(World Oil) – OPEC+ is likely to agree another symbolic production increase for June, in the group’s first move since the surprise departure of the United Arab Emirates, three delegates said. Seven major nations led by Saudi Arabia and Russia will probably add 188,000 bpd to their output target during a video conference on Sunday, two of the delegates said,
(Oil & Gas 360) By Greg Barnett, MBA – (Part 1 of 6) – The oil and gas industry has already lived through the future everyone now claims to fear. It wasn’t caused by climate policy, geopolitics, or energy transition rhetoric. It was caused by us. From the early 2000s through roughly 2014, the market rewarded one thing above all else:
(By Oil & Gas 360) – The United Arab Emirates stepping away from OPEC and the broader OPEC+ framework would mark one of the most consequential shifts in oil market governance in decades. For a group that has long relied on cohesion, quota discipline, and the political alignment of its core Gulf members, the loss of a major, technically capable
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, 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. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, 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. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(Oil & Gas 360) – By Greg Barnett, MBA – OPEC+ was once sold as a stabilizing force in global energy markets, a mechanism through which oil‑producing nations could smooth volatility, protect investment, and prevent destructive price collapses. That argument made sense when oil demand was rising rapidly, capital was scarce, and non‑OPEC supply was marginal. None of those conditions hold
(BOE Report) – Saudi Arabia’s crude oil exports rose to 7.276 million barrels per day in February, from 6.993 million bpd in January, while crude output hit its highest level since October 2022, Joint Organizations Data Initiative (JODI) data showed on Tuesday. Saudi production in February was about 10.882 million bpd, the JODI data showed, up from 10.100 million bpd
(Investing) – LONDON – OPEC on Monday lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer group’s monthly oil report showed in its first public assessment of the Iran war’s impact on the market. OPEC sees a smaller hit to oil demand from the war this year than some other forecasters, such
(By Oil & Gas 360) – The 1974 oil price shock remains one of the defining moments in modern economic history. Triggered by the Organization of the Petroleum Exporting Countries (OPEC) oil embargo following the Yom Kippur War, crude prices quadrupled in a matter of months. It exposed deep structural vulnerabilities in Western economies and reshaped global energy policy for
(Investing) – MOSCOW/LONDON – OPEC+ is likely to consider raising its oil output by 137,000 barrels per day for April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand and a price boost from tensions between the U.S. and OPEC member Iran. The resumption of output increases after a three-month pause would allow OPEC
(BOE Report) – Crude oil exports from the world’s largest oil exporter fell to 6.988 million barrels per day, down from 7.378 million bpd in November and its lowest since September, data from the Joint Organizations Data Initiative showed on Thursday. Saudi Arabia’s crude output stood at about 10.084 million bpd in December, its highest since April 2023. Output in
(Oil Price) – Nigeria’s struggles to pump to its OPEC+ quota over the past year have resulted in a loss of $1.31 billion gross revenue for the biggest African oil producer, according to data calculated by Business Insider Africa. The cumulative underproduction for Nigeria between January 2025 and January 2026 is estimated at about 18.12 million barrels. Multiplied by the official
