Iran may struggle to sell its oil even after sanctions lift, as China, its main buyer, reduces imports and global supply increases. Analysts cite China's strategic energy shift and market saturation from other suppliers.
US crude oil inventories fell by 8 million barrels last week, while gasoline and distillate stockpiles increased, according to the US Energy Information Administration. Iraq plans to triple crude exports via pipeline to Turkey, and the EU will set energy efficiency standards for data centers.
US drivers face gasoline prices near four-year highs, with potential to reach $5/gallon this summer if the Strait of Hormuz remains closed due to the war with Iran. Experts predict prices may not normalize until 2027.
Global oil inventories are falling at a record pace due to Middle East supply disruptions, approaching critical levels. The IEA warns of future price spikes, with JPMorgan predicting a potential economic "seizure up" if the Strait of Hormuz remains closed.
Global oil inventories are depleting at a record 4 million barrels/day due to the Iran war, with severe shortages expected until October despite falling demand, according to the International Energy Agency.
Global oil stockpiles are depleting at a record rate, potentially leading to price spikes, while UK bond yields seesaw amid reports of a potential Labour leadership challenge, sparking fears of another 'Liz Truss moment' in bond markets.
The pound dropped to a near two-week low after reports of Health Secretary Wes Streeting preparing to resign and trigger a Labour leadership contest, impacting bond markets and sterling.
Global oil inventories are shrinking at the fastest pace on record amid disruptions in the Strait of Hormuz, Bloomberg has reported Read Full Article at RT.com
Global oil inventories are rapidly depleting due to the Iran war disrupting crude flows from the Persian Gulf, leading to concerns of price spikes and shortages. Asia faces immediate pressure, with some nations potentially experiencing shortages within a month as reserves hit multi-year lows. Strategic reserves are being deployed, but this further weakens the global safety buffer.
The current stock level is 1% above the five-year average typical for this time of the year, the department stated
