https://peakoil.com Exploring Hydrocarbon Depletion Mon, 06 Jul 2026 12:10:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.5 https://peakoil.com/consumption/pakistan-buys-second-spot-lng-cargo-as-supply-crunch-persists https://peakoil.com/consumption/pakistan-buys-second-spot-lng-cargo-as-supply-crunch-persists#respond Mon, 06 Jul 2026 12:10:23 +0000 https://peakoil.com/generalideas/pakistan-buys-second-spot-lng-cargo-as-supply-crunch-persists Pakistan has bought its second spot market LNG cargo in as many weeks, in a sign that flows of liquefied gas out of the Persian Gulf have been slow to recover. According to Bloomberg, the country bought the cargo from TotalEnergies at a price of $17.37 per million British thermal units, to be delivered between […]]]> https://peakoil.com/consumption/pakistan-buys-second-spot-lng-cargo-as-supply-crunch-persists/feed 0 https://peakoil.com/publicpolicy/can-the-world-withstand-another-oil-shock-after-the-iran-war https://peakoil.com/publicpolicy/can-the-world-withstand-another-oil-shock-after-the-iran-war#respond Mon, 06 Jul 2026 10:10:28 +0000 https://peakoil.com/generalideas/can-the-world-withstand-another-oil-shock-after-the-iran-war The four month Iran war triggered the largest disruption to global oil supplies in modern history after Tehran restricted shipping through the Strait of Hormuz in response to United States and Israeli military strikes launched on February 28. At its peak, the conflict disrupted an estimated 14 million barrels of oil per day, according to […]]]> https://peakoil.com/publicpolicy/can-the-world-withstand-another-oil-shock-after-the-iran-war/feed 0 https://peakoil.com/consumption/the-era-of-cheap-u-s-natural-gas-may-be-coming-to-an-end https://peakoil.com/consumption/the-era-of-cheap-u-s-natural-gas-may-be-coming-to-an-end#respond Mon, 06 Jul 2026 04:13:12 +0000 https://peakoil.com/generalideas/the-era-of-cheap-u-s-natural-gas-may-be-coming-to-an-end U.S. natural gas prices are set to rise through 2035, following a decade of low Henry Hub prices, as the AI data center boom and the expansion of U.S. LNG export infrastructure will underpin strong demand, analysts at Wood Mackenzie say. During the decade to 2025, the benchmark U.S. Henry Hub prices remained in a […]]]> https://peakoil.com/consumption/the-era-of-cheap-u-s-natural-gas-may-be-coming-to-an-end/feed 0 https://peakoil.com/publicpolicy/australia-built-a-gas-export-empire-now-the-backlash-is-here https://peakoil.com/publicpolicy/australia-built-a-gas-export-empire-now-the-backlash-is-here#comments Mon, 06 Jul 2026 00:13:07 +0000 https://peakoil.com/generalideas/australia-built-a-gas-export-empire-now-the-backlash-is-here Australia’s liquefied natural gas exporters should be riding high on a A$20 billion ($14 billion) sales windfall from the conflict in the Middle East. Instead, their good fortune has triggered a wave of public backlash. A war-driven surge in profits has amplified complaints that ordinary Australians are being short-changed by its tax regime on LNG […]]]> https://peakoil.com/publicpolicy/australia-built-a-gas-export-empire-now-the-backlash-is-here/feed 1 https://peakoil.com/consumption/americas-thirst-for-gasoline-may-not-recover-after-iran-war https://peakoil.com/consumption/americas-thirst-for-gasoline-may-not-recover-after-iran-war#respond Sun, 05 Jul 2026 22:11:04 +0000 https://peakoil.com/generalideas/americas-thirst-for-gasoline-may-not-recover-after-iran-war Judy Vassallo, an 89-year-old retired art teacher who lives on her own in a leafy neighborhood just north of Center City in Philadelphia, used to take her 2002 Honda CRV to the suburbs for a visit with friends, or downtown for doctor appointments and Pilates classes. But since gasoline prices shot up after the United […]]]> https://peakoil.com/consumption/americas-thirst-for-gasoline-may-not-recover-after-iran-war/feed 0 https://peakoil.com/publicpolicy/russias-fuel-crisis-is-so-bad-that-a-mom-and-her-baby-waited-in-line-for-18-hours-to-get-gas https://peakoil.com/publicpolicy/russias-fuel-crisis-is-so-bad-that-a-mom-and-her-baby-waited-in-line-for-18-hours-to-get-gas#respond Sun, 05 Jul 2026 20:19:34 +0000 https://peakoil.com/generalideas/russias-fuel-crisis-is-so-bad-that-a-mom-and-her-baby-waited-in-line-for-18-hours-to-get-gas The fuel shortage ravaging Russia has forced motorists around the country to wait in endless lines to fill up, evoking memories of communist-era privation. Ukraine’s months-long campaign of drone strikes on oil infrastructure deep inside Russian territory has forced refineries to shut down. Energy analysts have estimated that 25% or more of Russia’s refining capacity […]]]> https://peakoil.com/publicpolicy/russias-fuel-crisis-is-so-bad-that-a-mom-and-her-baby-waited-in-line-for-18-hours-to-get-gas/feed 0 https://peakoil.com/business/opec-ratifies-planned-oil-quota-hike-as-gulf-flows-rebound https://peakoil.com/business/opec-ratifies-planned-oil-quota-hike-as-gulf-flows-rebound#respond Sun, 05 Jul 2026 18:12:55 +0000 https://peakoil.com/generalideas/opec-ratifies-planned-oil-quota-hike-as-gulf-flows-rebound Major OPEC+ members agreed another modest increase to their collective oil-production quotas for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick. Seven nations led by Saudi Arabia and Russia agreed at a video conference on Sunday to add 188,000 barrels a day to […]]]> https://peakoil.com/business/opec-ratifies-planned-oil-quota-hike-as-gulf-flows-rebound/feed 0 https://peakoil.com/publicpolicy/energy-ministers-fuel-update-avoids-statement-on-tanker-grand-winner-5-now-idling-offshore-for-1-month-and-omits-breakdown-of-forward-fuel-orders https://peakoil.com/publicpolicy/energy-ministers-fuel-update-avoids-statement-on-tanker-grand-winner-5-now-idling-offshore-for-1-month-and-omits-breakdown-of-forward-fuel-orders#respond Sun, 05 Jul 2026 16:14:20 +0000 https://peakoil.com/generalideas/energy-ministers-fuel-update-avoids-statement-on-tanker-grand-winner-5-now-idling-offshore-for-1-month-and-omits-breakdown-of-forward-fuel-orders In the previous update a week earlier on 27/6/26 released in front of the Energy Minister's electoral office in Fairfield a journo asked 2 important questions: JOURNALIST: "And just on fuel again, how many Export Finance Australia supported fuel orders have arrived in Australia since the EFA was given new powers in late March?" MINISTER […]]]> https://peakoil.com/publicpolicy/energy-ministers-fuel-update-avoids-statement-on-tanker-grand-winner-5-now-idling-offshore-for-1-month-and-omits-breakdown-of-forward-fuel-orders/feed 0 https://peakoil.com/publicpolicy/explainer-from-oil-state-to-fuel-shortages-how-ukraines-strikes-are-pressuring-russias-energy-sector https://peakoil.com/publicpolicy/explainer-from-oil-state-to-fuel-shortages-how-ukraines-strikes-are-pressuring-russias-energy-sector#respond Sun, 05 Jul 2026 14:12:49 +0000 https://peakoil.com/generalideas/explainer-from-oil-state-to-fuel-shortages-how-ukraines-strikes-are-pressuring-russias-energy-sector Russia has faced deepening fuel shortages since early June as Ukraine has intensified what it calls its “long-range sanctions” — long-range drone and missile strikes targeting the country’s energy infrastructure. The attacks have forced Russian authorities to introduce fuel rationing across large parts of the country, draw on strategic reserves and consider the rare step […]]]> https://peakoil.com/publicpolicy/explainer-from-oil-state-to-fuel-shortages-how-ukraines-strikes-are-pressuring-russias-energy-sector/feed 0 https://peakoil.com/business/the-war-premium-is-gone-saudi-oil-revenue-crisis https://peakoil.com/business/the-war-premium-is-gone-saudi-oil-revenue-crisis#respond Sun, 05 Jul 2026 12:11:16 +0000 https://peakoil.com/generalideas/the-war-premium-is-gone-saudi-oil-revenue-crisis Brent crude returns to pre-war $70/bbl as Hormuz reopens. Saudi Arabia’s fiscal breakeven of $86.60 leaves a $15.78 gap on every barrel Aramco lifts. DHAHRAN — Brent crude fell to $70.82 per barrel on July 2 — below the $72.48 level recorded on February 27, the day before the US-Israel war on Iran began — […]]]> https://peakoil.com/business/the-war-premium-is-gone-saudi-oil-revenue-crisis/feed 0 https://peakoil.com/publicpolicy/courts-and-congress-are-undoing-trumps-war-on-wind-power https://peakoil.com/publicpolicy/courts-and-congress-are-undoing-trumps-war-on-wind-power#respond Sun, 05 Jul 2026 10:11:57 +0000 https://peakoil.com/generalideas/courts-and-congress-are-undoing-trumps-war-on-wind-power There has been significant back-and-forth on offshore wind power in the United States. As part of ambitious plans for a green transition, the former Biden administration strongly supported offshore wind with both policy and federal funding. However, the Trump administration has since backtracked on U.S. wind energy goals, with President Trump openly opposing offshore wind. […]]]> https://peakoil.com/publicpolicy/courts-and-congress-are-undoing-trumps-war-on-wind-power/feed 0 https://peakoil.com/consumption/dip-in-u-s-lng-imports-to-eu-spells-trouble-for-trade-deal https://peakoil.com/consumption/dip-in-u-s-lng-imports-to-eu-spells-trouble-for-trade-deal#respond Sun, 05 Jul 2026 08:10:27 +0000 https://peakoil.com/generalideas/dip-in-u-s-lng-imports-to-eu-spells-trouble-for-trade-deal Europe bought less than half of all U.S. LNG exports in June, the lowest share in two years, as Asian buyers paid nearly $4 more per mmBtu. The pullback complicates the EU’s pledge to buy $750 billion in American energy over three years under last July’s trade deal. The bloc heads into winter with its […]]]> https://peakoil.com/consumption/dip-in-u-s-lng-imports-to-eu-spells-trouble-for-trade-deal/feed 0 https://peakoil.com/production/india-eyes-oil-exploration-expansion-after-middle-east-war-shortages https://peakoil.com/production/india-eyes-oil-exploration-expansion-after-middle-east-war-shortages#respond Sun, 05 Jul 2026 06:08:12 +0000 https://peakoil.com/generalideas/india-eyes-oil-exploration-expansion-after-middle-east-war-shortages Minister of petroleum and natural gas, Hardeep Singh Puri, said the energy crunch provided fresh impetus for India’s expansion of domestic supplies. NEW DELHI: Hit by the biggest energy supply shock in decades during the Middle East war, import-dependent India is expanding domestic crude exploration, its oil minister says. India, the world’s third-largest importer of […]]]> https://peakoil.com/production/india-eyes-oil-exploration-expansion-after-middle-east-war-shortages/feed 0 https://peakoil.com/publicpolicy/cold-snap-and-middle-east-war-leave-argentine-factories-short-of-gas https://peakoil.com/publicpolicy/cold-snap-and-middle-east-war-leave-argentine-factories-short-of-gas#respond Sun, 05 Jul 2026 04:09:50 +0000 https://peakoil.com/generalideas/cold-snap-and-middle-east-war-leave-argentine-factories-short-of-gas The winter cold snap and the war in the Middle East have combined to create a worst-case scenario for Argentine industry. As residential gas demand surges and import prices climb, many companies face the prospect of suspending operations, raising concerns across the manufacturing sector. Most small and medium-sized manufacturers that rely on gas for industrial […]]]> https://peakoil.com/publicpolicy/cold-snap-and-middle-east-war-leave-argentine-factories-short-of-gas/feed 0 https://peakoil.com/publicpolicy/irans-envoy-to-china-says-beijing-to-get-hormuz-concessions https://peakoil.com/publicpolicy/irans-envoy-to-china-says-beijing-to-get-hormuz-concessions#respond Sun, 05 Jul 2026 02:13:05 +0000 https://peakoil.com/generalideas/irans-envoy-to-china-says-beijing-to-get-hormuz-concessions Iran’s ambassador to Beijing said China and other friendly nations will be granted “special considerations” when Tehran determines the level and nature of service fees charged to ships using the Strait of Hormuz. Abdolreza Rahmani Fazli said the critical waterway for energy supplies is now a matter of “national security” in the aftermath of the […]]]> https://peakoil.com/publicpolicy/irans-envoy-to-china-says-beijing-to-get-hormuz-concessions/feed 0 https://peakoil.com/consumption/largest-data-center-project-ever-proposed-is-officially-dead https://peakoil.com/consumption/largest-data-center-project-ever-proposed-is-officially-dead#respond Sun, 05 Jul 2026 00:09:17 +0000 https://peakoil.com/generalideas/largest-data-center-project-ever-proposed-is-officially-dead The largest data center project ever proposed in the U.S. is officially dead. Blackstone-owned QTS Realty Trust withdrew its appeal to the Virginia Supreme Court on July 2, closing out a three-year legal fight over the Prince William Digital Gateway, a planned 2,100-acre campus in Prince William County, Virginia that would have packed 37 buildings […]]]> https://peakoil.com/consumption/largest-data-center-project-ever-proposed-is-officially-dead/feed 0 https://peakoil.com/publicpolicy/irans-control-of-the-strait-of-hormuz-remains-a-powerful-bargaining-chip https://peakoil.com/publicpolicy/irans-control-of-the-strait-of-hormuz-remains-a-powerful-bargaining-chip#comments Sat, 04 Jul 2026 22:10:11 +0000 https://peakoil.com/generalideas/irans-control-of-the-strait-of-hormuz-remains-a-powerful-bargaining-chip Despite efforts by U.S. negotiators, Iran says it wants to charge a toll for ships to pass through the Strait of Hormuz. It’s yet another unresolved issue of the U.S.-Iran war. A fifth of the world’s oil used to pass through the Strait of Hormuz. Today, it’s a fraction of that. Iran’s control of the […]]]> https://peakoil.com/publicpolicy/irans-control-of-the-strait-of-hormuz-remains-a-powerful-bargaining-chip/feed 1 https://peakoil.com/production/opec-oil-production-jumps-but-gulf-supply-is-still-far-from-normal https://peakoil.com/production/opec-oil-production-jumps-but-gulf-supply-is-still-far-from-normal#respond Sat, 04 Jul 2026 20:11:12 +0000 https://peakoil.com/generalideas/opec-oil-production-jumps-but-gulf-supply-is-still-far-from-normal OPEC’s oil production rebounded sharply in June as Gulf producers finally began bringing shut-in barrels back online after months of war-induced disruptions. But despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down. According to Reuters’ monthly […]]]> https://peakoil.com/production/opec-oil-production-jumps-but-gulf-supply-is-still-far-from-normal/feed 0 https://peakoil.com/generalideas/nebraska-soil-mid-east-oil-geopolitical-crisis-exposes-the-fragility-of-industrial-farming-and-the-case-for-rebuilding-food-systems https://peakoil.com/generalideas/nebraska-soil-mid-east-oil-geopolitical-crisis-exposes-the-fragility-of-industrial-farming-and-the-case-for-rebuilding-food-systems#respond Sat, 04 Jul 2026 18:15:32 +0000 https://peakoil.com/generalideas/nebraska-soil-mid-east-oil-geopolitical-crisis-exposes-the-fragility-of-industrial-farming-and-the-case-for-rebuilding-food-systems The Fertile Crescent, what we know today as Syria, Lebanon, Jordan, Israel, Palestine, Iraq, Turkey and Iran, is considered the birthplace of agriculture. Flood-enriched soil from the Tigris and Euphrates Rivers made for exceptional farming. Today, 500 miles from where the two rivers empty into the Persian Gulf, the Strait of Hormuz is under a […]]]> https://peakoil.com/generalideas/nebraska-soil-mid-east-oil-geopolitical-crisis-exposes-the-fragility-of-industrial-farming-and-the-case-for-rebuilding-food-systems/feed 0 https://peakoil.com/production/hormuz-oil-shipments-top-10-million-barrels-per-day-as-u-s-strengthens-maritime-security https://peakoil.com/production/hormuz-oil-shipments-top-10-million-barrels-per-day-as-u-s-strengthens-maritime-security#respond Sat, 04 Jul 2026 16:13:58 +0000 https://peakoil.com/generalideas/hormuz-oil-shipments-top-10-million-barrels-per-day-as-u-s-strengthens-maritime-security Oil shipments moving through the Strait of Hormuz have climbed above 10 million barrels per day, signaling a significant recovery in one of the world’s most critical energy corridors as the United States expands its military presence to safeguard commercial shipping. According to a U.S. official familiar with the situation, crude flows have rebounded sharply […]]]> https://peakoil.com/production/hormuz-oil-shipments-top-10-million-barrels-per-day-as-u-s-strengthens-maritime-security/feed 0 https://peakoil.com/publicpolicy/russia-hikes-june-subsidies-to-refiners https://peakoil.com/publicpolicy/russia-hikes-june-subsidies-to-refiners#respond Sat, 04 Jul 2026 14:08:46 +0000 https://peakoil.com/generalideas/russia-hikes-june-subsidies-to-refiners Russia’s subsidy payouts to oil refiners that supply domestic markets jumped more than six-fold in June from a year earlier, as Moscow sought to avoid shortages by keeping more fuel at home. The government paid 210.6 billion rubles ($2.72 billion) to oil processors last month, partially compensating them for the difference between domestic and export […]]]> https://peakoil.com/publicpolicy/russia-hikes-june-subsidies-to-refiners/feed 0 https://peakoil.com/publicpolicy/leningrad-region-port-oil-terminal-hit-in-major-ukrainian-drone-attack https://peakoil.com/publicpolicy/leningrad-region-port-oil-terminal-hit-in-major-ukrainian-drone-attack#comments Sat, 04 Jul 2026 12:08:31 +0000 https://peakoil.com/generalideas/leningrad-region-port-oil-terminal-hit-in-major-ukrainian-drone-attack Russia’s second city of St. Petersburg and the surrounding Leningrad region came under a large Ukrainian drone attack overnight on Saturday, with a local port and oil infrastructure struck, Russian and Ukrainian authorities said. St. Petersburg Governor Alexander Beglov said the city of 6 million had been subjected to a “large-scale” drone attack, with the […]]]> https://peakoil.com/publicpolicy/leningrad-region-port-oil-terminal-hit-in-major-ukrainian-drone-attack/feed 1 https://peakoil.com/consumption/americans-hit-the-road-in-record-numbers-for-4th-of-july-in-spite-of-high-gas-prices https://peakoil.com/consumption/americans-hit-the-road-in-record-numbers-for-4th-of-july-in-spite-of-high-gas-prices#respond Sat, 04 Jul 2026 10:12:01 +0000 https://peakoil.com/generalideas/americans-hit-the-road-in-record-numbers-for-4th-of-july-in-spite-of-high-gas-prices This Fourth of July, a record number of people are honoring the country through one of its most celebrated pastimes — the great American road trip — in spite of high gas prices. AAA expects a record 61.4 million people to travel by car over the holiday weekend, the second-busiest driving stretch of the year […]]]> https://peakoil.com/consumption/americans-hit-the-road-in-record-numbers-for-4th-of-july-in-spite-of-high-gas-prices/feed 0 https://peakoil.com/publicpolicy/oil-falls-for-week-as-us-iran-talks-reduce-geopolitical-risk-premium https://peakoil.com/publicpolicy/oil-falls-for-week-as-us-iran-talks-reduce-geopolitical-risk-premium#respond Sat, 04 Jul 2026 08:09:33 +0000 https://peakoil.com/generalideas/oil-falls-for-week-as-us-iran-talks-reduce-geopolitical-risk-premium Oil prices were on track for a weekly decline as progress in US-Iran negotiations, recovering shipping activity through the Strait of Hormuz and expectations of another OPEC+ production increase eased concerns over disruptions to Middle East crude supplies. International benchmark Brent crude traded at $71.54 per barrel at 3 p.m. local time (1200 GMT), down […]]]> https://peakoil.com/publicpolicy/oil-falls-for-week-as-us-iran-talks-reduce-geopolitical-risk-premium/feed 0 https://peakoil.com/production/39-hours-in-line-for-gas-one-drivers-road-trip-through-russias-fuel-crisis https://peakoil.com/production/39-hours-in-line-for-gas-one-drivers-road-trip-through-russias-fuel-crisis#respond Sat, 04 Jul 2026 06:13:01 +0000 https://peakoil.com/generalideas/39-hours-in-line-for-gas-one-drivers-road-trip-through-russias-fuel-crisis Since mid-June, Russian drivers have been spending hours — and even entire days — waiting in line at gas stations because of the fuel crisis. Vlad, a resident of Saint Petersburg, has been on the road for about a week, driving home with his wife from Vladivostok, where they bought a new car. In Chita, […]]]> https://peakoil.com/production/39-hours-in-line-for-gas-one-drivers-road-trip-through-russias-fuel-crisis/feed 0 https://peakoil.com/business/us-oil-companies-see-big-profit-jump-gird-for-clash-over-pump-prices-with-trump https://peakoil.com/business/us-oil-companies-see-big-profit-jump-gird-for-clash-over-pump-prices-with-trump#respond Sat, 04 Jul 2026 04:12:54 +0000 https://peakoil.com/generalideas/us-oil-companies-see-big-profit-jump-gird-for-clash-over-pump-prices-with-trump U.S. oil companies are set to report their strongest quarterly profits in years, courting a possible clash with President Donald Trump, who has been pressing his longtime ally Big Oil to bring down gasoline prices before midterm elections in November. After months of Americans complaining about pain at the pump, Exxon Mobil and Chevron are […]]]> https://peakoil.com/business/us-oil-companies-see-big-profit-jump-gird-for-clash-over-pump-prices-with-trump/feed 0 https://peakoil.com/production/colombias-oil-and-gas-reserves-keep-shrinking https://peakoil.com/production/colombias-oil-and-gas-reserves-keep-shrinking#respond Sat, 04 Jul 2026 02:08:46 +0000 https://peakoil.com/generalideas/colombias-oil-and-gas-reserves-keep-shrinking Colombia’s 1P oil reserves fell nearly 1% to just over 2 billion barrels in 2025, while 1P natural gas reserves plunged 17% to 1.7 trillion cubic feet. Oil production dropped to a multiyear low of 724,910 barrels per day in April 2026, the weakest showing since June 2021. Falling domestic gas output and a looming […]]]> https://peakoil.com/production/colombias-oil-and-gas-reserves-keep-shrinking/feed 0 https://peakoil.com/production/goldman-warns-oil-inventory-rebuild-wont-offset-next-years-surplus https://peakoil.com/production/goldman-warns-oil-inventory-rebuild-wont-offset-next-years-surplus#respond Sat, 04 Jul 2026 00:10:32 +0000 https://peakoil.com/generalideas/goldman-warns-oil-inventory-rebuild-wont-offset-next-years-surplus Goldman Sachs has warned that the anticipated global effort to rebuild depleted oil inventories will not be sufficient to counteract a significant supply surplus expected next year, as traffic through the Strait of Hormuz appears to be returning to normal levels. Stockpiles of crude and refined petroleum products in many regions have fallen to multi-decade […]]]> https://peakoil.com/production/goldman-warns-oil-inventory-rebuild-wont-offset-next-years-surplus/feed 0 https://peakoil.com/consumption/power-prices-triple-on-pjm-as-heat-wave-and-data-centers-collide https://peakoil.com/consumption/power-prices-triple-on-pjm-as-heat-wave-and-data-centers-collide#respond Fri, 03 Jul 2026 22:09:40 +0000 https://peakoil.com/generalideas/power-prices-triple-on-pjm-as-heat-wave-and-data-centers-collide America’s biggest power grid pushed to the edge of an all-time record this week, and the bigger force behind it may be tied to data centers. PJM Interconnection, which delivers power to 67 million people across 13 states and Washington, D.C., saw electricity demand surge to roughly 163 gigawatts on Thursday as a brutal heat […]]]> https://peakoil.com/consumption/power-prices-triple-on-pjm-as-heat-wave-and-data-centers-collide/feed 0 https://peakoil.com/production/tough-times-ahead-as-world-oil-buffers-plunge-by-246-million-barrels-iea-warns https://peakoil.com/production/tough-times-ahead-as-world-oil-buffers-plunge-by-246-million-barrels-iea-warns#respond Fri, 03 Jul 2026 20:10:42 +0000 https://peakoil.com/generalideas/tough-times-ahead-as-world-oil-buffers-plunge-by-246-million-barrels-iea-warns Consumers across the globe should brace for a sustained period of elevated fuel prices as the International Energy Agency (IEA) warns that unprecedented disruptions in Middle East supply are rapidly draining global oil inventories. In its May oil market report, the agency says the world is drawing down oil stocks at a record pace as […]]]> https://peakoil.com/production/tough-times-ahead-as-world-oil-buffers-plunge-by-246-million-barrels-iea-warns/feed 0