Shell, has started oil production at Lapa Southwest, located in the Santos Basin
The war in Iran is currently cutting about 15 million barrels per day (bpd) of oil and refined products from the Gulf to global markets, which could push crude prices to $150 per barrel, research and consulting firm Wood Mackenzie said
The head of the International Energy Agency (IEA) said there is ample oil on global markets and that current problems stem from a “temporary logistical disruption” caused by the blockade of the Strait of Hormuz
State-controlled Argentine oil company YPF reported a net loss of $799 million in 2025, compared with a net profit of $2.393 billion in 2024. .477 billion. Total hydrocarbon production reached 527,000 barrels of oil equivalent per day last year
U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter
Global oil demand will grow more slowly than previously expected this year, the International Energy Agency (IEA) said, while forecasting that the global market will continue to face a sizable surplus despite supply cuts that reduced output in January
