Tag: OPEC

Tuesday, April 28th 2026 - 19:20 UTC
United Arab Emirates leaves OPEC amid energy crisis fueled by Iran war

The United Arab Emirates announced on Tuesday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, in a decision taking effect on May 1 that constitutes one of the most significant blows to the oil cartel in its more than six decades of existence. The announcement comes amid the largest energy crisis in years, triggered by the closure of the Strait of Hormuz during the war between the United States and Iran launched on February 28, and on the eve of the OPEC meeting scheduled for Wednesday in Vienna.
Wednesday, December 24th 2025 - 11:05 UTC
Oil prices surge amid US-Venezuela standoff

International oil benchmarks posted modest gains on Tuesday as the market entered a holiday-shortened week. Investors remained focused on the escalating geopolitical friction between Washington and Caracas, which has introduced a risk premium into an otherwise oversupplied market.
Wednesday, August 6th 2025 - 10:17 UTC
BP announces major oil discovery off Brazil, while OPEC+ with Saudi Arabia leading, increase production

Britain’s BP oil and gas giant announced this week its biggest oil and gas discovery in 25 years off the coast of Brazil. This happens when the corporation is in the midst of a major overhaul, dropping the renewable energy strategy thrust, and returning to traditional hydrocarbons policy.
Monday, July 14th 2025 - 06:54 UTC
OPEC bans media outlets accused of advocating transition to “a net-zero economy”

The Oil-price outlet is reporting that OPEC has refused accreditation for Reuters, Bloomberg, the New York Times, the Financial Times, and the Wall Street Journal for its meeting in Vienna, which is taking place this week.
Monday, May 26th 2025 - 10:55 UTC
Lower oil prices ahead, as OPEC+ targets removing US shale oil from global markets

OPEC+ are expected to announce another bigger than initially planned production hike at its next meeting, 9/10 July, allegedly with the purpose of having Iraq and Kazakhstan comply with their quotas, but according to a Reuter’s report the target is to knock out the US shale production.
Wednesday, February 19th 2025 - 09:13 UTC
Brazil announces plans to join OPEC+

Brazilian authorities announced Tuesday the South American country's decision to join the Organization of 13 Petroleum Exporting Countries (OPEC) and 10 observer nations, commonly referred to as OPEC+. According to Mines and Energy Minister Alexandre Silveira, the move would in in line with Brazil's goals and would not collide with its environmental commitments. Brazil will participate in the OPEC Cooperation Charter, a forum for discussing oil market strategies without binding obligations to follow cartel policies like production cuts.
Tuesday, December 26th 2023 - 08:20 UTC
Angola quitting OPEC over dispute about oil production quotas

Angolan official media have reported from Luanda that Angola is leaving OPEC, following a meeting of the Council of Ministers, let by the president of the country, Joao Lourenco.
Tuesday, October 3rd 2023 - 20:09 UTC
Despite Saudi Arabia's oil cut, OPEC+ production has increased boosted by Iran and Nigeria

Oil prices started to gradually recover during July, from a depressed second quarter, with the OPEC+ production cuts and the additional one million bpd reduction from the Saudi Arabia wells.
Tuesday, December 6th 2022 - 08:17 UTC
US gasoline prices at the pump could fall under US$ 3 per gallon by Christmas

United States gasoline prices have declined on average 16 cents to US$ 3,403 a gallon, while gas prices have declined 43 cents over the past 30 days, and are US$ 1.01 cents higher than a year ago.
Thursday, October 6th 2022 - 09:38 UTC
OPEC+ puts pressure on western countries with strict output cut

The price of gas at pumps for drivers worldwide might soon go up once again after OPEC+ countries at a meeting in Vienna agreed on to deepest production cut since the Covid-19 pandemic.