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A GROUP of seven nations (G7) has agreed to coordinate the release of 100 million barrels of diesel and other petroleum reserves through the International Energy Agency (IEA) in an effort to ease pressure on global energy markets. The decision was reached during a virtual meeting of G7 leaders on Friday as governments grapple with […]
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CHINA’S oil demand is falling sharply as high crude prices and prolonged disruptions around the Strait of Hormuz accelerate the country’s shift towards electric vehicles, alternative-fuel trucks and electrified industrial equipment. China’s oil consumption declined 9 percent year-on-year in the second quarter (Q2) of 2026, according to an analysis by the Centre for Research on […]
GLOBAL oil prices dropped sharply by more than 6 percent in early Asian trading on Monday after the United States and Iran paused military attacks, easing fears of an immediate disruption to crude supplies following two weeks of escalating tensions that had pushed Brent crude above $100 per barrel. As of the time of reporting, […]