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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.

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° 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.

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International

South Korea Successfully Navigates First Oil Tanker Through Red Sea Amid Strait of Hormuz Blockade

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A South Korean oil tanker has safely transited the Red Sea, marking the country’s first successful crude oil shipment via this alternative route since the effective closure of the Strait of Hormuz earlier this year.

The development comes as South Korea intensifies efforts to secure its energy supplies amid ongoing geopolitical tensions and the blockade of one of the world’s most vital oil chokepoints, triggered by the prolonged conflict involving Iran.

According to the Ministry of Oceans and Fisheries, the tanker, which loaded crude oil at Yanbu port in Saudi Arabia on the Red Sea, has now exited the waterway. President Lee Jae-myung welcomed the news, describing it as a positive step for the nation’s energy security.

“It is good news that our vessel is transporting crude oil via the Red Sea for the first time since the blockade of the Strait of Hormuz,” President Lee posted on social media, commending officials and the crew for their efforts.

The move forms part of a broader strategy to diversify import routes and reduce reliance on the blocked Strait of Hormuz.

South Korea has already secured more than 270 million barrels (approximately 273 million barrels according to some reports) of crude oil and naphtha from the Middle East and Kazakhstan through alternative channels unaffected by the crisis.

These supplies are expected to sustain the country’s needs for several months.

Officials noted that the government plans to deploy additional Korean-flagged vessels to the Red Sea port of Yanbu in phases to further stabilise imports, despite risks such as potential threats from Houthi rebels in the region.

The successful transit highlights growing global shifts in energy logistics, as import-dependent nations adapt to disruptions in traditional shipping routes caused by the ongoing Middle East conflict.

South Korea, which relies heavily on Middle Eastern oil, continues to explore bypass options, including discussions on alternative pipelines and storage facilities, to ensure uninterrupted energy flows and protect its economy from volatility.

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BBC to Cut 2,000 Jobs in Biggest Downsize in 15 Years

The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.

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The BBC is to cut as many as 2,000 jobs in the biggest downsizing of the public service broadcaster in 15 years.

Staff were informed of the cuts, which will affect about 10 percent of the BBC’s 21,500 employees, at an all-staff meeting on Wednesday afternoon, the Guardian UK reported yesterday.

The round of job losses, the biggest at the BBC since 2011, is being set in motion before the former top Google executive Matt Brittin takes over as director general next month.

The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.

Tim Davie, the outgoing director general, said at the time that the BBC would need to cut 10 per cent of its approximately £6 billion annual cost base over the next three years.

Davie left the BBC on April 2, having announced his resignation in November after controversy over coverage of issues including Donald Trump, Gaza and trans rights.

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Trump deletes Jesus post of himself after outcry

The AI picture was posted late Sunday and removed Monday.Asked about the post, Trump denied that he was trying to look like Jesus Christ.

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US President Donald Trump on Monday deleted a social media image apparently depicting him as Jesus after an outcry from religious leaders that he was being blasphemous.

AFP reported that the image posted on Trump’s Truth Social platform showed him in flowing red and white robes, touching the forehead of what appeared to be a sick man and with light shining from his hand and head.

An American flag waved in the background while various figures gazed up at the president in reverence.

The AI picture was posted late Sunday and removed Monday.Asked about the post, Trump denied that he was trying to look like Jesus Christ.

“I did post it, and I thought it was me as a doctor and had to do Red Cross,” he told journalists.

“It’s supposed to be me as a doctor, making people better. And I do make people better. I make people a lot better.

The post generated an outcry from several prominent conservative Christians who are among Trump’s biggest backers.

“I don’t know if the President thought he was being funny or if he is under the influence of some substance or what possible explanation he could have for this OUTRAGEOUS blasphemy,” Megan Basham, a conservative journalist and commentator wrote on X.

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