The United Arab Emirates defended its withdrawal from OPEC and OPEC+ on Saturday, calling the move a sovereign strategic decision. Energy Minister Suhail Al Mazrouei said the exit followed a review of production policies and future capabilities. The decision matters because it weakens OPEC’s influence over global oil supplies and energy markets. Mazrouei said the […]
Saudi Arabia oil policy
OPEC+ plans symbolic oil production increase
A group of OPEC+ countries has agreed in principle to a small increase in oil production targets, according to sources familiar with the matter. The planned hike is about 188,000 barrels per day for June. The decision comes ahead of an upcoming virtual policy meeting. The agreement involves seven key members, including Saudi Arabia, Iraq, […]
Oil Rises as OPEC+ Announces Modest Output Hike
SINGAPORE— Oil prices rose around 1.5% on Monday after OPEC+ announced a more modest production increase than expected, easing fears of a supply surge. However, analysts say that weak global demand could cap any near-term rally. Brent crude futures rose 91 cents (1.4%) to $65.44 a barrel by 0315 GMT, while U.S. West Texas Intermediate […]