Trending News: Rystad Warns 2.5MM Bpd of Saudi Oil is at RiskEU ETS carbon removal figures ‘don’t add up’, expert warnsAir Products to build four ASUs in Taiwan tied to semiconductor expansionM&A: Magnolia Oil & Gas to Buy WildFire Energy in $4.06 Billion DealOil Prices Ease as Mediators Propose US-Iran CeasefireOil-Service Companies Set to Reveal War’s Impact on EarningsOregon consortium wins up to $160m for regional semiconductor developmentAlign carbon capture chemistry with industrial reality from outsetGAIL Invites Bids For 600 MW Solar PV Project With 275 MW/550 MWh BESS At Jhansi Solar Park In Uttar PradeshNew UK Energy Secretary ‘understands renewable gas’Indian Green Energy And Power Stocks End Mixed As Select Battery And Renewable Shares Gain (21 July 2026)Just 8 Days Left Until Chhattisgarh’s Largest Solar & Storage Expo 2026  Egypt-Emirati Consortium To Invest EGP 20 Billion In 500 kV Renewable Power Transmission LineAfrica Weekly: Trading Rules Consultation Extended; Zambia Commissions 100 MW Solar; NERSA Strengthens Governance; $1.5 Billion for South Africa; Ferké Solar Plant Goes Live and More…Interlune claims helium-3 production through cryogenic distillationCadent expands UK biomethane networkThailand cuts nearly 4m tonnes of CO2 with low-carbon cementIndia taps dairy sector as next frontier for biomethane with Assam projectU.S. Gasoline Prices Climb Back Above $4 Per GallonDrone Strike Halts Exports at Strategic Black Sea Oil TerminalHouthis Declare Naval Blockade on Saudi Arabia as Red Sea Crisis DeepensAdnoc takes $6.2bn FID on Umm Shaif Gas Cap projectOil Stocks in US Strategic Petroleum Reserve Fall by 5.1 Million Barrels to Lowest Level Since 1983Chevron Shuts in US Gulf Platform in Preparation for Developing Tropical StormGlobal nuclear M&A deals ‘double to USD7 billion’Gulf Oil Exports Briefly Recovered to Pre-War Levels Before Latest EscalationLNG Shipments Through Strait of Hormuz Grind to a Halt as Conflict EscalatesChina’s Fuel Oil Exports Hit 2026 High as Shipping Demand ReboundsTankers Fear Hormuz Transit as Iran Stops VesselsChina’s LNG Buying Spree Tightens Global Gas MarketIndia’s Crude Oil Import Bill Soars 60% as Iran War Drives Prices HigherEurope Faces Diesel Crunch as Inventories Head Toward Multi-Year LowsNew Zealand Oil Explorers Rush to Secure Offshore Permits Before ElectionUSA LNG Growth Exceeding All Expectations, Yergin SaysBeyond helium – Q2 2026Inpex Masela breaks ground on $21bn Abadi LNG project in IndonesiaMesser Americas to invest $280m in Texas ASU complexYemen Houthis threaten naval blockade on Saudi ArabiaUS Pump Prices Cross $4 Again on Renewed Fighting in the Middle EastUS Bombs Iran for Ninth Day as Standoff Over Hormuz DeepensOil Prices Extend Gains on Escalating Middle East HostilitiesHelium shortage threatens MRI services at Indian hospitalSunPower Completes 977 kW Solar Carport System at California Residential CommunityCharbone expands North American helium delivery fleetSineng Electric Launches 510 kW High-Power String Inverter with Grid-Forming Capability and AI-Driven IntelligenceAdani looks to French CO2 electrolysis start-up for low-carbon Indian chemicalsADB Signs $37 Million Loan For Vietnam’s First Large-Scale Floating Solar ProjectMidwest Energy Commences Commercial Production at 1.2 GWh BESS Manufacturing Facility in BengaluruTrinasolar Signs MoU with Al-Raebi to Explore 1.5 GW Solar Project Pipeline in YemenGulf liquefaction continues at ‘robust pace’ despite shipping constraintsJeff Currie: Illusion of Oil Abundance Is GoneBP, ConocoPhillips Partner In Iraq’s Giant OilfieldIndia Proposes Stricter Vehicle Emission Rules To Cut Oil ConsumptionEconomic assessment filed for Swedish uranium project as law comes into forceBulgaria’s planned AP1000s ‘strategic bilateral priority’Mochovce 4 preparing for physical start-up testsNewcleo advances MOX fuel licensing in FranceIran’s Supreme Leader Says US Breaches Show Trump’s Signature is ‘Worthless’Oil prices remain elevated as U.S.-Iran strikes intensify across Middle EastSolar And Wind Account For 92.8% Of India’s Renewable Energy Capacity, Reach 219 GW In H1 2026KSrelief Launches Solar-Powered Water Project To Benefit 50,000 Families In Yemen’s TaizCôte D’ivoire Commissions 52.4 MW Ferke Solar Plant, First Locally Developed Ipp Solar ProjectChina to Hike Retail Gasoline and Diesel Prices as Oil Jumps 12% in a WeekIRENA: Renewable Electricity Hits 9,836 TWh in 2024 as Solar and Wind Drive 9.8% Growth WorldwideSungrow Opens Solar & Battery Experience Hub in Australia to Promote Renewable Energy AdoptionTrump Could Get a Lesson on Iran From an Unlikely Source — Emus: RussellAMERICAN ENERGY SNAPSHOT: Iconic Landmarks Took Years. 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Tue. Jul 21st, 2026
Trending News: Rystad Warns 2.5MM Bpd of Saudi Oil is at RiskEU ETS carbon removal figures ‘don’t add up’, expert warnsAir Products to build four ASUs in Taiwan tied to semiconductor expansionM&A: Magnolia Oil & Gas to Buy WildFire Energy in $4.06 Billion DealOil Prices Ease as Mediators Propose US-Iran CeasefireOil-Service Companies Set to Reveal War’s Impact on EarningsOregon consortium wins up to $160m for regional semiconductor developmentAlign carbon capture chemistry with industrial reality from outsetGAIL Invites Bids For 600 MW Solar PV Project With 275 MW/550 MWh BESS At Jhansi Solar Park In Uttar PradeshNew UK Energy Secretary ‘understands renewable gas’Indian Green Energy And Power Stocks End Mixed As Select Battery And Renewable Shares Gain (21 July 2026)Just 8 Days Left Until Chhattisgarh’s Largest Solar & Storage Expo 2026  Egypt-Emirati Consortium To Invest EGP 20 Billion In 500 kV Renewable Power Transmission LineAfrica Weekly: Trading Rules Consultation Extended; Zambia Commissions 100 MW Solar; NERSA Strengthens Governance; $1.5 Billion for South Africa; Ferké Solar Plant Goes Live and More…Interlune claims helium-3 production through cryogenic distillationCadent expands UK biomethane networkThailand cuts nearly 4m tonnes of CO2 with low-carbon cementIndia taps dairy sector as next frontier for biomethane with Assam projectU.S. Gasoline Prices Climb Back Above $4 Per GallonDrone Strike Halts Exports at Strategic Black Sea Oil TerminalHouthis Declare Naval Blockade on Saudi Arabia as Red Sea Crisis DeepensAdnoc takes $6.2bn FID on Umm Shaif Gas Cap projectOil Stocks in US Strategic Petroleum Reserve Fall by 5.1 Million Barrels to Lowest Level Since 1983Chevron Shuts in US Gulf Platform in Preparation for Developing Tropical StormGlobal nuclear M&A deals ‘double to USD7 billion’Gulf Oil Exports Briefly Recovered to Pre-War Levels Before Latest EscalationLNG Shipments Through Strait of Hormuz Grind to a Halt as Conflict EscalatesChina’s Fuel Oil Exports Hit 2026 High as Shipping Demand ReboundsTankers Fear Hormuz Transit as Iran Stops VesselsChina’s LNG Buying Spree Tightens Global Gas MarketIndia’s Crude Oil Import Bill Soars 60% as Iran War Drives Prices HigherEurope Faces Diesel Crunch as Inventories Head Toward Multi-Year LowsNew Zealand Oil Explorers Rush to Secure Offshore Permits Before ElectionUSA LNG Growth Exceeding All Expectations, Yergin SaysBeyond helium – Q2 2026Inpex Masela breaks ground on $21bn Abadi LNG project in IndonesiaMesser Americas to invest $280m in Texas ASU complexYemen Houthis threaten naval blockade on Saudi ArabiaUS Pump Prices Cross $4 Again on Renewed Fighting in the Middle EastUS Bombs Iran for Ninth Day as Standoff Over Hormuz DeepensOil Prices Extend Gains on Escalating Middle East HostilitiesHelium shortage threatens MRI services at Indian hospitalSunPower Completes 977 kW Solar Carport System at California Residential CommunityCharbone expands North American helium delivery fleetSineng Electric Launches 510 kW High-Power String Inverter with Grid-Forming Capability and AI-Driven IntelligenceAdani looks to French CO2 electrolysis start-up for low-carbon Indian chemicalsADB Signs $37 Million Loan For Vietnam’s First Large-Scale Floating Solar ProjectMidwest Energy Commences Commercial Production at 1.2 GWh BESS Manufacturing Facility in BengaluruTrinasolar Signs MoU with Al-Raebi to Explore 1.5 GW Solar Project Pipeline in YemenGulf liquefaction continues at ‘robust pace’ despite shipping constraintsJeff Currie: Illusion of Oil Abundance Is GoneBP, ConocoPhillips Partner In Iraq’s Giant OilfieldIndia Proposes Stricter Vehicle Emission Rules To Cut Oil ConsumptionEconomic assessment filed for Swedish uranium project as law comes into forceBulgaria’s planned AP1000s ‘strategic bilateral priority’Mochovce 4 preparing for physical start-up testsNewcleo advances MOX fuel licensing in FranceIran’s Supreme Leader Says US Breaches Show Trump’s Signature is ‘Worthless’Oil prices remain elevated as U.S.-Iran strikes intensify across Middle EastSolar And Wind Account For 92.8% Of India’s Renewable Energy Capacity, Reach 219 GW In H1 2026KSrelief Launches Solar-Powered Water Project To Benefit 50,000 Families In Yemen’s TaizCôte D’ivoire Commissions 52.4 MW Ferke Solar Plant, First Locally Developed Ipp Solar ProjectChina to Hike Retail Gasoline and Diesel Prices as Oil Jumps 12% in a WeekIRENA: Renewable Electricity Hits 9,836 TWh in 2024 as Solar and Wind Drive 9.8% Growth WorldwideSungrow Opens Solar & Battery Experience Hub in Australia to Promote Renewable Energy AdoptionTrump Could Get a Lesson on Iran From an Unlikely Source — Emus: RussellAMERICAN ENERGY SNAPSHOT: Iconic Landmarks Took Years. Now Energy Projects Take Decades.US Energy Firms Boost Rig Count to Highest Since April 2025, Baker Hughes SaysOil Settles Up on Renewed US-Iran Hostilities and Threat of Red Sea ClosureConocoPhillips Joins BP in Iraq as Baghdad Seeks More US Energy InvestmentIraq Shuts Down Khor Mor Gas Field Amid Security ThreatsEU Sets Target To Double Electrification Rate, Cut Oil & Gas UseChevron Moves Closer to Iraq’s Biggest Oil Prize—and a Hormuz Exit StrategyOil Prices Set for Biggest Weekly Surge Since April as Iran War EscalatesPakistan Plans Fresh LNG Purchases Amid Strait of Hormuz ShutdownIran-Linked LPG Tankers Turn Back as U.S. Blockade TightensLibya Declares Major Oil Discovery Commercial as Production Revival Gains PaceJapan’s LNG Giant Weighs U.S. IPO to Accelerate Global ExpansionSouth Korea Bets on Red Sea Route as Hormuz Disruptions PersistChina Seeks Long-Term LNG Deals Beyond the Strait of HormuzAre semiconductor manufacturers asking more from specialty gas producers?Are semiconductor manufacturers asking more from specialty gas producers?AI reshapes spec gas market with twin demand and sustainability challengeSMG secures £6m to develop UK semiconductor manufacturingKuwait energy infrastructure targeted by IranRystad Outlines 4 Potential USA-Iran ScenariosJERA And Samsung C&T Partner To Strengthen Hydrogen And Ammonia Supply Chains In AsiaIndian Green Energy Stocks Trade Mixed Despite Strong Market Rally (17 July 2026)Managing a Solar-Heavy Island Grid: Insights from the Mauritius Clean Energy Week 2026 RoundtableSpain Allocates €162 Million To Boost Clean Energy Manufacturing Across 40 ProjectsReturn of Qatar and UAE LNG volumes ‘delayed to October’US LNG export capacity set to double by 2031, S&P Global Energy study findsCOMMENTARY: China’s Oil Fortress Will Reshape the Global Order: BoussoLNG GROWTH: Liquefied Natural Gas Set to Become United States’ 2nd Largest Net Export Industry within Five Years, S&P Global Ene…Oil Rises on Intensifying US-Iran Hostilities, Threat of Red Sea ClosureExxaro Commissions 68 MW Lephalale Solar Project to Boost Clean Energy and Mine Energy Security In South AfricaERC Adopts Revised Power Plant Reliability Rules To Strengthen Grid Stability And Protect Consumers In The PhilippinesTSMC pledges $100bn to expand Arizona chip facility as profits surgeIEA maps global biogas potentialAsian LNG Spot Prices Jump 10% as Hormuz Crisis Reignites Supply Fears
Tue. Jul 21st, 2026

IEA chief Birol Sees ‘Comfortable’ Oil Markets, Unless Geopolitical Shock

Equinor's Autumn Conference 2024
Executive Director of International Energy Agency (IEA) Fatih Birol gives a speech during Equinor’s Autumn Conference 2024 at Det Norske Teater in Oslo, Norway November 26, 2024. Thomas Fure/NTB/via REUTERS

(Reuters) – The supply of oil and gas will be plentiful, with oil markets being “comfortable” this year and next unless major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway on Tuesday.

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the IEA said on Nov. 14 as rising production from the United States and other outside producers outpace sluggish demand.

The prospect of excess supply is a headwind for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, in its plan to start raising output.

“This year and next year, we expect comfortable oil markets unless a major geopolitical escalation happens,” Birol said on Tuesday. “There will be plenty of oil and gas.”

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