Russia could lose 30% of its oil output within weeks, IEA warns
CNN
Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more.
The world's second-largest crude oil exporter could be forced to limit output by 3 million barrels per day in April, the International Energy Agency warned on Wednesday, as major oil companies, trading houses and shipping companies shun its exports and demand in Russia slumps. Russia was pumping about 10 million barrels of crude per day, and exporting about half of that, before it invaded Ukraine.
"The implications of a potential loss of Russian oil exports to global markets cannot be understated," the IEA said in its monthly report. The crisis could bring lasting changes to energy markets, it added.
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Stocks soared and oil prices fell after President Donald Trump on Monday said the United States would postpone further strikes on Iran’s energy infrastructure, pending the outcome of negotiations.
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Oil prices rose Sunday after President Donald Trump threatened to “obliterate” Iran’s power plants if the Strait of Hormuz is not reopened by Monday evening.
Defense Secretary Pete Hegseth has been taking steps to thwart news coverage of the Pentagon for more than a year. Now he has finally met some resistance.
Defense Secretary Pete Hegseth has been taking steps to thwart news coverage of the Pentagon for more than a year. Now he has finally met some resistance.
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Oil and liquefied natural gas tankers moving through the Strait of Hormuz carry around 20% of the world’s supply. But for countries on the Persian Gulf, the waterway is more than just an energy route – it’s a lifeline for more than 100 million people.