World absorbs historic Iran war oil supply loss as depleted stockpiles raise further energy market risks

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.

Iran reshuffles top military and security leadership after war with US and Israel. Mohsen Rezaei, Ali Abdollahi and Ahmad Vahidi among seven senior figures appointed to key posts across IRGC, army and navy.

Iran has reshuffled its top security and military leadership following its recent war with the US and Israel, appointing new officials across the Supreme National Security Council, IRGC, army and navy. Veteran commanders Mohsen Rezaei, Ali Abdollahi and Ahmad Vahidi are among seven senior figures taking key posts as Tehran reorganizes its wartime leadership amid heightened regional tensions.

Turkish Foreign Minister Hakan Fidan to visit Egypt on Aug. 13-14, meet President el-Sisi and co-chair 2nd Türkiye-Egypt Joint Planning Group with FM Abdelatty.

Turkish Foreign Minister Hakan Fidan will visit Egypt on Aug. 13-14, meeting President Abdel Fattah el-Sisi and other senior officials, and co-chairing the 2nd Türkiye-Egypt Joint Planning Group meeting with Egyptian counterpart Badr Abdelatty. Talks will cover bilateral ties, trade, energy, defense cooperation and regional developments.