Oil

Venezuela is considering leaving the OPEC oil production group as it strengthens ties with the US, Bloomberg reported late on Thursday.

Although 14 to 15 million barrels of oil passed through Hormuz per day before the war, an expert told the Post that it was entirely possible to manage without much of that supply.

Bordering Russia and Iran while cultivating Israel and Turkey, Baku seeks security through competing partnerships - and offers itself as a mediator when its allies collide.

Operation Economic Outcast was announced on Monday by US Treasury Secretary Scott Bessent, following earlier threats of an "economic D-Day" against the regime.

"We will avoid our chartered vessels dealing in STS or anything to do with non-compliant ships for Middle Eastern cargoes," said one of the sources, who works at an Indian refinery.

Lego's revenue was 41.9 billion Danish crowns ($6.54 billion), operating profit rose 22% to 10.9 billion Danish crowns, while net profit rose 32% to 8.6 billion Danish crowns.

A total of 89 vessels exited the strait while 103 entered over the seven-day period, the report, based on Automatic Identification System (AIS) data, showed.

"In the past month or two, we sold seventy million barrels of oil," he said. "Now every day we sell oil to American ships on that side, as much as we produce."

Iraqi President Nizar Amedi said that Iran had facilitated the passage of vessels carrying Iraqi oil through the Strait in recent days, and Baghdad had discussed the export of Iraqi oil with Tehran.

Three separate oil spills are already spreading through the Persian Gulf and the Gulf of Oman, putting multiple ecosystems at risk.