Oil supply drops as Iran sanctions bite: IEA

News Image

MG News | May 15, 2019 at 01:36 PM GMT+05:00

0:00

May 15, 2019: The world's oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.

In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were clouding the outlook it believes that the market balance is set to flip from surplus into deficit, a development that would favour efforts by oil producing nations to keep prices high.

Tensions have been mounting in recent days after the mysterious sabotage of several tankers in the Gulf and drone attacks claimed by Iran-aligned Yemen rebels shut down one of Saudi Arabia's major oil pipelines.

Saudi Energy Minister Khalid al-Falih called the pipeline attacks, which did not halt exports despite the temporary shutdown of the pipeline, an "act of terrorism... that not only targets the kingdom but also the security of oil supplies to the world and the global economy".

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 139,978.17
121.39M
1.13%
1565.92
ALLSHR 86,694.50
249.77M
1.16%
991.54
KSE30 42,780.30
67.96M
1.24%
525.46
KMI30 197,152.16
71.65M
1.57%
3042.57
KMIALLSHR 57,531.58
127.28M
1.44%
817.92
BKTi 38,174.12
8.45M
0.91%
342.78
OGTi 28,485.88
32.59M
3.81%
1045.25
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,590.00 119,605.00
117,905.00
1970.00
1.67%
BRENT CRUDE 72.27 72.82
72.16
-0.97
-1.32%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.90 70.41
69.80
-0.10
-0.14%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

Chart of the Day


Latest News
July 31, 2025 at 12:06 PM GMT+05:00

Crescent Star Insurance resumes 'Guarantee Business'


July 31, 2025 at 12:01 PM GMT+05:00

Bawany Air Products back on PSX Normal Counter


July 31, 2025 at 11:20 AM GMT+05:00

Sitara Peroxide narrows annual loss by 77%



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg