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The International Air Transport Association (IATA) has projected that global airline revenue will exceed trillion for the first time in 2025, marking a significant milestone for the aviation industry. According to IATA's forecast, total airline revenue is expected to reach .007 trillion, reflecting a 4.4% increase compared to 2024.

Eight members of the OPEC+ group of oil-producing nations have said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent U.S. presidential election, though analysts predict a limited impact.

When Israel’s war against Hamas began a year ago, concern about the economic impact it could have on the wider global economy focused on the price of oil.

In a single day, the cost of crude oil jumped by 5%, following a speech from US President Joe Biden, who suggested that Israel might target Iranian oil facilities. As a result, the price of OPEC oil climbed to 74.90 dollars per barrel, while Brent futures reached 77.54 dollars per barrel.

Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading yesterday, a price unseen in the market since November.

Saudi Arabia said yesterday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilize markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.

Riyadh on June 4 announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.

The group of oil-producing countries agreed on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to "The Hill".