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 […]
OPEC
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 […]
OPEC+ agrees to boost oil output when Hormuz reopens
OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the US-Israeli war with Iran. The war has effectively shut the Strait of Hormuz – the world’s most […]
Oil prices drop 4% as US-Iran talks ease geopolitical tensions
LONDON: Oil prices fell sharply on Monday after US President Donald Trump indicated that Iran was “seriously talking” with Washington, suggesting a potential de-escalation in tensions that had previously pushed crude to multi-month highs. Read More: Oil holds near six-month high amid US-Iran tensions Brent crude futures declined $2.81, or 4.1%, to $66.51 per barrel, while […]
OPEC+ agrees to keep oil output pause for March, sources say
OPEC+ has agreed in principle to keep its planned pause on oil output increases for March when it meets later on Sunday, according to three delegates and a draft statement seen by Reuters, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran. The meeting […]
Oil prices jump as US ramps up pressure on Iran
Here’s a neutral, newsroom-ready package based on your report: Title News story (≈300 words) Oil prices climbed about 3 per cent on Friday, reaching their highest levels in more than a week, after the United States intensified pressure on Iran by imposing fresh sanctions and announcing the deployment of a naval “armada” to the Middle […]