IEA Cuts 2026 Oil Demand Forecast as Hormuz Stays Shut
By Oluwakemi Kindness The International Energy Agency has sharply cut its forecast for global oil demand this year, citing the continued closure of the Strait of Hormuz and high fuel prices. The IEA now expects oil demand to fall by 1.6 million barrels per day in 2026. That is significantly higher than its previous forecast […]
Venezuela Says Deadly Quakes Spared Oil Production
By Mardiyyah Abubakar Venezuela’s acting president, Delcy Rodriguez, says last month’s deadly earthquakes did not disrupt the country’s oil production. Speaking on Monday, Rodriguez said Venezuela is producing 1.2 million barrels of crude oil per day, about 10% more than a year ago. She added that the government remains confident the economy will continue to […]
Oil Surges 4% as US-Iran Conflict Escalates
By Mardiyyah Abubakar Global oil prices climbed more than four per cent on Monday after renewed military confrontation between the United States and Iran rattled financial markets and reignited fears over the security of the Strait of Hormuz, one of the world’s most critical oil shipping routes. The latest escalation came just days after both […]