International
Global energy body plans to release strategic oil reserves
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
° An oil tanker unloads crude oil at a terminal at the port in Qingdao, in China’s eastern Shandong province on March 10, 2026. (Photo by CN-STR / AFP) / China OUT / CHINA OUT
G7 Energy Ministers met today, at the International Energy Agency (IEA) headquarters in Paris and discussed the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.
Following the assessment of the crisis, they want to make emergency stocks of their oil reserves available to the global market in order to ease the supply disruptions.
IEA Executive Director Fatih Birol , disclosed this in a statement after the meeting .
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.
About 100 million barrels of oil are consumed globally every day.
The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.
“In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market,” he said.
“I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to ,” Birol added.
He said the G7 meeting addressed “all the available options, including making IEA emergency oil stocks available to the market”.
Italy’s Environment and Energy Minister Gilberto Pichetto Fratin said that regarding the closure of the Strait of Hormuz, “countries have committed to showing solidarity by using stockpiled reserves in order to compensate for the lack of availability at the global level.”
Crude prices have seen sharp fluctuations due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating later that day.
They fell further on Tuesday, reassured by US President Donald Trump stating Monday that the US-Israel war on Iran was “going to be ended soon”.
Nevertheless risks remain, with Iran vowing earlier Tuesday that not one litre of oil would be exported from the Gulf while the United States and Israel press ahead with their bombardment of the country.
International
Zimbabwe Wins UN Security Council Seat for 2027-2028
The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.
Zimbabwe has been elected to a non-permanent, two-year term on the United Nations Security Council, the third time the country will be represented on the body mandated to maintain international peace and security.
Voice of Nigeria reports that the other countries that secured seats around the iconic horseshoe table are Austria, Portugal, Trinidad and Tobago, and Kyrgyzstan.
The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.
Austria and Portugal won the two seats allocated to the Western European and other States (WEOG) Group, while Trinidad and Tobago and Zimbabwe were elected from the Latin American and Caribbean Group and the African Group, respectively.
Kyrgyzstan secured the Asia-Pacific seat after defeating the Philippines in four rounds of voting.
International
Finland’s president says EU should expand to 40 states — including Canada
His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.
• Finland’s president Alexander Stubb
Finnish President Alexander Stubb has stressed the need for a much larger European Union, saying the 27-nation bloc should increase its membership to 40 states and named the U.K., Canada, Turkey, Norway and Iceland as potential candidates to join.
Stubb made the call at an energy conference in the Finnish capital on Wednesday.
His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.
Stubb told the Eurelectric Power Summit that “the window of opportunity” for EU enlargement “is quite short because when the war in Ukraine ends and perhaps when the U.S. administration changes, I don’t know, then people are going to take their foot off the gas pedal and start heckling about unnecessary stuff again.”
Stubb added that “European strategic autonomy or European geopolitical power” is “often based on size and scale and I think the best European policy ever has been European enlargement.”
“In this moment, we need to think big and geographically, we need to enlarge or at least create memberships which are flexible enough to bring in a sum total of 40 European states — or even non-European,” Stubb said.
Finland’s president said the EU should look to its western flank and bring the U.K., which left the bloc in 2020, back into the fold, or at least “as close as possible
.”Canada should be considered as another option, Stubb said. “Wouldn’t it be lovely if Canada was the 28th state of the European Union rather than the 51st state of the United States?”
International
Iran Kuwait’s airport attack injures 63
Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.
Today Wednesday June 3: Kuwait International Airport was hit by Iranian drones.
An Iranian attack on Kuwait’s airport wounded at least 63 people on Wednesday, the health ministry said, with authorities earlier reporting one person killed.
Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.
This includes serious injuries… including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions.”
An airport source told AFP that the death in Kuwait was an Indian national at the airport.
-
News2 days agoCourt Voids ₦110bn N’Assembly Vehicles, Allowances
-
Business3 days agoSenate’s approval of Sugar – Sweetened Beverages Tax Bill, Shocking, says CPPE, Lobbying Reps for rejection
-
News3 days agoCourt Declares National Assembly’s N110bn SUV and Allowance Schemes Unlawful
-
News2 days agoFG Clears Five-Month Allowance Arrears for University Lecturers
-
Politics2 days ago2027: Lagos APC picks Damilola as Hamzat ‘s Deputy Governor
-
News2 days agoLagos Begins 500-Tree Campaign to Tackle Extreme Heat
-
Politics2 days agoNDC Declares Party Supremacy, Approves Code of Conduct Committee
-
Business2 days agoFederal Ministry of Finance Releases Funds to Over 1,240 Local Contractors
