Deal to Reopen Hormuz Kicks Off Long Effort to Ease Energy Crisis
The pace of the recovery will depend on how confident companies are that the deal between the United States and Iran will hold and be extended.
The pace of the recovery will depend on how confident companies are that the deal between the United States and Iran will hold and be extended.
The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.
An analysis of oil export data offers clues about which nations have benefited from higher prices, and which have lost a lot of revenue.
American producers are under pressure from investors to keep spending in check, and they are wary of drilling more wells because they are not sure oil prices will stay high.
While the defense industry has announced plans to make more munitions, much of that expanded production will not quickly kick in.
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
The United Arab Emirates’ decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.