opec
38 stories related to this topic, newest first.
UAE's ADNOC to Invest $55 Billion in Oil Projects After OPEC Exit in 2026
The Abu Dhabi National Oil Company announced plans to award up to $55 billion in upstream and downstream projects over the next two years, days after the United Arab Emirates left OPEC on May 1, 2026. The move aligns with efforts to boost crude oil production capacity to 5 millio…
japantimes.co.jpUAE Leaves OPEC; Iran Fires Missiles Days Later
The United Arab Emirates withdrew from OPEC on May 1 to pursue national interests, prompting ADNOC to accelerate $55 billion in investments. Three days later, Iran launched 19 weapons at the UAE, which intercepted them all. The move highlights tensions with Saudi Arabia and shift…
Baltic Development Forum from Denmark / Wikimedia (CC BY 2.0)UAE Energy Official Says Exit from OPEC and OPEC+ Is Sovereign Repositioning Not Directed at Anyone
A top UAE energy official stated that the country's decision to leave OPEC and OPEC+ is a sovereign move to reposition in the global energy landscape. The exit is not aimed against any party. Details on post-departure actions were mentioned but not elaborated in available reports…
Jashuah / Wikimedia (CC BY-SA 3.0)Oil Prices Fall Amid Volatility Following U.S. Plan to Extract Ships from Closed Strait of Hormuz
Oil prices declined on Monday following U.S. President Donald Trump's announcement of a plan to free stranded cargo ships in the closed Strait of Hormuz. A tanker was hit by projectiles near Fujairah in the UAE, highlighting regional risks. OPEC+ agreed to a modest output increas…
680news.comU.S. Gas Prices Rise 50% to $4.45 per Gallon
U.S. regular gas prices have climbed to an average of $4.45 per gallon, marking a 49.3% increase since the Iran war started on February 28. Prices rose 35 cents in the past week amid the ongoing closure of the Strait of Hormuz. Efforts to mitigate the spike include releases from…
azernews.azOPEC+ Group of Seven Agrees to 188,000 Barrels Per Day Oil Increase for June Amid UAE Departure
OPEC+ announced an increase in oil production by 188,000 barrels per day for June in its first meeting without the United Arab Emirates. The group, now consisting of seven major producers, adjusted output amid ongoing disruptions from the Iran war. The UAE, the cartel's third-lar…
Ministry of Petroleum and Natural Gas / Wikimedia (GODL-India)Adnoc Awards $55 Billion in Projects as Part of Growth Plan Following UAE's OPEC Exit
Adnoc has revealed plans to speed up its growth strategy, including 200 billion dirham in project awards across upstream and downstream operations. This move comes shortly after the country's departure from OPEC on May 1. The awards total $55 billion.
Dietmar Rabich / Wikimedia (CC BY-SA 4.0)OPEC+ Countries Agree to Boost Oil Output by 188,000 Barrels Per Day in June
Seven OPEC+ nations, including Saudi Arabia and Russia, decided to implement a production increase from prior voluntary cuts amid ongoing market reviews. The adjustment aims to support stability while allowing flexibility based on conditions. The move follows a virtual meeting on…
Our World in Data / Wikimedia (CC BY 4.0)OPEC+ Members Meet on Oil Production Quotas After UAE Exit
Seven OPEC+ members are set to meet on Sunday for their first decision on oil-production quotas since the United Arab Emirates left the cartel. The UAE's departure, as a longtime member, has contributed to soaring oil price pressures amid the Mideast war. Talks this weekend aim t…
247wallst.comOPEC+ Raises June Oil Quotas by 188,000 Barrels Per Day After UAE Exit
OPEC+ raised oil production quotas for June by 188,000 barrels per day during an online meeting, involving seven key members but excluding the United Arab Emirates after its recent exit. The decision comes against a backdrop of output shortfalls and disruptions from the Mideast w…
Jan Lievens / Wikimedia (Public domain)OPEC+ Raises June Oil Quotas by 188,000 Barrels per Day; UAE Exits Group
Seven OPEC+ members have reached an agreement in principle to increase oil output quotas for June by about 188,000 barrels per day, ahead of their Sunday meeting. The decision follows the United Arab Emirates' recent withdrawal from the group. Analysts note the move aligns with p…
Dietmar Rabich / Wikimedia (CC BY-SA 4.0)Seven OPEC+ Countries Agree in Principle to Raise June Oil Output by 188,000 Barrels Per Day
Seven OPEC+ countries have reached an agreement in principle to increase their oil production quotas for June by approximately 188,000 barrels per day. The decision comes amid ongoing discussions within the group on output levels. Two sources confirmed the development.
thehindu.comSeven OPEC+ Nations Agree in Principle to Raise June Oil Output by 188,000 BPD
Seven OPEC+ countries have reached an agreement in principle to increase oil production quotas for June by approximately 188,000 barrels per day. The decision comes amid ongoing discussions within the group on output levels. Multiple sources confirmed the details of the prelimina…
Dietmar Rabich / Wikimedia (CC BY-SA 4.0)OPEC+ Group of Seven Agrees to June Oil Output Increase of 188,000 Barrels Per Day
OPEC+ agreed to increase oil production targets by 188,000 barrels per day for June in its first meeting without the United Arab Emirates, which departed the group last week. The decision comes amid the ongoing U.S.-Israel war on Iran, which has closed the Strait of Hormuz since…
Evnt007 / Wikimedia (CC BY-SA 4.0)UAE Leaves OPEC
The United Arab Emirates has withdrawn from OPEC after 60 years, dealing a blow to the oil cartel's influence amid a global energy crisis. Oil prices reached their highest level in four years as US-Iran negotiations stalled, with warnings of prolonged blockades. Experts anticipat…
france24.comUAE Considers Freezing Arab League Membership and Leaving OIC After OPEC Exit
The United Arab Emirates is considering freezing its membership in the Arab League and potentially leaving the Organization of Islamic Cooperation. This development comes two days after the UAE's departure from OPEC. The move follows an incident where a member of these organizati…
insurancejournal.comOil Prices Rise After Strait of Hormuz Threats Disrupt Shipping
Oil prices climbed sharply on Thursday, with Brent crude exceeding $113 per barrel, driven by ongoing disruptions in the Middle East supply flows through the Strait of Hormuz. The rally follows failed diplomatic efforts and tightening inventories, as the U.S. maintains a blockade…
Photo by David J. Stang / Wikimedia (CC BY-SA 4.0)UAE Announces Withdrawal from OPEC Effective May 1
The United Arab Emirates has decided to leave the OPEC oil cartel after nearly 60 years, citing its long-term strategic and economic vision. President Donald Trump praised the decision, stating it could help lower energy prices amid regional tensions. The exit is seen as a blow t…
SemaforUAE Withdraws from OPEC Effective May 1
The United Arab Emirates has announced its formal exit from OPEC starting May 1, 2026, aiming to pursue independent oil production strategies. The move highlights ongoing tensions with Saudi Arabia over quotas and reflects broader shifts in global energy markets driven by U.S. sh…
SemaforUAE Leaves OPEC, Citing Need for Greater Production Flexibility
The United Arab Emirates has left OPEC, effective May 1, 2026, after announcing the decision on April 30. The move allows the UAE to set its own production limits, amid tensions over unrecognized capacity growth. Analysts say this weakens the cartel's influence on global oil pric…
thehindu.comOil Prices Rise After U.S. Extends Middle East Blockade
Oil prices rose sharply following reports of an extended U.S. blockade of Iranian ports and rejection of an Iranian proposal on the Strait of Hormuz. Brent crude topped $115 per barrel, with gains exceeding 5%. The developments coincide with a Middle Eastern country's decision to…
Member of the Expedition 22 crew. / Wikimedia (Public domain)United Arab Emirates Exits OPEC
The United Arab Emirates has left OPEC, marking a significant departure from the oil cartel. This move is seen as redrawing the power balance in the Middle East, extending beyond oil to broader competing visions. Separately, Eric Trump highlighted Middle East energy use for Bitco…
247wallst.comUAE Exits OPEC After Nearly 60 Years
The United Arab Emirates has left the OPEC oil cartel effective May 1, marking a significant shift after nearly 60 years of membership. The departure comes amid a closure of the Strait of Hormuz and ongoing regional tensions, potentially weakening OPEC's influence on global oil p…
azernews.azUAE Withdraws from OPEC After 60 Years
The United Arab Emirates has announced its departure from OPEC, effective May 1, ending a 59-year membership in the oil cartel. The move comes amid tensions over production quotas and could influence global oil prices and markets. Officials stated the country is reviewing other m…
Responsible StatecraftUAE Leaves OPEC to Boost Oil Production
The United Arab Emirates has announced its formal withdrawal from OPEC effective May 1, citing a desire to increase oil output beyond cartel constraints. The move highlights growing tensions with Saudi Arabia and aligns with U.S. interests in lower oil prices during the Iran war.…
NASA / Wikimedia (Public domain)Oil Prices Rise Amid Ongoing Conflict and Strait of Hormuz Closure
The conflict between the United States, Israel, and Iran has led to the closure of the Strait of Hormuz, causing oil prices to increase significantly. The United Arab Emirates announced its departure from OPEC and OPEC+ effective May 1. Economic forecasts indicate potential impac…
RamaGaspar / Wikimedia (CC BY-SA 4.0)UAE Exits OPEC
The United Arab Emirates announced its departure from OPEC effective May 1, a move that could help reduce gasoline prices. In the US, retail gasoline prices have reached new highs despite record oil production, prompting concerns over inflation. Related fuel surcharges for air tr…
WiredIran Talks Stall, Trump Rejects Proposal, UAE to Leave OPEC
President Donald Trump rejected Iran's proposal to end the Strait of Hormuz blockade in exchange for lifting U.S. restrictions on its ports, leaving peace talks in limbo. The United Arab Emirates announced its departure from OPEC effective May 1, amid rising gas prices. Separatel…
Presidential Communications Office / Wikimedia (Public domain)UAE to Exit OPEC Effective Friday, Citing National Interests
The United Arab Emirates announced its withdrawal from OPEC, effective Friday, to pursue unrestricted oil production growth. The move weakens the cartel's market influence, particularly on spare capacity, during ongoing disruptions from the Iran war and closed Strait of Hormuz. E…
GB NewsUAE Leaves OPEC to Increase Oil Production
The United Arab Emirates has withdrawn from OPEC after nearly 60 years, aiming to increase its oil output without quota constraints. The move comes amid elevated crude prices above $110 per barrel due to the ongoing U.S.-Iran war and the blockade of the Strait of Hormuz. Experts…
yahoo.comTrump Approval Rating at 34%; Iran Conflict, Economic Issues Persist
U.S. President Donald Trump's approval rating has fallen to 34%, the lowest in his second term, according to a Reuters/Ipsos poll. The decline occurs amid the ongoing conflict with Iran and economic uncertainty. Separately, U.S. intelligence agencies are assessing potential Irani…
NBC NewsUAE to Exit OPEC and OPEC+ on May 1, 2026, Citing Strategic Energy Goals
The United Arab Emirates will withdraw from OPEC and the OPEC+ group on May 1, 2026, citing its strategic vision and energy investments. The move comes amid the U.S.-Israeli war with Iran, which has disrupted global oil supplies through the Strait of Hormuz. Brent crude traded ab…
Julian Herzog (Website) / Wikimedia (CC BY 4.0)United Arab Emirates Announces Exit from OPEC and OPEC+
The United Arab Emirates stated it is leaving OPEC and OPEC+. This announcement comes amid the ongoing war involving Iran, which has impacted energy markets. The move affects the oil exporting groups and Saudi Arabia.
Planet Labs, Inc. / Wikimedia (CC BY-SA 4.0)UAE Withdraws from OPEC, Plans Oil Production Expansion
The United Arab Emirates announced its formal withdrawal from OPEC on May 1, 2026, citing production quota constraints and geopolitical differences with Saudi Arabia. The move positions the UAE to increase oil output once regional conflicts subside. Experts note implications for…
yna.co.krUAE Withdraws from OPEC and OPEC+ on May 1
The United Arab Emirates has decided to leave OPEC and OPEC+ starting May 1 to gain flexibility in oil production. The energy minister described it as a policy change amid the ongoing Strait of Hormuz crisis. The move aims to boost output to 5 million barrels per day by 2027.
azernews.azUAE Exits OPEC on May 1
The United Arab Emirates announced its withdrawal from OPEC effective May 1, citing national interests and a desire to increase oil production. The move comes as oil prices surged above $110 per barrel due to the ongoing U.S.-Iran conflict and the closure of the Strait of Hormuz.…
theprint.inRussian Officials Address Potential OPEC+ Proposals on Shipping Route Closure
Russian officials stated that Russia continues its oil supplies amid declining oil volumes on the market. This response addresses possible proposals to OPEC+ regarding the closure of a key shipping route. No other initiatives are currently in place, according to the report.
The New YorkerUAE Leaves OPEC; Iran War Affects Global Economy, Politics
The United Arab Emirates announced its departure from OPEC effective May 1, ending a 59-year membership amid the ongoing U.S.-Iran war. The conflict has boosted U.S. agriculture profits while straining global economies, with political tensions rising between President Trump and E…