OPEC

UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move DUBAI, May 16 (Reuters) – The United Arab Emirates’ decision to withdraw from OPEC and ​OPEC+ was a sovereign and strategic ‌choice based on a comprehensive assessment of its production policy and future capabilities, the UAE ​energy minister, Suhail Al Mazrouei, said on …

UAE Says OPEC, OPEC+ Exit Was Sovereign Strategic Decision, Not a Political Move Read More »

(Reuters) – The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday. “We expect demand rationing to continue as long as supply remains disrupted through …

Oil Market Will Lose Around 100 Million Barrels Every Week, if Strait of Hormuz Remains Closed, Aramco CEO Says Read More »

By Alex Lawler OPEC April output plunges 830,000 bpd Eight OPEC+ producers had pledged to raise output before Iran war forced export cuts Biggest drop is in Kuwait LONDON, May 11 (Reuters) – OPEC oil output dropped further in April to the lowest ‌in more than two decades, a Reuters survey found, as the U.S.-Israeli …

OPEC Oil Output Hits New Low in April on Hormuz Export Disruption, Reuters Survey Finds Read More »

OPEC’s control over production levels was a sticking point in the UAE’s participation in the group going back years By Anthony Di Paola The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said. “It serves our national interests and …

UAE Oil Head Says OPEC Exit Gives Ability to Speed Up Investment Read More »

It’s easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is …

OPEC+ Crude Output Boost is Symbolic, But it Still Matters: Russell Read More »

Saudi Arabia is able to divert the bulk of crude exports to the Red Sea By Andrey Biryukov The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf, with Saudi Arabia and Oman set for a windfall and others including the United Arab Emirates seeing a …

Saudi Arabia Set for Oil Windfall After Hormuz Boosts Prices Read More »

By Yousef Saba, Ahmad Ghaddar and Maha El Dahan Saudi Arabia’s energy minister Prince Abdulaziz is half-brother of Crown Prince Early years of diplomatic touch have transformed into an iron grip on OPEC UAE exit a critical test for Prince Abdulaziz’s influence over oil markets May 1 (Reuters) – Saudi Energy Minister Prince Abdulaziz bin …

Saudi Oil Prince’s Iron Grip Faces Ultimate Test With UAE’s Shock OPEC Exit Read More »