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PARIS: International Energy Agency chief Fatih Birol on Monday indicated that additional strategic oil reserves could be released if needed to stabilise global markets amid severe supply disruptions caused by the ongoing conflict affecting the Strait of Hormuz. In a video statement, Birol said that combined government and industry-held emergency reserves still exceed 1.4 billion barrels, providing room for further intervention if the situation worsens. However, he cautioned that such releases can only serve as a temporary buffer against the sharp supply shock. “The most critical factor for restoring stability…

ISLAMABAD: Pakistan has fully secured its fuel requirements for March, with sufficient stocks and supply arrangements in place to ensure availability until mid-April, a high-level committee reviewing petroleum prices was informed on Monday. The committee, chaired by Finance Minister Muhammad Aurangzeb, was briefed that the country remains “adequately positioned” in terms of fuel availability, with ongoing import planning and logistics supporting continued supply. Efforts are also underway to extend coverage through the end of April amid evolving regional challenges. The meeting, held at the Finance Division, reviewed national inventories of…

Global oil markets have been thrown into turmoil as key Middle Eastern crude benchmarks — Oman and Dubai — surged to record highs following supply disruptions caused by the ongoing US-Israel war with Iran, raising concerns about market distortions and benchmark reliability. Spot premiums for Dubai crude soared to an unprecedented $56 per barrel on Monday, a dramatic jump from an average of just 90 cents in February, according to data from S&P Global Platts and Reuters. The premium now accounts for nearly one-third of Dubai crude’s total value, with…