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Guyana's President Highlights Widening Energy Supply-Demand Gap Amid Global Strain

Guyana's President Highlights Widening Energy Supply-Demand Gap Amid Global Strain

Guyana's President Irfaan Ali has expressed concerns over the widening gap between energy supply and demand, exacerbated by ongoing global conflicts and infrastructure challenges. Speaking at the Offshore Technology Conference in Houston, Texas, President Ali noted that the current energy system is underinvested and unable to meet the growing demand. The conflict in the Middle East, particularly the closure of the Strait of Hormuz, has disrupted oil and gas supplies, driving prices above $100 per barrel. Guyana, with its burgeoning offshore oil production led by Exxon Mobil, has become a significant player in the global energy market, yet the president emphasized that renewable energy alone cannot bridge the supply gaps.
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Chevron CEO says shortages in oil supply will begin appearing

Chevron CEO says shortages in oil supply will begin appearing

By Erwin Seba HOUSTON, May 4 (Reuters) - Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes.
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Oil eases on signs US is loosening Iranian closure of Strait of Hormuz

Oil eases on signs US is loosening Iranian closure of Strait of Hormuz

By Anushree Mukherjee May 5 (Reuters) - Oil prices eased on Tuesday after climbing by as much as 6% in the previous session on signs the U.S. Navy is loosening Iran's closure of the key Strait of Hormuz waterway, potentially opening up supply from the key Middle East producing area.
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Exclusive-Power suppliers hesitate as Venezuela seeks grid repairs without payment guarantees

Exclusive-Power suppliers hesitate as Venezuela seeks grid repairs without payment guarantees

By Marianna Parraga, Mircely Guanipa and Mariela Nava PUNTO FIJO/MARACAIBO, May 4 (Reuters) - When potential providers and financiers for Venezuela's electric industry, including Siemens Energy and GE Vernova, held meetings with officials in Caracas in April, questions of how they might get paid to
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Middle East truce in doubt as US and Iran fight for control of Strait of Hormuz

Middle East truce in doubt as US and Iran fight for control of Strait of Hormuz

DUBAI/WASHINGTON, May 5 (Reuters) - The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz.
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DuPont lifts forecast as price hikes offset Iran war-driven costs

DuPont lifts forecast as price hikes offset Iran war-driven costs

By Pooja Menon May 5 (Reuters) - Industrial materials maker DuPont raised its annual profit and sales forecasts on Tuesday after beating first-quarter estimates, as price increases helped offset higher input costs driven by the U.S. and Israel's war with Iran.
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Australia's central bank set to cool its heels after rapid-fire rate hikes

Australia's central bank set to cool its heels after rapid-fire rate hikes

By Stella Qiu and Wayne Cole SYDNEY, May 5 (Reuters) - Australia's central bank lifted rates for a third time this year on Tuesday, returning borrowing costs to post-pandemic highs and warning that inflation would remain sticky as the conflict in the Middle East unleashed a global oil shock.
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UAE says it is discussing currency swap line with US

UAE says it is discussing currency swap line with US

By Federico Maccioni ABU DHABI, May 4 (Reuters) - The United Arab Emirates is discussing a currency swap line with the United States, its trade minister said on Monday. "We have this discussion and conversation with many, it's part of an elite group that the U.S. is having this swap policy with.
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Oil slips after Trump says US will help free ships stranded in Strait of Hormuz

Oil slips after Trump says US will help free ships stranded in Strait of Hormuz

By Florence Tan SINGAPORE, May 4 (Reuters) - Oil prices eased on Monday after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100.
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Factbox-Airlines cancel flights in response to Middle East conflict

Factbox-Airlines cancel flights in response to Middle East conflict

May 4 (Reuters) - Middle Eastern carriers have ramped up capacity after severe disruption from the Iran war, while airlines outside the Gulf reroute flights between Europe and Asia away from major hubs in the region. 
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Iran war has put foreign workers in the Gulf at greater risk while raising the cost of going home

Iran war has put foreign workers in the Gulf at greater risk while raising the cost of going home

For millions of foreign workers in the Mideast, the Iran war has made life even more precarious
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IMF Warns of Severe Economic Impact if Middle East Conflict Extends to 2027

IMF Warns of Severe Economic Impact if Middle East Conflict Extends to 2027

IMF Managing Director Kristalina Georgieva warned that the ongoing US-Israeli conflict with Iran could lead to severe global economic consequences if it continues into 2027. The closure of the Strait of Hormuz, a critical oil passage, has already caused oil prices to rise, with potential increases to $125 per barrel. This scenario could lead to higher inflation and economic slowdown. The IMF's 'adverse scenario' predicts global growth slowing to 2.5% in 2026, with inflation at 5.4%. The conflict's impact on supply chains, particularly in oil and fertilizer, is causing price increases, affecting global food prices and other industries.