Trump signs deal to reopen Strait of Hormuz; oil prices sink further as critical crude shipping route set to resume

OPEC cuts 2026 oil demand growth forecast to 600,000 bpd, down from its prior month's assessment, the group said Wednesday from Vienna.

OPEC said on Wednesday that global oil demand is forecast to grow by 600,000 barrels per day in 2026 year-on-year, down from its previous month's assessment, according to Xinhua reporting from Vienna.

Philippines issues red alert on Visayas grid as multiple plants remain offline Wednesday. Available capacity ~2,153 MW vs peak demand 2,394 MW; Mindanao has nine plants on forced outage.

Red and yellow alerts were raised for power grids in central and southern Philippines on Wednesday as several power plants remained unavailable, according to the National Grid Corporation of the Philippines (NGCP). The Visayas red alert is in effect with available capacity at about 2,153 MW against a projected peak demand of 2,394 MW. In Mindanao, nine power plants are on forced outage for August, with 11 unavailable since 2024 and nine others operating at derated capacities.