economicUnverifiedRussia
○ 1 source
Alexander Novak stated that the ability to utilize oil stockpiles to stabilize the global market was nearly exhausted.
Location: Strait of Hormuz
Events Archive
economicOct 8, 2026
Middle East oil producers battle for market share when Hormuz reopens
Summary
Middle East oil producers race to reclaim market share as Strait of Hormuz exports recover, but shipping risks and high costs keep oil prices elevated.
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- Reuters News ServiceBy Reuters News Service
Gulf oil producers are racing to regain lost market share as exports recover, but risks in the Strait of Hormuz are keeping prices high Middle East oil producers have launched a battle to recapture market share lost during the Iran war, setting current and former OPEC members on …
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