Iran's Revolutionary Guards warned on Saturday that no vessel would be allowed to pass through the Strait of Hormuz, a chokepoint through which nearly a fifth of the world’s oil supply passes.
OPEC+ may consider a larger-than-planned output increase of 411,000 barrels per day at a meeting on Sunday, Reuters said quoting two sources close to the talks.
The US Energy Information Administration (EIA) forecasts in its October Short-Term Energy Outlook (STEO) that US crude oil production will average 13.5 million barrels per day (mmb/d) in both 2025 and 2026, both slightly higher than the agency’s September forecast.
