China's CNPC calls for strengthened maritime security and emergency response capabilities, citing the fragility of global chokepoints like the Strait of Hormuz. Disruptions have driven up prices and inflation, with US inflation reaching 4.2% in May.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
India may require domestic refiners to hold 30 days' worth of crude oil reserves, akin to China's model, to secure energy supply amid global disruptions, potentially costing refiners nearly Rs 60,000 crore.
The US Strategic Petroleum Reserve (SPR) has reached its lowest point since 1983, with officials releasing 8.9 million barrels in the past week. The current level of 340.3 million barrels is a result of ongoing draws to mitigate economic impacts from global conflicts, raising concerns about operational capacity and hurricane season vulnerability.
The U.S. Strategic Petroleum Reserve is at its lowest level in over 40 years, holding 340.3 million barrels as of June 12. This decline is attributed to emergency releases aimed at easing supply disruptions, potentially linked to the Iran war and an upcoming deal to reopen the Strait of Hormuz.
The US Strategic Petroleum Reserve has fallen to its lowest volume since 1983, reaching 340.3 million barrels after releasing an additional 8.9 million barrels last week. This continued drawdown is reportedly linked to efforts to mitigate consequences of the conflict with Iran.
Philippine farmer Dan Rae Hugo faces doubled diesel costs and reduced profits due to the Iran war's impact on global energy prices. Meanwhile, ASEAN leaders convened in Cebu to address the energy shock affecting all 11 member states, agreeing to accelerate an energy security framework and a regional power grid. Philippine President Ferdinand Marcos Jnr stressed the urgent need for these measures, stating they were needed 'yesterday'.
The US government has imposed sanctions on Cuba's state-owned oil and gas company, Cupet, citing unlawful expropriation and the weaponization of energy. The move is expected to worsen fuel shortages and tensions between the two nations.
The US Strategic Petroleum Reserve (SPR) is at its lowest level since 1983, having released 66 million barrels due to the war in Iran. This depletion, coupled with the closure of the Strait of Hormuz, raises concerns about potential oil price spikes and global economic instability.
A prolonged Middle East conflict could force a global shift to alternative energy sources, according to Russian Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum (SPIEF). He stated that such shifts would negatively impact the energy sector and the broader economy, potentially leading to new logistics and transport solutions.
Russia and Vietnam are in discussions regarding Russian companies' involvement in establishing a strategic petroleum reserve in Vietnam. The talks were held on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
Petroleum ministry officials assured a parliamentary panel that India has 78 days of crude stock and no LPG shortage amid concerns over fuel station queues. Officials also reported 37 India-bound ships stranded in the Persian Gulf due to disruptions in the Strait of Hormuz.
Xi'an Petroleum University has launched its Uzbekistan branch, the China-Uzbekistan Petroleum University, as part of the Belt and Road Initiative. The university also signed a cooperation memo with the Royal Office of Prince Mohammed of the UAE to explore international education and energy technology.
India navigates oil supply shock from Strait of Hormuz closure via crude diversification and increased Russian imports. Despite disruptions, strategic sourcing and alternative routes ensure energy security, though LPG/LNG supplies are impacted.
The US has extended a sanctions waiver on Russian crude oil purchases for 30 days, aiming to stabilize global prices and aid energy-vulnerable nations. India affirmed it will continue imports based on commercial viability, regardless of the waiver status.
China's ban on sulphuric acid exports, driven by Middle East supply disruptions from the Iran war, is causing a crisis for Australian manufacturers like LoomTex, forcing difficult choices on stocking hazardous chemicals or facing production halts.
India is experiencing significant increases in fuel prices and shortages of cooking gas, with citizens like Ranjan and Sushmita Sankar reporting tripled costs for LPG and reduced car mileage due to ethanol-blended petrol. The government is exploring higher ethanol blending in vehicles and has banned sugar exports to ensure local supply and raw material for ethanol production.
Over 25% of European companies in China have adjusted supply chains due to the Middle East conflict, citing higher energy and logistics costs, with 81% struggling to source Middle Eastern inputs.
Public sector oil companies are facing daily losses of Rs 1,000 crore, potentially forcing fuel price hikes soon. Minister Hardeep Singh Puri highlighted significant under-recoveries, warning that companies cannot sustain these losses indefinitely. While elections are not the reason for the freeze, a drop in crude prices or reopening of the Strait of Hormuz could offer relief.
Russia and Iran are currently demonstrating an example of responsible partnership, Anton Kobyakov said
Defence Minister Rajnath Singh assured citizens that India is prepared for global supply chain disruptions, with ample petroleum products and robust foreign exchange reserves. He urged fuel conservation to ease the nation's financial burden amid high international crude prices. The government is implementing measures for fuel efficiency and responsible consumption.
On April 28, the United Arab Emirates informed the Organisation of Petroleum Exporting Countries (Opec) it was leaving. Three days’ notice. No call to Riyadh beforehand, apparently. The grievance about production quotas was years old: Abu Dhabi had threatened to quit in 2021. What’s changed has nothing to do with the barrel count. It is about who underwrites Abu Dhabi’s security when it acts on a decision Riyadh opposes. After Iran struck UAE infrastructure, Abu Dhabi sent only a foreign...
Supplies of petroleum products to distribution companies "have been restored to meet demand for fuel and related products in the local market," the company said
South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country’s petroleum reserve bases, the world’s sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and an expert on the matter have said. The strait’s closure in the wake of the US-Israel war on Iran has taken a toll not only on South Korea and other nations dependent on oil imports but also oil-producing countries whose storage tanks are filling up...
