the Organization of the Petroleum Exporting Countries
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OPEC Output Plunges Further as US Squeezes Iran, Survey Shows
An Organization of the Petroleum Exporting Countries oil drum.
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.
100 days of Iran war: Gulf states grapple with security and economic consequences
Iran war at 100 days: Gulf states grapple with stability June 4, 2026For the regional Gulf Cooperation Council (GCC) states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) — the consequences of the US-Israeli conflict with Iran extend far beyond immediate military threat. Since February 28, when the US and Israel launched joint strikes on Iran, and despite a nominal ceasefire, the GCC countries, have been performing a difficult balancing act. Key...
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...
Oil prices today: Crude falls as Hezbollah rejects US-backed ceasefire
Oil prices fell slightly on Friday as hopes for a ceasefire in the Middle East faded following Hezbollah's rejection of a US-backed proposal in Lebanon. Brent crude slipped 0.22% to $95.24 a barrel, while US West Texas Intermediate (WTI) crude fell 0.11% to $92.94 a barrel in early trade. Despite Friday's decline, both benchmark contracts were on track to record their first weekly gain in three weeks.