Saudi Arabia’s biggest oil price cut in a generation is not about selling cheaper oil. It is the first shot in a new oil war. But what if the biggest winners are not Saudi Arabia, the Gulf states, or the oil companies? What if they are India, Pakistan, Bangladesh and the billions of ordinary consumers […]
OPEC
Oil prices ease after Opec+ boosts output targets
Oil prices edged lower on Monday after Opec+ agreed to raise its production targets for August, while crude exports through the Strait of Hormuz continued recovering following recent regional tensions, increasing expectations of higher global supply. Read More: Levy adjustment keeps fuel rate unchanged despite global price fall Brent crude futures fell 24 cents, or 0.33%, to $71.88 per […]
Opec+ approves further oil output increase as Hormuz exports start to recover
Opec+ has agreed a further increase in output targets from August, the group said in a statement on Sunday, adding to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz for oil exports. The oil-producing group agreed during an online meeting to increase quotas […]
Iraq Threatens to Leave OPEC After Oil Output Proposal Rejected
Iraq has warned that it could leave OPEC after its proposal to increase oil production was rejected. The Iraq threatens to leave OPEC development has raised concerns in global energy markets, as Iraq is one of the world’s largest oil-producing countries and plays a key role in the organization. Baghdad had proposed increasing its oil […]
OPEC+ agrees fourth oil quota hike since Hormuz closure
OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, OPEC said in a statement, even though the U.S. 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 […]
Oil prices rise amid uncertainty over US-Iran talks
Oil prices rose on Friday as investors remained uncertain about the prospects of a breakthrough in ongoing negotiations between the United States and Iran, despite signs of limited diplomatic progress. Read More: Oil prices fall below 100 dollars on Iran deal hopes Global benchmark Brent crude climbed 1.6 per cent to more than $104 a barrel, […]
UAE says OPEC exit not directed against any country
The United Arab Emirates (UAE) has clarified that its decision to exit OPEC and OPEC+ was not directed against any country, with the move instead aimed at advancing national economic and industrial priorities, according to UAE Minister of Industry and Advanced Technology Sultan Al Jaber. Read More: United Arab Emirates Leaves OPEC, Reshapes Global Oil Market […]
OPEC+ raises oil output quotas for ‘stability’ after shock UAE pull-out
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates. The seven major producers will add 188,000 barrels per day to their total production quota for June amid the price […]
‘OPEC+ agrees on oil output quota hike without UAE’
Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday. The output hike is largely symbolic for now, with most […]
Global oil prices climbed sharply as Hormuz tensions disrupt supply
Global oil prices climbed sharply on Monday as escalating conflict in the Middle East disrupted key supply routes, particularly through the strategically vital Strait of Hormuz. Read More: OPEC+ agrees to boost oil output when Hormuz reopens Brent crude futures rose 1.6% to $110.74 a barrel, while West Texas Intermediate gained 0.6% to $112.25, extending last week’s […]