Tag
Brent crude surged past $100 a barrel on Thursday after Houthi forces attacked two Saudi oil tankers in the Red Sea, adding pressure to an already disrupted Strait of Hormuz. Goldman Sachs now sees Brent potentially exceeding $120 in Q4 2026 if both chokepoints remain closed.
OPEC+ agreed to raise output targets by 188,000 barrels per day from August, pushing Brent crude down to $71.78 on Monday. Gulf exports are recovering but remain 40 percent below pre-war levels, with US-Iran diplomacy still the key price driver.
Opec+ agreed to raise output targets by 188,000 bpd from August, continuing a phased rollback of its 2023 supply cuts. Brent crude, already near $72 per barrel, faces further pressure as Strait of Hormuz traffic recovers and Chinese demand stays weak.
Global oil inventories are draining at an unusually fast pace, with the Iran conflict identified as a key factor. Thin stockpiles reduce the market's ability to absorb supply disruptions, raising the risk of sharp price spikes that could push up fuel, freight, and consumer costs worldwide.
OPEC+ said seven member producers will add 188,000 barrels per day to their June output quota, even as the Strait of Hormuz, a chokepoint for roughly 20% of global oil, remains closed. The increase is largely symbolic while the shipping route is blocked, keeping physical supply tight.
Opec+ agreed to raise June oil output targets by 188,000 barrels per day, its third consecutive monthly increase, but the Strait of Hormuz closure means the hike adds almost no real supply. Oil is already trading above $125 a barrel, with analysts warning of jet fuel shortages and an inflation spike within weeks.
OPEC+ is set to approve a third oil output increase since the Strait of Hormuz was disrupted, but the move is largely symbolic because the closure blocks Gulf members from actually exporting the extra crude. Oil prices have already surged, with analysts warning of jet fuel shortages and rising global inflation.
OPEC+ is set to approve another oil output quota increase even as the U.S.-Iran conflict keeps the Strait of Hormuz disrupted, sources say. The hike will have little real supply effect until Gulf export routes reopen, but could amplify a price drop if a ceasefire restores Hormuz access.
OPEC+ is close to agreeing another oil output increase, with the UAE excluded from this round, sources say. More supply from the group could push crude prices lower, affecting fuel costs and energy revenues globally.
The United Arab Emirates announced it is leaving OPEC after more than 50 years of membership. The exit removes a major Gulf producer from the cartel, weakening its ability to coordinate global oil supply and support prices. Markets will watch whether the UAE moves to raise output independently.
The UAE has announced its withdrawal from OPEC and the OPEC+ alliance, ending its participation in coordinated oil output management. The exit frees Abu Dhabi to produce above its previous quota, which could push more crude into global markets and pressure oil prices downward.
The UAE has announced it is withdrawing from OPEC and OPEC+, one of the most significant exits in the cartel's history given the country's large output. The move weakens OPEC's ability to coordinate production cuts and could put downward pressure on global oil prices. No further timeline or replacement framework has
The UAE has withdrawn from OPEC and OPEC+, citing insufficient support from Arab allies against Iranian attacks. The exit removes one of the group's largest producers, undermining OPEC+'s ability to manage global oil supply and prices. Markets will now watch whether the UAE pursues an independent output strategy.
The Middle East holds its position as the core of global oil supply but faces rising pressure from geopolitical friction, non-OPEC output growth, and buyer diversification. Concentrated spare capacity still gives OPEC+ producers pricing influence, though that leverage is eroding at the margin. Capital allocation in
Tag
Brent crude surged past $100 a barrel on Thursday after Houthi forces attacked two Saudi oil tankers in the Red Sea, adding pressure to an already disrupted Strait of Hormuz. Goldman Sachs now sees Brent potentially exceeding $120 in Q4 2026 if both chokepoints remain closed.
1mo ago · 4 min · Global Affairs
OPEC+ agreed to raise output targets by 188,000 barrels per day from August, pushing Brent crude down to $71.78 on Monday. Gulf exports are recovering but remain 40 percent below pre-war levels, with US-Iran diplomacy still the key price driver.
1mo ago · 3 min · Markets
Opec+ agreed to raise output targets by 188,000 bpd from August, continuing a phased rollback of its 2023 supply cuts. Brent crude, already near $72 per barrel, faces further pressure as Strait of Hormuz traffic recovers and Chinese demand stays weak.
1mo ago · 4 min · Global Affairs
Global oil inventories are draining at an unusually fast pace, with the Iran conflict identified as a key factor. Thin stockpiles reduce the market's ability to absorb supply disruptions, raising the risk of sharp price spikes that could push up fuel, freight, and consumer costs worldwide.
3mo ago · 2 min · Global Affairs
OPEC+ said seven member producers will add 188,000 barrels per day to their June output quota, even as the Strait of Hormuz, a chokepoint for roughly 20% of global oil, remains closed. The increase is largely symbolic while the shipping route is blocked, keeping physical supply tight.
3mo ago · 2 min · Global Affairs
Opec+ agreed to raise June oil output targets by 188,000 barrels per day, its third consecutive monthly increase, but the Strait of Hormuz closure means the hike adds almost no real supply. Oil is already trading above $125 a barrel, with analysts warning of jet fuel shortages and an inflation spike within weeks.
3mo ago · 3 min · Global Affairs
OPEC+ is set to approve a third oil output increase since the Strait of Hormuz was disrupted, but the move is largely symbolic because the closure blocks Gulf members from actually exporting the extra crude. Oil prices have already surged, with analysts warning of jet fuel shortages and rising global inflation.
3mo ago · 2 min · Global Affairs
OPEC+ is set to approve another oil output quota increase even as the U.S.-Iran conflict keeps the Strait of Hormuz disrupted, sources say. The hike will have little real supply effect until Gulf export routes reopen, but could amplify a price drop if a ceasefire restores Hormuz access.
3mo ago · 3 min · Global Affairs
OPEC+ is close to agreeing another oil output increase, with the UAE excluded from this round, sources say. More supply from the group could push crude prices lower, affecting fuel costs and energy revenues globally.
3mo ago · 1 min · Global Affairs
The United Arab Emirates announced it is leaving OPEC after more than 50 years of membership. The exit removes a major Gulf producer from the cartel, weakening its ability to coordinate global oil supply and support prices. Markets will watch whether the UAE moves to raise output independently.
4mo ago · 1 min · Global Affairs
The UAE has announced its withdrawal from OPEC and the OPEC+ alliance, ending its participation in coordinated oil output management. The exit frees Abu Dhabi to produce above its previous quota, which could push more crude into global markets and pressure oil prices downward.
4mo ago · 1 min · Global Affairs
The UAE has announced it is withdrawing from OPEC and OPEC+, one of the most significant exits in the cartel's history given the country's large output. The move weakens OPEC's ability to coordinate production cuts and could put downward pressure on global oil prices. No further timeline or replacement framework has
4mo ago · 1 min · Global Affairs
The UAE has withdrawn from OPEC and OPEC+, citing insufficient support from Arab allies against Iranian attacks. The exit removes one of the group's largest producers, undermining OPEC+'s ability to manage global oil supply and prices. Markets will now watch whether the UAE pursues an independent output strategy.
4mo ago · 1 min · Global Affairs
The Middle East holds its position as the core of global oil supply but faces rising pressure from geopolitical friction, non-OPEC output growth, and buyer diversification. Concentrated spare capacity still gives OPEC+ producers pricing influence, though that leverage is eroding at the margin. Capital allocation in
4mo ago · 1 min · Global Affairs
— End of feed —