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Oil Market Report - February 2026
…oil markets on tenterhooks about uncertain developments in the Persian Gulf. Off balance Benchmark crude oil prices surged by $10/bbl over January as a number of supply outages tightened physical crude markets and geopolitical tensions rose between Iran and the United States. While prices gave back a few dollars at the start of February on reports of progress in ongoing negotiations to de-escalate the tensions, they quickly reversed course after the United States advised ships to steer clear of Iranian waters when navigating the Strait of Hormuz. ICE Brent futures traded around $70/bbl at the time of…
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Oil Market Report - March 2026
…April compared to previous estimates. Higher oil prices and a more precarious outlook for the global economy pose further risks to the forecast. Global oil consumption is now set to increase by 640 kb/d y-o-y in 2026 – down 210 kb/d from last month.Oil prices have gyrated wildly since the United States and Israel launched joint air strikes on Iran on 28 February. Disruptions to Middle Eastern supplies due to attacks on the region’s oil infrastructure and the cessation of tanker traffic through the Strait of Hormuz sent Brent futures soaring, trading within a whisker…
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Oil Market Report - May 2026
…Time spreads oscillated in line with flat prices, with prompt time spreads in WTI and Brent futures ending the month at around $5/bbl. Dated’s premium to ICE Brent futures weakened from a record $35/bbl in mid-April to $3/bbl in early May. Plugging the gap More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace. Benchmark oil prices have posted wild swings in response to conflicting signals on whether the United States and Iran will soon reach...
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Oil Market Report - June 2026
…through mid-June, as oil demand faltered and on building speculation that the United States and Iran were getting closer to agreeing the terms of a peace deal. Investor exchange holdings slumped in parallel, as positive price momentum reversed sharply and traders reduced positions in the face of extreme price volatility and higher exchange margins. New deal An interim agreement between the United States and Iran to end the war in the Middle East could pave the way for a reopening of the Strait of Hormuz and a lifting of a US blockade on Iranian oil traffic. The biggest breakthrough…
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How global oil supplies have readjusted to help fill the huge gap left by the Strait of Hormuz shock
…all-time high of $144 per barrel – more than double its pre-war levels, with even steeper gains recorded for jet fuel and diesel.Prices have since eased significantly as demand has fallen sharply, and on increased optimism that a deal would be reached to enable more regular shipping flows through the Strait. The new agreement last week between the United States and Iran, which aims to reopen the Strait and provide the foundation for a lasting peace, is a crucial breakthrough on this front, with signs of exports already increasing since the deal was agreed.The supply disruptions and…
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Oil Market Report - July 2025
…wide $65-$80/bbl range. Israel’s mid-month air strikes on Iranian military and nuclear targets sent prices soaring, with Dated briefly surpassing $80/bbl but easing after a ceasefire was agreed. The decision by OPEC+ to further accelerate the unwinding of production cuts failed to move markets in a meaningful way given tighter fundamentals. Disconnects Benchmark crude oil prices rose by around $7/bbl on average in June, trading in a wide range between $65/bbl and $80/bbl. Israel’s air strikes on Iranian military and nuclear targets sent prices soaring mid-month, with North Sea Dated…
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Sustainable Transport Policy for Armenia: A Roadmap Sustainable transport in Armenia
The Republic of Armenia (hereafter “Armenia”) is a landlocked country in the southern Caucasus region between the Black and Caspian Seas. It is bordered by the Republic of Türkiye (hereafter “Türkiye”) to the west, Georgia to the north, Azerbaijan to the east and Iran to the south. The country spans an area of around 29 800 km2 with a population of just over 3 million. Yerevan, the capital, is the largest city with approximately 1 million inhabitants.Armenia’s economy has undergone numerous reforms since the economic crisis of the early to mid-1990s. It has transitioned from a Soviet…
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Gas Market Report, Q3-2025 Executive summary
…LNG) output and higher storage injection needs in Europe. This supported higher natural gas prices in key import markets and weighed on natural gas demand in Asia. Meanwhile, geopolitical tensions continued to fuel price volatility. The conflict between Israel and Iran was a stark reminder that geopolitical factors can easily strain a fragile global gas balance. The IEA continues to closely monitor developments in the Middle East.Following an expected slowdown in 2025, natural gas demand growth is forecast to accelerate in 2026, sending total demand to a new all-time high. A strong increase in LNG supply is set…
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Iran - Electricity Expenditure 2023
As per the 2022-2023 state budget bill, a maximum of 60 thousand billion riyal is allocated to renewable energy, energy efficiency, and maintenance programs. Of those funds, 20% are allocated for Tawanir company for the development of rural electricity networks, and 80% go for the Renewable Energy and Electricity Organization (SABTA) to be aligned with the county's plan for electricity production, renewable energy, and renewable energy technologies development. Special priority is given to the low income households for those programs.
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Iran Petroleum Contract
The Iran Petroleum Contract (IPC) sets a new framework for oil exploration in Iran. Licences can be granted under the control of the National Iranian Oil Company with joint venture, and minimum production targets are required in a field development plan.