Japan’s growing interest in Caspian crude reflects a pragmatic response to uncertainty in global energy markets and its continued reliance on the Middle East for more than 90% of its oil imports.
Türkiye raised its security level for Turkish-flagged vessels in the Strait of Hormuz to Level 3 on Sunday (2 March). The development follows Iranian restrictions on shipping after U.S. and Israeli strikes and confirmation of Supreme Leader Ali Khamenei’s death.
Hungary will release 250,000 tonnes of crude oil from its strategic reserves following a halt in flows on the Druzhba pipeline. The decision was announced in a government decree published late on Thursday.
Crude oil flowed on Saturday (27 September) through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye for the first time in two-and-a-half years, after an interim deal broke the deadlock, Iraq's oil ministry said.
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