Turkish economist and energy expert, executive director of the IEA since 2015
G7 leaders have coordinated with the IEA to release up to 100 million barrels of crude oil and diesel over four months, frontloading a substantial diesel release within 20 days, to ease record-high diesel prices caused by the US–Israel war on Iran and disruptions to Russian and Chinese fuel exports. The move begins immediately.
The US has carried out repeated air and naval strikes across Iran to degrade Tehran's ability to threaten shipping in the Strait of Hormuz. Iran has responded with missile and drone attacks on US bases and Gulf allies, and the IRGC has warned civilians near US forces to stay away; the exchanges have closed much of the strait and pushed oil prices higher.
Adura’s Jackdaw and Rosebank projects are pitched as national-scale investments that could sustain thousands of jobs and hundreds of billions in economic activity, while drawing sharp climate concerns from campaigners who warn the plans do little for energy security and risk prolonging fossil fuel reliance.
Oil prices have risen this week after U.S. officials narrowed a waiver to the Jones Act for energy shipments and data showed U.S. crude stocks have fallen to multi-decade lows. Traders are parsing mixed statements from Washington and Tehran about talks to reopen the Strait of Hormuz while reparations demands have emerged, keeping markets volatile on 11 Aug 2026.