BP said market conditions and oil price volatility driven by the war in Iran will affect its financial results for the first quarter of the year. The company expects an exceptional result in oil trading during the first three months of 2026
In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April
Argentina could reach oil production of 1 million barrels per day (bpd) in 2026, up from the current level of just over 850,000 bpd, driven by increased activity in the Vaca Muerta shale formation, Energy Secretary Daniel González said
The OPEC+ alliance agreed to increase oil production by 206,000 barrels per day, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist
OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts
Member countries of the agency could release additional emergency oil reserves, as more than 1.4 billion barrels will still remain in emergency stockpiles despite the largest reserve release in history already agreed upon, Executive Director Fatih Birol said
The European Union has asked the International Energy Agency (IEA) to assess the medium-term impact that the release of 400 million barrels of oil from strategic reserves will have on supply security, the European Commission said
Repsol, through the joint venture Repsol Sinopec Brasil and in a consortium with TotalEnergies and Shell, has started oil production at Lapa Southwest, located in the Santos Basin
The war in Iran is currently cutting about 15 million barrels per day (bpd) of oil and refined products from the Gulf to global markets, which could push crude prices to $150 per barrel, research and consulting firm Wood Mackenzie said
The head of the International Energy Agency (IEA) said there is ample oil on global markets and that current problems stem from a “temporary logistical disruption” caused by the blockade of the Strait of Hormuz
