Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks.<h2>What was the International Energy Agency warning on oil supply?</h2>In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day.All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output.Also read: <a href="https://www.wionews.com/world/world-s-largest-oil-company-ceo-warns-of-catastrophic-consequences-of-iran-war-as-nations-impose-emergency-measures-1773141477127">World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures</a><h2>Oil prices surge after wild swings as war disrupts global flows</h2>After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel.Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher.Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week.Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes.The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages.Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day.<a href="https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed">https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed</a><h2>IEA's report came hours after largest ever emergency oil stock release</h2>Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles.This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war.The move is aimed at curbing oil price spikes and stabilising markets in the near term.Also read: <a href="https://www.wionews.com/world/with-hormuz-in-its-grip-iran-ships-more-oil-even-as-war-halts-others-1773255260129">With Hormuz in its grip, Iran ships more oil even as war halts others</a>&nbsp;<h2>But strategic stock release may not be enough</h2>However, the IEA warned that the strategic reserve release may not be sufficient if the war continues.The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate.The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s.<h2>March IEA report more ominous than February</h2>IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Iran war is causing the largest ever disruption of global oil supplies, the International Energy Agency (IEA) warned on Thursday (Mar 12). The IEA's dire projections came in its monthly Oil Market Report (OMR), which provides data on supply, demand, stocks, prices and refinery activity. The otherwise routine report is being watched closely this month, amid the unprecedented crisis in global oil markets. The ominous predictions came a day after the largest-ever release of global emergency oil stocks. What was the International Energy Agency warning on oil supply? In the report, the IEA cut its daily oil supply growth forecast sharply. It said the supply is likely to plunge by 8 million barrels a day in March. The Paris-based organisation, which includes several Western nations, now expects global supply to grow by 1.1 million barrels a day this year, the Wall Street Journal reported. This is a dramatic reduction from the earlier forecast of 2.4 million barrels a day. All supply growth is expected to come from outside the OPEC+ alliance, as the conflict forces major Gulf producers to curb output. Also read: World’s largest oil company CEO warns of 'catastrophic consequences' of Iran war as nations impose emergency measures Oil prices surge after wild swings as war disrupts global flows After several wild swings, Brent crude has breached the $100 mark. Earlier, it had touched $120 a barrel. Further attacks on shipping and energy facilities, along with uncertainty over when the war will end, could push prices even higher. Oil trade flows have been severely affected since the February 28 US–Israel strike on Iran triggered the ongoing war, which is now entering its second week. Iran’s missile and drone attacks on oil sites in Saudi Arabia and Kuwait, along with its threats to block tankers passing through the Strait of Hormuz, have dirsupted traffic through one of the world’s most critical energy routes. The Strait of Hormuz is a key chokepoint for around 20 per cent of global oil supply and significant volumes of liquefied natural gas. Attacks on ships, closures by major shipping companies, and reduced regional production and export capacity are creating shortages. Flows through the strait have fallen to less than 10 per cent of normal levels, amounting to a disruption of roughly 15 million barrels per day. https://www.wionews.com/videos/energy-crisis-india-first-approach-guides-decision-to-keep-oil-reserves-intact-1773138558351/embed IEA's report came hours after largest ever emergency oil stock release Just before the IEA report was released, its 32 member nations unanimously agreed on Wednesday (Mar 11) to release 400 million barrels from their emergency stockpiles. This marked the largest coordinated release in IEA history—more than double the 182 million barrels released in 2022 following the Russia–Ukraine war. The move is aimed at curbing oil price spikes and stabilising markets in the near term. Also read: With Hormuz in its grip, Iran ships more oil even as war halts others But strategic stock release may not be enough However, the IEA warned that the strategic reserve release may not be sufficient if the war continues. The emergency stocks could cover only about 20 days of lost supply. If the conflict continues to disrupt production and the Strait of Hormuz is not fully reopened, the reserves could quickly prove inadequate. The war has already triggered one of the most severe oil market shocks in decades. Some industry observers have described it as the biggest disruption ever, while others say it could rank among the worst since the oil shocks of the 1970s. March IEA report more ominous than February IEA's March OMR paints a far darker picture than the February 12 report. The earlier report projected global oil demand growth of 850,000 barrels per day in 2026. It also forecast supply growth of around 2.4 million barrels per day and a surplus of roughly 3.73 million barrels per day.

In its latest monthly report, the International Energy Agency warned global oil supply could go down by 8 million barrels a day in March as the Iran war disrupts flows through the Strait of Hormuz. Brent crude is above $100 despite a record 400-million-barrel emergency release by IAE members.

Down by 8 million barrels a day: IEA issues ominous warning on oil supplies amid Iran war, hours after largest ever stock release

The International Energy Agency (IEA) announced on Wednesday (March 11) that it will release the largest amount of emergency oil reserves in its history to stabilise global energy markets amid the ongoing war in the Middle East. The Paris-based energy watchdog said 400 million barrels of oil will be made available from emergency reserves held by its member countries. The move exceeds the 182.7 million barrels released in 2022 when the IEA’s 32 members responded to the Russian invasion of Ukraine.&nbsp;“Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production,” IEA executive director Fatih Birol said. “And we have seen further attacks and damage to energy and energy-related infrastructure. Refinery operations have also been disrupted, with major implications for jet fuel and diesel supplies in particular.” IEA members currently hold more than 1.2 billion barrels of public emergency oil stocks, along with another 600 million barrels of industry stocks that are maintained under government mandates.&nbsp;The move comes as tensions rise in the Persian Gulf following military strikes by the United States and Israel on Iranian targets. In retaliation, Iran has attacked commercial vessels across the Persian Gulf and tightened pressure on regional energy routes. Iran has effectively halted cargo traffic through the Strait of Hormuz, a crucial shipping lane that carries roughly one-fifth of the world’s oil exports from the Persian Gulf toward the Indian Ocean. The country has also targeted oil facilities and refineries in Gulf Arab nations, aiming to create global economic pressure on the United States and Israel to end their strikes.&nbsp;Also Read: <a href="https://www.wionews.com/world/initial-military-inquiry-finds-us-forces-responsible-for-strike-on-iran-school-that-killed-168-children-1773245071103">Initial military inquiry finds US forces responsible for strike on Iran school; cites outdated intelligence</a>&nbsp;Earlier on Wednesday, Germany, Austria, and Japan confirmed they would release parts of their oil reserves following the IEA request. Energy ministers from the Group of Seven (G7) met on Tuesday at IEA headquarters in Paris to discuss measures to curb rising energy prices. “This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” Birol added. “But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”&nbsp;Birol noted that 15 million barrels per day of crude oil and another five million barrels per day of oil products typically pass through the strait. “This amounts to around 25% of the world’s oil trade via sea. And now the flows of oil, gas, and other commodities through the strait have all but stopped.” The G7 includes Canada, the United States, France, Italy, Japan, Germany, and the United Kingdom. Leaders of the group, including US President Donald Trump, met via videoconference on Wednesday to discuss energy challenges linked to the conflict.&nbsp;During the meeting, French President Emmanuel Macron praised the IEA’s decision, noting that the release equals roughly 20 days of exports normally passing through the Strait of Hormuz. “I think it’s very important to see as well everything we can do to increase our global production,” Macron added. Germany’s economy minister, Katherina Reiche, said Berlin had been asked to release 2.64 million tons of oil reserves, though the amount to be released by Austria was not immediately confirmed.&nbsp;<a href="https://www.wionews.com/videos/israeli-military-caught-off-guard-hezbollah-rocket-strikes-breaches-iron-dome-1773250184119/embed">https://www.wionews.com/videos/israeli-military-caught-off-guard-hezbollah-rocket-strikes-breaches-iron-dome-1773250184119/embed</a>&nbsp;She said it would take a few days before the first shipments reach markets. “Germany stands behind the IEA’s most important principle of mutual solidarity,” Reiche said. Germany also plans to introduce a rule allowing gas stations to increase fuel prices only once per day as authorities try to limit sharp price spikes.&nbsp;According to the IEA, current exports of crude and refined products are below 10% of pre-war levels. In Austria, Economy Minister Wolfgang Hattmannsdorfer said fuel price increases will be limited to three times per week starting Monday, while the country also releases part of its strategic oil reserves and expands its national gas reserve. “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”&nbsp;The IEA was created in 1974 following the 1973 oil crisis to coordinate global responses to energy disruptions. Emergency reserves have been tapped five times previously, including during the Gulf War, after Hurricane Katrina, during the Libyan Civil War, and twice following the war in Ukraine. Birol also warned that natural gas markets are under severe strain, especially in Asia. “There are few options to replace the missing LNG cargoes from Qatar and the Emirates,” he said. “Global energy supply has been reduced by around 20%.”&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

IEA to release record 400 million barrels of oil as Middle East war disrupts markets

The International Energy Agency (IEA) announced on Wednesday (March 11) that it will release the largest amount of emergency oil reserves in its history to stabilise global energy markets amid the ongoing war in the Middle East. The Paris-based energy watchdog said 400 million barrels of oil will be made available from emergency reserves held by its member countries. The move exceeds the 182.7 million barrels released in 2022 when the IEA’s 32 members responded to the Russian invasion of Ukraine. “Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production,” IEA executive director Fatih Birol said. “And we have seen further attacks and damage to energy and energy-related infrastructure. Refinery operations have also been disrupted, with major implications for jet fuel and diesel supplies in particular.” IEA members currently hold more than 1.2 billion barrels of public emergency oil stocks, along with another 600 million barrels of industry stocks that are maintained under government mandates. The move comes as tensions rise in the Persian Gulf following military strikes by the United States and Israel on Iranian targets. In retaliation, Iran has attacked commercial vessels across the Persian Gulf and tightened pressure on regional energy routes. Iran has effectively halted cargo traffic through the Strait of Hormuz, a crucial shipping lane that carries roughly one-fifth of the world’s oil exports from the Persian Gulf toward the Indian Ocean. The country has also targeted oil facilities and refineries in Gulf Arab nations, aiming to create global economic pressure on the United States and Israel to end their strikes. Also Read: Initial military inquiry finds US forces responsible for strike on Iran school; cites outdated intelligence Earlier on Wednesday, Germany, Austria, and Japan confirmed they would release parts of their oil reserves following the IEA request. Energy ministers from the Group of Seven (G7) met on Tuesday at IEA headquarters in Paris to discuss measures to curb rising energy prices. “This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” Birol added. “But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.” Birol noted that 15 million barrels per day of crude oil and another five million barrels per day of oil products typically pass through the strait. “This amounts to around 25% of the world’s oil trade via sea. And now the flows of oil, gas, and other commodities through the strait have all but stopped.” The G7 includes Canada, the United States, France, Italy, Japan, Germany, and the United Kingdom. Leaders of the group, including US President Donald Trump, met via videoconference on Wednesday to discuss energy challenges linked to the conflict. During the meeting, French President Emmanuel Macron praised the IEA’s decision, noting that the release equals roughly 20 days of exports normally passing through the Strait of Hormuz. “I think it’s very important to see as well everything we can do to increase our global production,” Macron added. Germany’s economy minister, Katherina Reiche, said Berlin had been asked to release 2.64 million tons of oil reserves, though the amount to be released by Austria was not immediately confirmed. https://www.wionews.com/videos/israeli-military-caught-off-guard-hezbollah-rocket-strikes-breaches-iron-dome-1773250184119/embed She said it would take a few days before the first shipments reach markets. “Germany stands behind the IEA’s most important principle of mutual solidarity,” Reiche said. Germany also plans to introduce a rule allowing gas stations to increase fuel prices only once per day as authorities try to limit sharp price spikes. According to the IEA, current exports of crude and refined products are below 10% of pre-war levels. In Austria, Economy Minister Wolfgang Hattmannsdorfer said fuel price increases will be limited to three times per week starting Monday, while the country also releases part of its strategic oil reserves and expands its national gas reserve. “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.” The IEA was created in 1974 following the 1973 oil crisis to coordinate global responses to energy disruptions. Emergency reserves have been tapped five times previously, including during the Gulf War, after Hurricane Katrina, during the Libyan Civil War, and twice following the war in Ukraine. Birol also warned that natural gas markets are under severe strain, especially in Asia. “There are few options to replace the missing LNG cargoes from Qatar and the Emirates,” he said. “Global energy supply has been reduced by around 20%.” Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

IEA to release record 400 million barrels of emergency oil reserves as Iran disrupts Strait of Hormuz shipping, aiming to stabilise global energy markets

Global supply chains face heightened risk after QatarEnergy halted LNG production amid escalating regional conflict, removing about 20% of worldwide LNG exports and contributing to shipping disruptions. Rising insurance costs and blocked transit routes through the Strait of Hormuz further threaten energy and goods movement, intensifying global market uncertainty.


Energy Crisis: 'India First' Approach Guides Decision To Keep Oil Reserves Intact

As the Iran-Israel-US conflict escalates, refiners across oil-importing nations in Asia are rushing to secure supplies and conserve fuel amid disruptions in supply through the Strait of Hormuz. China, the world’s largest crude importer, has moved swiftly to protect domestic supply with curbs on exports. Japanese refiners are pleading with the government to open the taps of strategic oil reserves. Indian refiners are knocking on Russian supplies. And the headwinds are also felt in the Gulf nations, the epicentre of the current conflict.<h2>China asks refiners to halt exports of diesel</h2>Chinese authorities ordered major refiners to halt exports of gasoline and diesel and avoid signing new export contracts. Some firms are trying to cancel shipments already committed.Chinese refiners are also cutting refinery runs, with Zhejiang Petrochemical shutting a 200,000-barrel-per-day crude unit and cutting throughput by about 20 per cent. Fujian Refining and Petrochemical closed an 80,000-barrel-per-day unit, with reports saying more cuts are expected among plants heavily dependent on Middle Eastern crude.China has large stockpiles of Iranian and Russian crude and maintains sizeable strategic reserves, but prolonged disruption could spell trouble.<h2>Middle East crude-dependent Japan is in a quandary&nbsp;</h2>Japan imports more than 90 per cent of its crude from the Middle East. Refiners are monitoring crude procurement and shifting toward alternative grades such as US WTI crude. At least one Japanese refiner has cancelled fuel exports to ensure domestic supply. Shipping companies like NYK Line and Mitsui O.S.K. Lines suspended voyages through the Strait of Hormuz due to safety concerns.Japanese refiners are asking the government to release oil from strategic petroleum reserves, which currently has 254 days of supply combining government and private stocks, according to reports.&nbsp;The government has no immediate plans to tap into the reserves, even as it has formed an energy task force to tackle the situation.Also read: <a href="https://www.wionews.com/world/meanwhile-us-oil-production-surpasses-saudi-russia-combined-natural-gas-output-crosses-total-of-russia-china-and-iran-1772641899332">Meanwhile, US oil production surpasses Saudi, Russia combined; natural gas output crosses total of Russia, China and Iran</a><h2>Refiners in India looking for alternative supplies; strategic reserves can last 25 days</h2>Indian media reports said its refiners are scrambling for alternative supplies as Middle Eastern flows tighten by the day. Indian Oil Corporation has started drawing on stored Russian crude. About one million barrels have already been delivered to Paradip port, with another 700,000 barrels expected at Vadinar, said the reports. Mangalore Refinery and Petrochemicals, meanwhile, halted fuel exports because of feedstock shortages linked to the conflict.Some reports said that India’s strategic petroleum reserves cover only about 25 days of consumption. This makes it urgent to diversify supply. It is quite possible that Indian refiners would face direct competition with Chinese buyers for available cargoes.Also read: <a href="https://www.wionews.com/world/meanwhile-us-oil-production-surpasses-saudi-russia-combined-natural-gas-output-crosses-total-of-russia-china-and-iran-1772641899332">Mumbai seafarer killed in missile strike on tanker in Strait of Hormuz</a><h2>Energy infrastructure across the Gulf hit&nbsp;</h2>Saudi Aramco shut operations at the 550,000-barrel-per-day Ras Tanura refinery after an Iranian drone strike triggered a fire. QatarEnergy suspended production at its Ras Laffan refinery after earlier disruptions to its LNG operations.In Iraq, output at the Rumaila oil field was stopped because storage tanks are full. The closure of Strait of Hormuz blocked exports and Iraq cannot store any more of crude. Meanwhile, several Kurdish oil fields have been shut for security reasons.The disruptions are tightening global supply and pushing oil prices higher. Refiners across Asia are now racing to secure cargoes, cut exports and conserve fuel. If the conflict does not end in a few days, there would be chaos at gas stations in many countries.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Asian refiners are scrambling for crude as the Iran-Israel-US conflict disrupts Middle East oil flows. China is halting fuel exports, Japan weighing use of strategic reserves, and India - with 25 days of stocks - seeking Russian cargoes amid Strait of Hormuz disruptions

As the Iran-Israel-US conflict escalates, refiners across oil-importing nations in Asia are rushing to secure supplies and conserve fuel amid disruptions in supply through the Strait of Hormuz. China, the world’s largest crude importer, has moved swiftly to protect domestic supply with curbs on exports. Japanese refiners are pleading with the government to open the taps of strategic oil reserves. Indian refiners are knocking on Russian supplies. And the headwinds are also felt in the Gulf nations, the epicentre of the current conflict. China asks refiners to halt exports of diesel Chinese authorities ordered major refiners to halt exports of gasoline and diesel and avoid signing new export contracts. Some firms are trying to cancel shipments already committed. Chinese refiners are also cutting refinery runs, with Zhejiang Petrochemical shutting a 200,000-barrel-per-day crude unit and cutting throughput by about 20 per cent. Fujian Refining and Petrochemical closed an 80,000-barrel-per-day unit, with reports saying more cuts are expected among plants heavily dependent on Middle Eastern crude. China has large stockpiles of Iranian and Russian crude and maintains sizeable strategic reserves, but prolonged disruption could spell trouble. Middle East crude-dependent Japan is in a quandary Japan imports more than 90 per cent of its crude from the Middle East. Refiners are monitoring crude procurement and shifting toward alternative grades such as US WTI crude. At least one Japanese refiner has cancelled fuel exports to ensure domestic supply. Shipping companies like NYK Line and Mitsui O.S.K. Lines suspended voyages through the Strait of Hormuz due to safety concerns. Japanese refiners are asking the government to release oil from strategic petroleum reserves, which currently has 254 days of supply combining government and private stocks, according to reports. The government has no immediate plans to tap into the reserves, even as it has formed an energy task force to tackle the situation. Also read: Meanwhile, US oil production surpasses Saudi, Russia combined; natural gas output crosses total of Russia, China and Iran Refiners in India looking for alternative supplies; strategic reserves can last 25 days Indian media reports said its refiners are scrambling for alternative supplies as Middle Eastern flows tighten by the day. Indian Oil Corporation has started drawing on stored Russian crude. About one million barrels have already been delivered to Paradip port, with another 700,000 barrels expected at Vadinar, said the reports. Mangalore Refinery and Petrochemicals, meanwhile, halted fuel exports because of feedstock shortages linked to the conflict. Some reports said that India’s strategic petroleum reserves cover only about 25 days of consumption. This makes it urgent to diversify supply. It is quite possible that Indian refiners would face direct competition with Chinese buyers for available cargoes. Also read: Mumbai seafarer killed in missile strike on tanker in Strait of Hormuz Energy infrastructure across the Gulf hit Saudi Aramco shut operations at the 550,000-barrel-per-day Ras Tanura refinery after an Iranian drone strike triggered a fire. QatarEnergy suspended production at its Ras Laffan refinery after earlier disruptions to its LNG operations. In Iraq, output at the Rumaila oil field was stopped because storage tanks are full. The closure of Strait of Hormuz blocked exports and Iraq cannot store any more of crude. Meanwhile, several Kurdish oil fields have been shut for security reasons. The disruptions are tightening global supply and pushing oil prices higher. Refiners across Asia are now racing to secure cargoes, cut exports and conserve fuel. If the conflict does not end in a few days, there would be chaos at gas stations in many countries. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Asian refiners are scrambling for crude as the Iran-Israel-US conflict disrupts Middle East oil flows. China is halting fuel exports, Japan weighing use of strategic reserves, and India - with 25 days of stocks - seeking Russian cargoes amid Strait of Hormuz disruptions

India has 25 days of fuel stock, Japan refiners plead to open strategic reserves: Oil-importing nations scramble as Iran conflict causes supply woes

Energy chokepoints like Hormuz and Malacca control the daily flow of global fuel, making them more critical than static reserves. Disruptions at these bottlenecks cause instant economic shockwaves because alternative pipelines lack capacity and markets react immediately to transit threats.


Why energy chokepoints matter more than oil reserves today

Oil remains vital to global energy, shaping economies and geopolitics. In 2024, global demand averaged 103.84 mb/d, up 1.49 mb/d or 1.5 per cent year-on-year, according to OPEC’s 2025 Statistical Bulletin. Here are the top 7 countries with the largest oil reserves.

Who controls the world’s oil? Top 7 countries ranked with largest reserves: Check where Venezuela ranks

President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries. He added that additional oil sales may be possible this winter as his administration rushes to be seen&nbsp;as making every effort in preparation for next month's midterm elections.

In reaction to price increases brought on by Russia's invasion of <a href="https://www.wionews.com/world/elon-musk-withdraws-proposal-to-pentagon-seking-funds-for-starlink-526391">Ukraine</a>, the latest batch of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorised in the spring," a senior US official said on Tuesday.

The order, which Biden&nbsp;announced in a speech, means the president will be "making clear that the administration is prepared to undertake significant additional... sales this winter if they are needed due to Russian or other actions disrupting global markets."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-two-killed-after-plane-crashes-in-car-dealership-parking-lot-in-ohio-526588">US: Two killed after plane crashes in car dealership parking lot in Ohio</a>

Biden's gambit to calm energy markets and insulate the biggest <a href="https://www.wionews.com/videos/liz-truss-apologises-for-economic-mistakes-526442">economy</a> in the world from the shocks of the Ukraine war was the decision to use the largest ever portion of the emergency oil reserves, which are typically kept for responding to situations like hurricane-related shutdowns at oil refineries.

Shortly after its invasion of Ukraine in February, major energy exporter Russia was subject to US and European sanctions, which caused havoc on the markets. Additionally, the Kremlin has threatened to use its economic influence over energy supplies against the West, which is aiding Ukraine in its struggle to reject the invasion.

Gas prices that once averaged more than $5 per gallon caused outrage across the country and are a major domestic worry for Biden. Inflation continues to be the key element fueling Republican aspirations of ousting the Democrats in November's midterm legislative elections, despite prices having since calmed.

(With inputs from agencies)

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President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries.

President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries. He added that additional oil sales may be possible this winter as his administration rushes to be seen as making every effort in preparation for next month's midterm elections. In reaction to price increases brought on by Russia's invasion of Ukraine, the latest batch of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorised in the spring," a senior US official said on Tuesday. The order, which Biden announced in a speech, means the president will be "making clear that the administration is prepared to undertake significant additional... sales this winter if they are needed due to Russian or other actions disrupting global markets." Also read | US: Two killed after plane crashes in car dealership parking lot in Ohio Biden's gambit to calm energy markets and insulate the biggest economy in the world from the shocks of the Ukraine war was the decision to use the largest ever portion of the emergency oil reserves, which are typically kept for responding to situations like hurricane-related shutdowns at oil refineries. Shortly after its invasion of Ukraine in February, major energy exporter Russia was subject to US and European sanctions, which caused havoc on the markets. Additionally, the Kremlin has threatened to use its economic influence over energy supplies against the West, which is aiding Ukraine in its struggle to reject the invasion. Gas prices that once averaged more than $5 per gallon caused outrage across the country and are a major domestic worry for Biden. Inflation continues to be the key element fueling Republican aspirations of ousting the Democrats in November's midterm legislative elections, despite prices having since calmed. (With inputs from agencies) WATCH WION LIVE HERE:

Biden announces release of 15mn barrels from US strategic oil reserves after OPEC+ output cut

In a bid to tame the rising gasoline prices, the United States is reportedly planning to release 14 million barrels of oil from its strategic reserves, Reuters reported quoting sources.

The decision to divest part of its oil reserves comes ahead of the November midterm elections, as Biden’s Democratic Party is expected to face a tough fight from the rival Republicans.

Reuters reported citing people familiar with the matter that President Joe Biden is expected to make an announcement this week.

Notably, this is the second time that the Biden administration has decided to release oils from its Strategic Petroleum Reserve of 180 million barrels. In May, the president released 14 million barrels of oil.

"The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," one source told Reuters.

"The White House did not like $4 a gallon gas, and it has signalled that it will take action to prevent that again," the source added.

The West’s sanctions on Russian gas have been driving up oil prices across the world. In US, the price of gas rose to $5 a gallon in the aftermath of the sanctions but it has been trending lower as of late.

According to data from AAA Gas Prices website, the price of oil dropped to $3.87 per gallon on Tuesday and is expected to remain under $4 in the upcoming days.

Last week, Biden admitted that the gasoline prices have been trending on the higher side, and added that he was in talks to lower the costs this week.

His deputy energy secretary, David Turk, indicated about tapping into Strategic Petroleum Reserve last week, saying that the decision would be taken in coming weeks and months as necessary to stabilise oil.

(With inputs from agencies)

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In a bid to tame the rising gasoline prices, the United States is reportedly planning to release 14 million barrels of oil from its strategic reserves, Reuters reported quoting sources.

In a bid to tame the rising gasoline prices, the United States is reportedly planning to release 14 million barrels of oil from its strategic reserves, Reuters reported quoting sources. The decision to divest part of its oil reserves comes ahead of the November midterm elections, as Biden’s Democratic Party is expected to face a tough fight from the rival Republicans. Reuters reported citing people familiar with the matter that President Joe Biden is expected to make an announcement this week. Notably, this is the second time that the Biden administration has decided to release oils from its Strategic Petroleum Reserve of 180 million barrels. In May, the president released 14 million barrels of oil. "The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," one source told Reuters. "The White House did not like $4 a gallon gas, and it has signalled that it will take action to prevent that again," the source added. The West’s sanctions on Russian gas have been driving up oil prices across the world. In US, the price of gas rose to $5 a gallon in the aftermath of the sanctions but it has been trending lower as of late. According to data from AAA Gas Prices website, the price of oil dropped to $3.87 per gallon on Tuesday and is expected to remain under $4 in the upcoming days. Last week, Biden admitted that the gasoline prices have been trending on the higher side, and added that he was in talks to lower the costs this week. His deputy energy secretary, David Turk, indicated about tapping into Strategic Petroleum Reserve last week, saying that the decision would be taken in coming weeks and months as necessary to stabilise oil. (With inputs from agencies) WATCH WION LIVE HERE:

US to release 14 million barrels of oil from reserves to cap gas prices: Report

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine. Oil prices have hit the seven years high following the invasion and after Western allies have imposed sanctions on Russia.

US and its allies weigh oil reserves release after Russia invaded Ukraine

In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden&nbsp;on Tuesday&nbsp;tapped the US strategic oil reserves.

Biden announced this coordinated plan to release 50 million barrels of crude from the country's oil reserves onto the market, hoping to ease the growing discontent about inflation and fuel costs.

The White House said that following weeks of negotiations, "this release will be taken in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea and the United Kingdom."

India plans to release 5 million barrels of oil from its caverns.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-asks-india-china-others-to-consider-tapping-oil-reserves-430236">US asks India, China, others to consider tapping oil reserves</a>

"It will take time but before long you should see the price of gas drop," Biden said in a speech at the White House.

According to a senior administration official, it is anticipated that the releases will begin in mid-to-late December, and&nbsp;"responding to a once-in-a-century pandemic," further interventions may be necessary to stabilise the market.

"The president stands ready to take additional action if needed and is prepared to use his full authorities, working in coordination with the rest of the world, to maintain adequate supply as we exit the pandemic."

Also read |&nbsp;<a href="https://www.wionews.com/world/crunch-at-ports-may-mean-crisis-for-american-farms-429345">Crunch at ports may mean crisis for American farms</a>

Even as the US economy bounces back from the COVID-19 lockdowns, supply chain disruptions and inflation are stirring fears as the holiday season begins with Thanksgiving on Thursday.

"Moms and dads are worried asking will there be enough food we can afford to buy for the holidays? Will we be able to get Christmas presents to the kids on time?" Biden said, acknowledging that for many the price rises are "painful."

Critics, however, accuse him of failing to grasp the challenge.

The president pushed back on critics by noting that the two biggest trading ports, both located in southern California, were now working 24/7, as opposed to just 40 hours a week.

In the last few years, gasoline prices have fallen by about 10 per cent on the wholesale market, but at the pump, they remain the same.

Also read |&nbsp;<a href="https://www.wionews.com/world/history-says-dont-panic-about-inflation-428730">History says don’t panic about inflation</a>

"In other words, gas supply companies are paying less and making a lot more," he said, accusing companies of "pocketing the difference" between wholesale and retail prices.

Nevertheless, Biden's reassurances on tapping the oil reserve failed to impress Republican opponents.&nbsp;

"Joe Biden's failed leadership caused skyrocketing prices, and now American families are paying more for gas, groceries, and everything this Thanksgiving," Republican National Committee chair Ronna McDaniel said in a statement.

Watch |&nbsp;India, Japan working on oil-stock release

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Due to an increase in production, oil prices have already dropped nearly 10 per cent in the last few weeks. Officials echoed Joe Biden's concern that gasoline prices for drivers have risen despite the decline in crude prices.

A senior official, speaking on condition of anonymity, said the government was looking into "anti-competitive practices" and will "examine whether illegal conduct is costing families at the pump."

(With inputs from agencies)

In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden on Tuesday tapped the US strategic oil reserves.

In a bid to reassure Americans angry about inflation and goods shortages as they prepare for Thanksgiving -- and to lift his poll ratings -- President Joe Biden on Tuesday tapped the US strategic oil reserves. Biden announced this coordinated plan to release 50 million barrels of crude from the country's oil reserves onto the market, hoping to ease the growing discontent about inflation and fuel costs. The White House said that following weeks of negotiations, "this release will be taken in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea and the United Kingdom." India plans to release 5 million barrels of oil from its caverns. Also read | US asks India, China, others to consider tapping oil reserves "It will take time but before long you should see the price of gas drop," Biden said in a speech at the White House. According to a senior administration official, it is anticipated that the releases will begin in mid-to-late December, and "responding to a once-in-a-century pandemic," further interventions may be necessary to stabilise the market. "The president stands ready to take additional action if needed and is prepared to use his full authorities, working in coordination with the rest of the world, to maintain adequate supply as we exit the pandemic." Also read | Crunch at ports may mean crisis for American farms Even as the US economy bounces back from the COVID-19 lockdowns, supply chain disruptions and inflation are stirring fears as the holiday season begins with Thanksgiving on Thursday. "Moms and dads are worried asking will there be enough food we can afford to buy for the holidays? Will we be able to get Christmas presents to the kids on time?" Biden said, acknowledging that for many the price rises are "painful." Critics, however, accuse him of failing to grasp the challenge. The president pushed back on critics by noting that the two biggest trading ports, both located in southern California, were now working 24/7, as opposed to just 40 hours a week. In the last few years, gasoline prices have fallen by about 10 per cent on the wholesale market, but at the pump, they remain the same. Also read | History says don’t panic about inflation "In other words, gas supply companies are paying less and making a lot more," he said, accusing companies of "pocketing the difference" between wholesale and retail prices. Nevertheless, Biden's reassurances on tapping the oil reserve failed to impress Republican opponents. "Joe Biden's failed leadership caused skyrocketing prices, and now American families are paying more for gas, groceries, and everything this Thanksgiving," Republican National Committee chair Ronna McDaniel said in a statement. Watch | India, Japan working on oil-stock release Due to an increase in production, oil prices have already dropped nearly 10 per cent in the last few weeks. Officials echoed Joe Biden's concern that gasoline prices for drivers have risen despite the decline in crude prices. A senior official, speaking on condition of anonymity, said the government was looking into "anti-competitive practices" and will "examine whether illegal conduct is costing families at the pump." (With inputs from agencies)

US to release strategic oil reserves in coordination with major fuel user countries

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

The unusual request comes as US&nbsp;President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.

It also reflects US&nbsp;frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up their production increases.

"We`re talking about the symbolism of the largest consumers of the world sending a message to OPEC that `you`ve got to change your behaviour," one of the sources said.

In Asia, where China said it is working on a crude release, oil prices extended declines prompted by the U.S. request, after settling on Wednesday further below seven-year highs struck in early October.

Biden and top aides have discussed the possibility of a coordinated release of stockpiled oil with close allies including Japan, South Korea and India, as well as with China, over the past several weeks, the sources said.

The US and allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya.

But the current proposal represents an unprecedented challenge to OPEC, the cartel that has influenced oil prices for more than five decades, because it involves China, the world`s biggest importer of crude.

A Japanese industry ministry official said the United States has requested Tokyo`s cooperation in dealing with higher oil prices, but he could not confirm whether the request included coordinated releases of stockpiles. By law, Japan cannot use reserve releases to lower prices, the official said.

A senior cabinet official declined to comment.

China`s state reserve bureau said it was working on a release of crude oil reserves although it declined to comment on the U.S. request.

A South Korean official confirmed the United States had asked Seoul to release some oil reserves.

"We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said.

The U.S. share of any potential release of reserves would need to be more than 20 million to 30 million barrels to affect markets, according to a U.S. source who participated in the discussions. Such a release could be in the form of a sale or a loan from the U.S. Strategic Petroleum Reserve - or both.

The SPR was set up in the 1970s after the Arab Oil Embargo to ensure the United States has adequate supply to weather an emergency.

Several people familiar with the matter cautioned that negotiations over a coordinated supply release have not been finalized nor has any final decision been made about whether to pursue any specific course of action on oil prices.

The White House declined to comment on the detailed content of conversations with other countries.

After Reuters reported on the White House discussions, U.S. crude and global benchmark Brent slumped, with the latter dropping below 80% a barrel.&nbsp;

OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile.

OPEC Secretary General Mohammad Barkindo said on Tuesday he expected a global supply surplus to emerge as soon as December.

"These are signals that we have to be very, very careful," he told reporters.

Rising oil prices have vexed Biden ahead of the 2022 midterm elections which will determine whether his Democratic party maintains slim majorities in the U.S. Congress.

U.S. gasoline prices average $3.41 per gallon recently, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the COVID-19 pandemic.

Several Biden aides attribute his falling public approval ratings in recent months to worsening inflation from energy to food and other areas. The consumer price index is up 6.2% over the last 12 months, with its energy components up 30%.

The Paris-based International Energy Agency, which monitors national SPRs for members that include the U.S. Japan and most western countries, declined to comment.

The IEA in the past has coordinated releases involving several countries.

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter. The unusual request comes as US President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic. It also reflects US frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up their production increases. "We`re talking about the symbolism of the largest consumers of the world sending a message to OPEC that `you`ve got to change your behaviour," one of the sources said. In Asia, where China said it is working on a crude release, oil prices extended declines prompted by the U.S. request, after settling on Wednesday further below seven-year highs struck in early October. Biden and top aides have discussed the possibility of a coordinated release of stockpiled oil with close allies including Japan, South Korea and India, as well as with China, over the past several weeks, the sources said. The US and allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya. But the current proposal represents an unprecedented challenge to OPEC, the cartel that has influenced oil prices for more than five decades, because it involves China, the world`s biggest importer of crude. A Japanese industry ministry official said the United States has requested Tokyo`s cooperation in dealing with higher oil prices, but he could not confirm whether the request included coordinated releases of stockpiles. By law, Japan cannot use reserve releases to lower prices, the official said. A senior cabinet official declined to comment. China`s state reserve bureau said it was working on a release of crude oil reserves although it declined to comment on the U.S. request. A South Korean official confirmed the United States had asked Seoul to release some oil reserves. "We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said. The U.S. share of any potential release of reserves would need to be more than 20 million to 30 million barrels to affect markets, according to a U.S. source who participated in the discussions. Such a release could be in the form of a sale or a loan from the U.S. Strategic Petroleum Reserve - or both. The SPR was set up in the 1970s after the Arab Oil Embargo to ensure the United States has adequate supply to weather an emergency. Several people familiar with the matter cautioned that negotiations over a coordinated supply release have not been finalized nor has any final decision been made about whether to pursue any specific course of action on oil prices. The White House declined to comment on the detailed content of conversations with other countries. After Reuters reported on the White House discussions, U.S. crude and global benchmark Brent slumped, with the latter dropping below 80% a barrel. OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile. OPEC Secretary General Mohammad Barkindo said on Tuesday he expected a global supply surplus to emerge as soon as December. "These are signals that we have to be very, very careful," he told reporters. Rising oil prices have vexed Biden ahead of the 2022 midterm elections which will determine whether his Democratic party maintains slim majorities in the U.S. Congress. U.S. gasoline prices average $3.41 per gallon recently, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the COVID-19 pandemic. Several Biden aides attribute his falling public approval ratings in recent months to worsening inflation from energy to food and other areas. The consumer price index is up 6.2% over the last 12 months, with its energy components up 30%. The Paris-based International Energy Agency, which monitors national SPRs for members that include the U.S. Japan and most western countries, declined to comment. The IEA in the past has coordinated releases involving several countries.

US asks India, China, others to consider tapping oil reserves

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COVID-19 has shattered many world-class economies and the worst hit are oil exporters. Saudi Arabia's foreign exchange reserves are depleting at the fastest rate. Watch report.

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