The International Energy Agency (IEA) has allowed the possibility of release of extra oil reserves to stabilize market conditions because of the conflict in the Middle East. IEA Director Fatih Birol mentioned that the agency is in discussions with governments in Asia and Europe regarding this matter. "If needed, we will certainly proceed with that. We are examining the conditions, evaluating,...

According to the European Central Bank's updated projection, the eurozone economy is set to expand by 0.9% in 2026, 1.3% in 2027, and 1.4% in 2028. In December, the ECB projected growth rates of 1.2%, 1.4%, and 1.4% respectively. Consumer prices are projected to rise by 2.6% in 2026, a revision from the earlier estimate of 1.9%. The projection for 2027 was adjusted downward to 2% from 1.8%, and...

According to Mark Zandi, the chief economist at Moody's, a global credit rating agency, the US economy will find it difficult to prevent a recession if oil prices stay high for just a few more weeks. He wrote on social media that "a recession is once again a major concern." The US economic outlook will keep getting worse as long as the Strait of Hormuz stays closed to oil tankers, even though...

According to Bloomberg, the Bahrain-based company Aluminum Bahrain BSC, also known as Alba, has started a gradual decrease in production at the largest aluminum smelting plant in the world. The company has started the process of closing three production lines, which collectively represent 19% of its total annual production capacity of 1.6 million tons. The company stated that the suspension will...

Major German economic research organizations have revised their predictions for GDP growth in 2026, pointing to the adverse effects caused by increasing energy costs linked to the conflict in the Middle East. New predictions from the Munich Institute for Economic Research (Ifo) and the Kiel Institute for the World Economy suggest that German GDP is expected to grow by 0.8% this year. Before, both...

The amount of hydrocarbons on tankers in the Persian Gulf rose by 1.5 million tons in the last 24 hours, totaling 24.2 million tons. Out of this total, 18.7 million tons were oil, 3.3 million tons were light petroleum products, 1.2 million tons were heavy petroleum products, and 1 million tons were LNG, as indicated by a monitoring report from Euler Analytical Technologies JSC using ship tracking...

ECB President Christine Lagarde stated that the European Central Bank (ECB) aims to stop military actions in the Middle East from causing an inflation shock in the eurozone like the one that occurred at the start of the Russia-Ukraine conflict. "We currently find ourselves in a different economic context, which is improved, and we possess enhanced resilience to manage shocks," Lagarde stated in...

French President Emmanuel Macron mentioned that the G7 nations are slowly starting to back the idea of using oil from their strategic reserves, in response to the current circumstances in the Middle East. The G7 countries do indeed maintain strategic reserves. French media reported that Macron stated the measures are specifically meant for this purpose: to address situations during periods of...

Hock Tan, CEO of the American high-tech company Broadcom, thinks his company might make more than $100 billion in revenue from selling AI chips by 2027. The executive made this statement following the release of the company's financial results for the first quarter of the fiscal year 2026, which concluded on February 1.  In the last quarter, Broadcom's revenue from AI products more than...