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OPEC+ approves fourth oil output quota hike since Hormuz closure
OPEC+ approves fourth oil output quota hike since Hormuz closure On Sunday, the seven members decided to increase targets by 188,000 bpd from July, OPEC said in a statement. LONDON: OPEC+ agreed on Sunday (Jun 7) a fourth increase in its oil output targets in as many months, even though the US war with Iran is still preventing several of the group's members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as key OPEC+...
OPEC+ approves fourth oil output quota hike since Hormuz closure
OPEC+ approves fourth oil output quota hike since Hormuz closure On Sunday, the seven members decided to increase targets by 188,000 barrels per day from July, OPEC said in a statement. LONDON: OPEC+ agreed on Sunday (Jun 7) a fourth increase in its oil output targets in as many months, even though the US war with Iran is still preventing several of the group's members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as...
UAE quits oil cartel Opec after six decades
The United Arab Emirates says quitting the Opec and Opec+ groups of major oil producing nations will provide more flexibility. The move is being seen as a blow to the groups' de facto leader Saudi Arabia. Also, Russia has accused Ukraine of destabilising global energy markets after renewed drone strikes caused a huge fire at an oil refinery in the Black Sea port of Tuapse.
Analysts Tell OPEC+ Hormuz Disruption to Last Through Year End
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Sunday, April 5, 2026. The United Arab Emirates will leave OPEC and its wider alliance, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
OPEC+ Agrees Another Symbolic Quota Hike for July
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Sunday, April 5, 2026. The United Arab Emirates will leave OPEC and its wider alliance, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. Photographer: Andrey Rudakov/Bloomberg
Saudi Arabia and Russia draw closer amid OPEC upheaval
Russia and Saudi Arabia draw closer amid OPEC upheaval June 3, 2026Russia and Saudi Arabia each produce between 9-10 million barrels of oil a day. Together, they account for over 20% of total world oil production. This gives them significant control over supply, despite Western sanctions and price caps on Russian oil following the war in Ukraine , and disruptions caused by the Strait of Hormuz blockade.
OPEC Plus to Boost Oil Production as Ceasefire in Iran Remains Elusive
Prince Abdulaziz bin Salman al-Saud, Saudi Arabia’s minister of energy, left, and OPEC’s secretary general, Haitham Al Ghais at an economic forum in St. Petersburg, Russia, last week.
Why UAE's OPEC exit is a blow to Saudi Arabia
The United Arab Emirates is leaving OPEC to pump more oil on its own terms. The break strips Saudi Arabia of a key partner and adds to growing uncertainty over the cartel's future.
OPEC Output Plunges Further as US Squeezes Iran, Survey Shows
An Organization of the Petroleum Exporting Countries oil drum.