Thai deputy prime minister Phiphat Ratchakitprakarn announced the country has discussed with the Russian government the possibility of purchasing crude oil.
Shipping data indicates Iranian crude oil is still transiting the Strait of Hormuz at near-normal rates, exceeding one million barrels per day, despite recent attacks by Israel and the U.S. and Iran's retaliatory strikes.
Countries' announcements of strategic petroleum reserve releases have not calmed the market, as Brent crude oil prices on the morning of 11/3 exceeded USD 100 per barrel.
South Korea, Hungary, and Croatia have capped domestic fuel prices, while Bangladesh closed schools and the Philippines reduced workdays for civil servants to conserve fuel.
Crude oil recorded its second consecutive session of decline, following news that the International Energy Agency (IEA) proposed member countries release a record amount of oil from strategic reserves.
The CEO of the Saudi Arabian oil and gas giant believes the global oil market will suffer significant consequences if transport operations through Hormuz remain disrupted.
President Trump announced that over 100 million barrels of Venezuelan oil have arrived at refineries in Houston, with a similar quantity currently en route to the US.
