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Commentary
22 Jun 2026
How global oil supplies have readjusted to help fill the huge gap left by the Strait of Hormuz shock
…to adapt to the radically changed market conditions. Many consumers have scaled back their energy use and governments have taken steps to shelter households and businesses from the impacts, especially in the Asia-Pacific region where the effects have been felt most acutely. The IEA’s flagship Oil Market Report now estimates that global oil demand will drop by almost 5 million barrels per day in the second quarter of 2026 year-on-year, and by 1.1 million barrels per day on average for the full year. That compares with the forecast in February, before the outbreak of hostilities…
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Contributor
Alfonso Cusi
Department of Energy Secretary. Alfonso Cusi has headed the Philippine Department of Energy since July 2016, overseeing the institutionalisation of energy efficiency measures in the country. He has more than four decades of leadership experience in both the private and public sectors, notably in the transportation and logistics industries.
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Article
31 Jul 2020
Türkiye's legislation on oil security
Introduction The Turkish oil supply emergency regime is governed by the 2003 Petroleum Market Law (5015/2003) (PML). Relevant domestic legislation Related domestic legislation Other related links Circumstances triggering operation of the emergency response system The Turkish PML does not specify the circumstances that would trigger the provisions of the PML. Article 16 PML merely states that it aims to protect Turkey against crises and extraordinary circumstances. National Oil Stock Commission which has been established in accordance with the law (PML) has been authorized to take decision concerning emergency response system. Commission’s responsibility and working procedures have been specified…