Washington, April 15 (IANS) War in the Middle East is threatening to slow global growth and push up prices, IMF officials warned, as supply disruptions spread across energy markets and trade flows.The International Monetary Fund said the conflict has created “exceptional uncertainty” in the global outlook, forcing a reassessment of forecasts. Deputy Managing Director Bo Li said all scenarios now point to “higher price and lower growth and slower growth.”The impact is already visible acro…
Latest Oil Supply News & Updates
New Delhi, April 14 (IANS) The International Energy Agency (IEA) warned on Tuesday that demand for crude oil will likely see the biggest slump in the second quarter (Q2 2026) since the Covid pandemic slashed fuel consumption.Oil demand is expected to contract by 80,000 barrels per day (kb/d) this year, “as the Iran war upends our global outlook”.”This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption….
Seoul, April 10 (IANS) The South Korea’s National Assembly is set to handle an extra budget bill Friday aimed at coping with the economic fallout from the ongoing war in the Middle East.The extra budget, intended to ease the burden of rising oil prices and protect small businesses and vulnerable households from the economic repercussions of the conflict, has expanded to around 30 trillion won ($20.3 billion) from the government’s initial proposal of 26.2 trillion won, following reviews by standi…
Washington, March 31 (IANS) The Trump administration on Monday acknowledged rising fuel costs linked to the ongoing Iran conflict but described them as “short-term fluctuations”, even as it defended its military campaign and broader strategy to stabilise global energy markets. Press Secretary Karoline Leavitt said the administration was “fully tracking this short-term fluctuation in oil and diesel prices” and had taken steps to increase supply and ease pressure on consumers.She said meas…
Washington, March 21 (IANS) The United States on Friday night issued a narrow, short-term authorisation allowing the sale of Iranian oil already stranded at sea, a move the Trump administration says will quickly boost global supply while maintaining pressure on Tehran, according to the Treasury Department and media reports. Treasury Secretary Scott Bessent said the step is designed to stabilise energy markets amid ongoing conflict and supply disruptions.“Today, the Department of the Treasury i…
Washington, March 13 (IANS) The world is facing a “significant disruption in the short term” to secure global energy flows in the long run, US Energy Secretary Chris Wright said, defending Washington’s decision to release oil reserves amid the war involving Iran.“We’re in the midst of a significant disruption in the short term to fix the security of energy flow for the long term,” Wright said in an interview with CNN.The United States has announced plans to release about 172 million …
Washington, March 11 (IANS) The White House said that President Donald Trump personally approved a temporary waiver allowing India to purchase Russian oil as part of a broader effort to stabilise global energy markets amid disruptions caused by the ongoing US military campaign against Iran.The decision was taken after consultations between the President, the Treasury Department, and members of the national security team, White House Press Secretary Karoline Leavitt said.“The President and the …