The War in Iran Has Caused a Record Oil Crisis and a Sharp Decline in Supplies
The global oil market is experiencing one of the deepest crises in its history due to the war in Iran…
global oil market
Urals Oil Price Rises to Record Level in 13 Years Due to Middle East Conflict
The price of Russian Urals oil has reached its highest level in over 13 years. The price increase occurred against…
OPEC+ Increases Oil Production Quotas for the Second Consecutive Time in May 2026
The member countries of the Organization of the Petroleum Exporting Countries and their partners in the OPEC+ format have decided…
Iraq Declares Force Majeure on Oil Fields Due to Export Halt
Iraq has announced a state of force majeure on all oil fields operated by foreign companies. This decision was made…
Russia Can Quickly Restore Oil Revenues Due to Price Increases After the Crisis in the Strait of Hormuz
The escalation of the situation around the Strait of Hormuz, caused by Iran's actions, has led to a significant increase…
Operations at the Ras Tanura Oil Refinery Suspended After Iranian Attack
One of the largest oil refineries in the world, located in the city of Ras Tanura in Saudi Arabia, has…
Russia Reduces Urals Oil Prices Due to Sanctions and Falling Demand
Russian Urals oil is being offered on the global market at a discount of nearly $15 per barrel compared to…
Oil Production in Russia Increased in October but Remained Below OPEC+ Limit
In October, crude oil production in the Russian Federation increased to an average of 9.41 million barrels per day, which…
International Energy Agency Forecasts Oil Surplus of 4 Million Barrels in 2026
The global oil market is expected to experience significant oversupply in 2026, with the International Energy Agency (IEA) estimating it…
Global Oil Exports Set New Records Due to Increased Supply
Global oil exports are showing record growth, driven by increased supplies from both OPEC member countries and other producing nations.…