OPEC sticks to robust oil demand outlook, sees no peak to 2050
The 11-member OPEC depends on oil for a large part of government income.
The 11-member OPEC depends on oil for a large part of government income.
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The 11-member OPEC depends on oil for a large part of government income.
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Some 12.5 million barrels of crude oil have sailed through the Strait of Hormuz overnight, US Vice President JD Vance says, but in Lebanon, Israel launched fresh air strikes, raising doubts over peace in the region.
The IEA said on Wednesday that a lasting resolution to the conflict could drive a surge in supply volumes and trigger a major oil overhang next year.
With immediate supply fears fading and tanker traffic returning to the Strait of Hormuz, traders are turning their attention back to oil demand and OPEC's outlook for the market.
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