A US Navy-led maritime security group warned that Iran-backed Houthis in Yemen have completed preparations to attack Red Sea shipping, particularly near Bab el-Mandeb. The EU naval mission advised vessels linked to Israeli, US, or Saudi interests to avoid the area, while Iran has also increased attacks on tankers in the Strait of Hormuz.
OPEC+ announced a 188,000 bpd production increase from August by seven member countries, including Saudi Arabia and Russia. This move follows signs of market recovery and easing tensions related to the US-Israel war on Iran, which had previously impacted shipping through the Strait of Hormuz.
OPEC+ approved a 188,000 bpd production increase for August, the fifth since the West Asia war. This aims to boost crude availability, lower prices, and ease pressure on importers like India, with Brent crude nearing pre-conflict levels.
India's crude oil imports from Russia are projected to reach an all-time high of 2.35 million barrels per day in June, driven by Strait of Hormuz disruptions and continued demand. Russia has become India's primary supplier since the US-Iran conflict began.
OPEC's World Oil Outlook projects global oil demand to increase by 19 million bpd from 2025 levels to 124.1 million bpd by 2050. India is expected to see the largest growth, with other Asian nations, the Middle East, and Africa also contributing significantly. China's demand growth is projected to slow after 2035, while OECD countries are expected to see a decline.
OPEC+ members including Saudi Arabia, Russia, and Iraq will increase total oil production by 188,000 barrels per day in July. This decision comes amid ongoing supply concerns due to the US/Israel-Iran conflict and the closure of the Strait of Hormuz, with experts predicting a slow return to normal supply levels.
Russia anticipates reaching its OPEC+ oil production quota of 9.762 million barrels per day this year, according to Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum.
The UAE is nearing completion of a pipeline to bypass the Iran-blockaded Strait of Hormuz, set to double ADNOC's export capacity through Fujairah by 2027, amid severe global energy disruptions.
Oil prices showed mixed results as OPEC lowered its 2026 demand growth estimate to 1.2 million bpd, while the IEA warned of impending volatility due to supply losses from the Iran war, affecting over 14 million bpd and depleting global inventories at a record pace.
Oil prices increased on Thursday after the IEA warned of impending volatility due to supply losses from the Iran war, while OPEC reduced its 2026 demand growth estimate to 1.2 million barrels per day.
Oil prices seesawed on Thursday as traders balanced OPEC's reduced 2026 demand forecast with the IEA's warning of heightened volatility due to supply losses from the Iran war, ahead of the closely watched Trump-Xi meeting.
The IEA warns of impending oil price spikes due to rapidly depleting global inventories and supply losses exceeding 12.8 million barrels per day since the U.S.-Israeli war with Iran began, with peak summer demand expected to worsen the situation.
OPEC oil production dropped to a 35-year low of 20.18 million barrels per day in April 2026, largely due to a 45% decline in Persian Gulf countries' output since the Middle East conflict began, according to the International Energy Agency.
Seven OPEC+ members (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria) agreed to raise oil output quotas by 188,000 bpd in June 2024. The move allows countries to accelerate compensation for overproduced volumes since January 2024. Russia's June quota stands at 9.762 mln bpd, Saudi Arabia at 10.291 mln bpd. The next OPEC+ meeting is scheduled for June 7.
OPEC+ has agreed to increase oil output by 188,000 barrels per day for June, slightly less than May's 206,000 bpd increase. The seven participating countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—announced the production adjustment excluding the UAE, which officially left the group on May 1. The increase comes amid supply concerns following the Iran war that began on February 28, which has closed the Strait of Hormuz, a vital shipping route.
The Dangote Petroleum Refinery in Lagos, Nigeria, has become a crucial asset amidst Middle East-driven energy shocks. Built with Chinese engineering, it plans a significant expansion to 1.4 million barrels per day.
Venezuela's crude exports surged 14% to 1.23 million bpd in April, the highest level since late 2018, driven by increased demand from the US (445,000 bpd), India (374,000 bpd) and Europe (165,000 bpd). The rise follows the January US capture of President Nicolas Maduro and subsequent oil supply arrangement between Trump and interim President Delcy Rodriguez, with trading houses and Chevron handling the majority of shipments.
Venezuela's crude exports surged 14% to 1.23 million barrels per day in April, reaching their fastest pace in over seven years. This increase, driven by demand from the US, India, and Europe, follows a US agreement that softened sanctions, allowing major trading firms and partners to resume lifting Venezuelan crude.
Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in over seven years, driven by increased sales to the US, India and Europe following a US-Venezuela supply deal and eased sanctions. The agreement, coupled with US licenses easing sanctions, allowed PDVSA's joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes for sales to refiners. A total of 66 vessels departed from Venezuelan waters in April, up from 61 ships in March, marking the highest monthly volume since late 2018.
The United Arab Emirates plans to exit Opec and increase oil production to 5 million barrels per day, up from current 3.4 million, representing a 1-2% shift in global demand. While Asia's import-heavy economies like Japan, India and South Korea stand to benefit long-term, the ongoing closure of the Strait of Hormuz prevents immediate price relief. Global oil prices surged Wednesday with Brent crude hitting US$111 per barrel and WTI approaching US$100.
India's imports of Russian crude oil declined 20% month-on-month in April to 1.57 million barrels per day, down from nearly 2 million in March. The March surge was driven by supply disruptions from the US-Iran war and Strait of Hormuz closure, prompting refiners to tap readily available floating Russian cargoes. April volumes were affected by loading disruptions at a Russian export terminal following a Ukrainian attack. Indian Oil Corporation remained the largest importer at 670,000 bpd, accounting for 42% of total purchases.
Iran faces a critical oil storage crisis with only 12-22 days of unused capacity remaining, potentially forcing production cuts of up to 1.5 million barrels per day by mid-May. Oil exports have plummeted from 1.85 million barrels per day in March to just 567,000 barrels per day following the US naval blockade of Iranian ports in early April. While revenue impact will take 3-4 months to materialize, the storage bottleneck could force Tehran to halt production well before financial effects hit.
Oil production in the region has lost 14.5 mln barrels per day this month
Iraq announced plans to increase oil exports via the northern Kirkuk-Ceyhan pipeline to 500,000 barrels per day, up from the current 340,000 bpd. The shift comes after Iraqi oil exports fell by approximately 80% in March due to security and operational challenges in the southern export routes. The Basra Oil Company head cited the need to compensate for disrupted southern distribution channels.
