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Birol: IEA Member States Will Discuss Strategic Oil Reserve Releases if Needed

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
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Birol: IEA Member States Will Discuss Strategic Oil Reserve Releases if Needed

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)

The International Energy Agency's member states may discuss whether more strategic oil reserves could be released on the market in the future, IEA head Fatih Birol said on Tuesday.

"We are ⁠following the markets ⁠very closely, especially the product markets, diesel and others. If there is a need, ⁠of course, we will discuss with our member governments to take the necessary steps," he told reporters in Dublin ahead of a meeting of EU energy ministers.

Birol declined to ⁠comment ⁠on proposals hinted at by French President Emmanuel Macron and others to release more strategic reserves in a bid to lower oil prices.

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UK Debt Hits $4.01 Trillion as Inflation Rate Jumps

FILE PHOTO: People walk past the Bank of England building in London, Britain, September 16, 2026. REUTERS/Corey Rudy/File Photo
FILE PHOTO: People walk past the Bank of England building in London, Britain, September 16, 2026. REUTERS/Corey Rudy/File Photo
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UK Debt Hits $4.01 Trillion as Inflation Rate Jumps

FILE PHOTO: People walk past the Bank of England building in London, Britain, September 16, 2026. REUTERS/Corey Rudy/File Photo
FILE PHOTO: People walk past the Bank of England building in London, Britain, September 16, 2026. REUTERS/Corey Rudy/File Photo

Britain's government borrowed more than expected again in September and public debt surpassed £3 trillion ($4.01 trillion), according to official data that underscored finance minister John Healey's challenge in his first budget next week.

Borrowing hit £24.52 billion last month, pushed up by spending on debt interest. A Reuters poll of economists had pointed ⁠to a deficit ⁠of £23.85 billion in the month.

Over the first six months of the 2026/27 financial year, the shortfall stood at £97.8 billion, down by £4.4 billion from a year earlier but above the ⁠forecast of £91.8 billion made by the Office for Budget Responsibility before the Iran war began.

Healey is expected to raise taxes on banks among other measures on October 28 in order to stay on track to meet his fiscal rules.

However, his margin for error is expected to have narrowed sharply in large part ⁠due ⁠to the rise in borrowing costs for government debt around the world since the start of the conflict in the Gulf.

Wednesday's data showed public sector debt was estimated to have exceeded £3 trillion for the first time. However, as a proportion of the economy, debt was lower than a year earlier, the Office for National Statistics said.

Britain's annual inflation rate also accelerated by more than expected in September, rising to 3.5 percent on elevated energy prices, official data showed.

The Consumer Prices Index jumped from a rate of 3.1 percent in August, the Office for National Statistics said.

Analysts' consensus forecast had been for inflation to reach 3.4 percent in September.

Business

Japan Records Trade Deficit as Oil Imports Soar Due to Mideast War

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Oct. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Oct. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
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Japan Records Trade Deficit as Oil Imports Soar Due to Mideast War

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Oct. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, Oct. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

Japan’s trade deficit reached 2.81 trillion yen ($17.8 billion) for the first fiscal half, according to government data released Wednesday, as the war in Iran sent oil import prices soaring.

The Finance Ministry’s preliminary data showed that Japan’s exports for the April-September period grew 18.4% from the same period the previous year to 63.5 trillion yen, while imports soared to 66.3 trillion yen, up 20.4% year-over-year.

Both were record highs for Japan. The soaring price of oil affects a wide range of sectors, including plastic goods and shipping costs.

Resource-poor Japan imports virtually all its oil and has relied on access to the Strait of Hormuz in the Middle East for its oil shipments. That’s now basically blocked, and Japan has had to pay more to get shipments from other routes.

Brent crude, the international standard, has soared from $70 a barrel in February to about $100 a barrel lately, after shooting up to above $110 a barrel in recent months. Analysts say prices are unlikely to ease soon.

For the month of September, Japan’s trade deficit totaled 536.6 billion yen, marking the fifth month of deficits, but down from 1.1 trillion yen in August.

Japan’s September imports grew 18.9% from the previous year, while exports rose 16.7%, The Associated Press reported.

One sore point is the weakening yen, which drives up the cost of imports. The US dollar is lately trading at 150-yen levels.

The central bank, which kept borrowing costs at below or near zero for years to help keep a shaky economy going, has been gradually raising interest rates, in part to prop up the yen.

Last month, the Bank of Japan raised the benchmark interest rate to 1.25% from 1.0%, a 31-year high. Its monetary policy board meets again next week. The bank has an inflation target of about 2%.

The Japanese government has repeatedly stressed it’s working closely with the Bank of Japan. The government of Prime Minister Sanae Takaichi is promising a tax cut on food to 1% from 8% to help lower-income families cope with soaring prices. That bill is now being debated in Parliament.

Business

Saudi Railways Carry 40.9 Million Passengers in Q3 2026

The King Abdullah Financial District (KAFD) Station on the Riyadh Metro. (Siemens Mobility)
The King Abdullah Financial District (KAFD) Station on the Riyadh Metro. (Siemens Mobility)
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Saudi Railways Carry 40.9 Million Passengers in Q3 2026

The King Abdullah Financial District (KAFD) Station on the Riyadh Metro. (Siemens Mobility)
The King Abdullah Financial District (KAFD) Station on the Riyadh Metro. (Siemens Mobility)

Saudi Arabia's railways transported more than 40.9 million passengers and 3.9 million tons of freight and 46,300 containers in the third quarter of 2026, according to the Transport General Authority (TGA).

Meanwhile, Riyadh is moving to expand the capacity of its metro system, supplying 27 new driverless trains and 52 additional carriages for the Riyadh Metro.

In its quarterly report, TGA said passenger numbers rose compared with the same period last year, reflecting growing demand for rail travel in the Kingdom.

Intra-city rail services carried 38.3 million passengers, including 30.4 million on Riyadh Metro, seven million on the King Abdulaziz International Airport Automated Train, and about 911,200 on the Princess Nourah bint Abdulrahman University line.

The TGA report added that intercity services carried more than 2.5 million passengers. The Haramain High Speed Railway, linking Makkah and Madinah via Jeddah, King Abdulaziz International Airport, and King Abdullah Economic City, carried over 1.9 million.

Saudi Arabia Railways' Eastern Network, connecting Riyadh, Abqaiq, Hofuf, and Dammam, served about 393,900, and its Northern Network, linking Riyadh, Al-Majmaah, Qassim, Hail, Al-Jouf, and Al-Qurayyat, carried 258,600.

Siemens Mobility to supply new trains for Riyadh Metro

Germany's Siemens Mobility has signed a contract with the Royal Commission for Riyadh City (RCRC) to supply 27 new driverless trains and 52 additional carriages for the Riyadh Metro.

Each new train will comprise four carriages, while the additional carriages will be used to expand the capacity of existing two-carriage trains.

The expansion is aimed at increasing passenger capacity on the metro's Blue and Red lines, also known as Lines 1 and 2, to meet growing public transport demand in the Saudi capital.

All vehicles will be built on the proven design of the current Riyadh Metro fleet, ensuring seamless integration and full system compatibility.

“This fleet expansion marks an important step in strengthening Riyadh’s public transport network,” said Frank Hagemeier, Managing Director, Siemens Mobility Saudi Arabia.

“By delivering state-of-the-art, driverless trains for Lines 1 and 2, we are supporting the Royal Commission for Riyadh City in operating a reliable, high-capacity metro system for millions of people every day,” Hagemeier said, adding that Siemens Mobility is proud to contribute to a system that strengthens sustainable mobility and supports the Kingdom’s long-term vision to enhance the daily life of residents.