OPEC

Live updates: UAE to quit OPEC in blow to world’s leading oil exporters, as Iran war roils energy sector

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Live updates: UAE to quit OPEC in blow to world’s leading oil exporters, as Iran war roils energy sector

The United Arab Emirates will withdraw from Organization of the Petroleum Exporting Countries (OPEC) on May 1, the UAE’s state news agency WAM said. “This decision aligns with the United Arab Emirates’ long-term strategic and economic vision and the development of its energy sector, including accelerating investment in domestic energy production,” the statement said. OPEC … Read more

Venezuela’s OPEC plea unlikely to “obtain much” for support | Oil and Gas

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Venezuela’s OPEC plea unlikely to “obtain much” for support | Oil and Gas

“I doubt that you can have a great deal of support in Venezuela from Saudi Arabia.” Paolo von Schirach, president of the Global Policy Institute, explains why the letter Venezuela wrote, asking for support from other oil-producing countries, is unlikely to change anything. In the letter, Venezuelan President Nicolas Maduro wrote that he feels threatened … Read more

What’s next for oil as OPEC+ and Trump shake the market? | Business and Economy

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What’s next for oil as OPEC+ and Trump shake the market? | Business and Economy

OPEC+ is opening the oil taps again, while Donald Trump’s tariffs target Russian crude buyers. OPEC+, which includes Saudi Arabia and Russia, has agreed to another large production hike in September. That’s despite a warning by the International Energy Agency, the extra barrels could tip the market into oversupply later this year. US President Donald … Read more

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