The International Energy Agency (IEA) said on Thursday the Middle Eastern conflict is generating the “largest supply disruption” in the annals of the worldwide petroleum market, as Tehran’s grip on regional inventories compels Gulf nations to curtail output. In its market report, the IEA stated crude extraction was presently reduced by at least 8.0 million…
The International Energy Agency (IEA) on Wednesday praised India after the latter welcomed the agency’s decision to release 400 million barrels of oil from emergency reserves as tensions escalate over the US and Israel’s war in Iran, reuters reported. IEA’s Executive Director Fatih Birol said he is “pleased to read India’s supportive statement for IEA’s…
Crude oil prices continued to boil in Wednesday’s evening session as traders showed little regard for the International Energy Agency’s decision on 11 March to release the largest volume of emergency oil reserves in its history in an effort to counter the supply disruption caused by the closure of the Strait of Hormuz. Brent crude…
