Opec

A New York Times report revealed that Asian countries are entering an energy crisis due to the closure of the Strait of Hormuz, while Western nations will feel the economic effects of the war.

JPMorgan analysts estimated that winter storm Fern cut US oil production by roughly 250,000 barrels per day, disrupting flows from the Bakken and from fields in Oklahoma and Texas.

Trump says Venezuelan opposition leader and Nobel Peace Prize laureate María Corina Machado is expected in Washington next week after US strikes captured Nicolás Maduro.

Despite holding the world’s largest oil reserves, Venezuela’s oil and mining output remains far below capacity after years of mismanagement, underinvestment and sanctions under Maduro.

The strikes did not impact energy infrastructure, leading to a decrease in geopolitical tensions affecting the oil market.

Putin has rarely traveled abroad in recent years, and mostly to states of the former Soviet Union. His last trip beyond those countries was to China in October.

Analysts and OPEC sources say that the energy world nowadays is far different from 50 years ago, playing down any possibility of a new embargo.

A quick look at the global oil market reveals supply disruptions, OPEC+ decisions, and shifting demand dynamics.

Economic slowdowns in developed Western economies will hit Middle Eastern and North African trade and capital availability.

Saudi Arabia, the kingpin of OPEC, and Iran announced in March that they would restore diplomatic relations after years of hostility, in a deal brokered by China, the world's No. 2 oil consumer.