OPEC

On August 3, 2026, former U.S. President Donald Trump announced on Truth Social that he had canceled a planned military strike on Iran, opting instead for talks to reopen the Strait of Hormuz and end Iran’s nuclear threat. Oil prices fell sharply—Brent crude dropped up to 7.3% and WTI over 5%—as geopolitical risk premiums eased. The decision followed a 20% surge in July due to U.S.-Iran hostilities and tanker attacks. OPEC+ approved a modest production increase, but analysts warn of potential renewed escalation.

31 reports · 7 sources · Updated Aug 16, 10:49 PM UTC

Yemen’s Houthi rebels escalated the Middle East conflict by threatening shipping companies and striking Saudi oil tankers in the Red Sea, forcing reroutes and pushing Brent crude above $98 per barrel. Saudi Aramco shipped record volumes from Yanbu port to preempt disruptions. Two tankers reversed course to avoid Houthi drones and missiles. The attacks, linked to the Israel-Hamas war, threaten global energy supply through the Bab el-Mandeb Strait, with oil prices rising nearly 20% in two weeks.

30 reports · 9 sources · Updated Jul 31, 06:59 PM UTC

Global oil prices surged past $105 per barrel after US President Donald Trump rejected Iran’s peace proposal, labeling it unacceptable. The diplomatic breakdown has intensified fears of prolonged conflict and supply disruptions, particularly with the Strait of Hormuz largely closed. Saudi Aramco reported significant weekly oil losses due to the blockade. While equity markets remained mixed, energy volatility heightened concerns over global economic stability. The situation underscores the fragility of Middle East security, with analysts warning of further price hikes if the ceasefire completely collapses and shipping routes remain obstructed.

346 reports · 45 sources · Updated Jul 29, 07:05 PM UTC

Abu Dhabi National Oil Company (ADNOC) has issued its seventh crude tender since June, offering millions of barrels for loading between August and October from UAE ports inside and outside the Persian Gulf, including Zirku, Das Island, and Fujairah, as well as via ship-to-ship transfers offshore Fujairah or Malaysia. This comes despite renewed threats to supply from the Strait of Hormuz and new shipping risks in the Red Sea from Iran-aligned Houthis. ADNOC has sold over 74 million barrels in previous tenders since June, using shuttle services and dark-mode tankers to bypass the Strait of Hormuz blockade. The UAE's crude production surged to a record 4.1 million barrels per day in June after leaving OPEC effective May 1, up from 3.3 million bpd in May. ADNOC will automatically reject discounted bids in the current tender.

1 reports · 1 sources · Updated Jul 24, 02:30 PM UTC

Abu Dhabi National Oil Company (ADNOC) has issued its seventh crude oil tender since early June, offering millions of barrels for loading between August and October from UAE ports including Zirku, Das Island, and Fujairah, as well as via ship-to-ship transfers offshore Fujairah or Malaysia. The tender proceeds despite renewed threats to supply from the Strait of Hormuz and new shipping risks in the Red Sea from Iran-aligned Houthis in Yemen. ADNOC has sold over 74 million barrels in previous tenders since June, utilizing shuttle services and dark-mode tanker operations to bypass the Strait of Hormuz blockade. The UAE's crude production surged to a record 4.1 million barrels per day in June after leaving OPEC effective May 1, up from 3.3 million bpd in May. ADNOC will automatically reject discounted bids in this tender.

1 reports · 1 sources · Updated Jul 24, 02:30 PM UTC

OPEC+ is expected to approve another 188,000 barrels per day production target increase for September when eight key producers meet on August 2, continuing a months-long campaign to unwind voluntary supply cuts. However, actual production has been declining due to disruptions: the Iran war affected Gulf exports, Houthi attacks on Red Sea shipping threaten Saudi Arabia's alternative export route, Iraq faces export bottlenecks, Kazakhstan cut production after drone attacks on a Black Sea terminal, and Russia deals with refinery disruptions from Ukrainian drone strikes. Brent crude topped $100/barrel amid these concerns. The increase would complete the rollback of the 1.65 million bpd voluntary cut adopted in 2023, with seven producers restoring roughly 1.15 million bpd of quotas since April. Higher quotas signal OPEC+ intends to replace lost barrels when export routes allow.

1 reports · 1 sources · Updated Jul 23, 10:00 PM UTC

The United States signed an agreement with Saudi Arabia on July 22, 2026, to develop a civilian nuclear program in the kingdom. The deal requires review by Congress under the Atomic Energy Act. Saudi Arabia currently produces virtually all of its domestic energy from fossil fuels, with nearly 60% of electricity from natural gas and 40% from oil, and is the largest oil producer in OPEC. The agreement comes amid ongoing U.S. military strikes on Iran aimed at forcing Tehran to renounce its nuclear ambitions. This is a developing story.

1 reports · 1 sources · Updated Jul 22, 08:44 PM UTC

This analysis from Trefis examines Qualcomm (QCOM) stock performance during historical market shocks, highlighting that the stock tends to fall harder than the broader market. Over 15 major shocks, Qualcomm's average peak-to-trough drop was about 24% versus 16% for the S&P 500, with worst-case plunges of 41% (2014-2016 and 2022). Recovery times vary, with a median of 7 months but a slowest recovery of 46 months after the 2014-2016 commodity downturn. The article notes Qualcomm's strong long-term prospects in AI, automotive, and IoT, but warns investors about the stock's severe drawdown risk during panics. It lists 15 historical shocks from the 2007 credit crunch to the 2025 US tariff shock, providing context for each event.

1 reports · 1 sources · Updated Jul 22, 01:17 PM UTC

Norway's crude oil production exceeded official forecasts in June, averaging 1.827 million barrels per day as offshore fields returned from seasonal maintenance. This marks a sharp increase from 1.677 million bpd in June last year. Total liquids production, including natural gas liquids and condensate, reached 2.022 million bpd, up from 1.909 million bpd in May. Natural gas sales also recovered to 10.0 billion standard cubic meters. The production rebound comes as global markets remain focused on disruptions to Middle Eastern exports, with tanker traffic through the Strait of Hormuz staying near crisis lows. Norway's stable output provides a crucial source of energy security for Europe, especially amid reduced Russian pipeline gas deliveries and ongoing geopolitical uncertainty in the Persian Gulf. While Norway accounts for only about 2% of global crude output, its reliability as a non-OPEC producer is disproportionately important to European markets.

1 reports · 1 sources · Updated Jul 21, 08:00 PM UTC

Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced a target to increase crude oil production to 3 million barrels per day (bpd) by 2030, nearly doubling current output and reaching a historic high. NUPRC Chief Executive Oritsemeyiwa Eyesan expressed confidence in the goal, citing regulatory reforms under President Bola Tinubu, including faster permitting, tax incentives, and streamlined crude sales approvals, which are attracting investment. Recent production has recovered, averaging 1.56 million bpd in June 2024, the highest since April 2020, and exceeding OPEC+ quotas for two consecutive months. Improved security, fewer pipeline disruptions, and new upstream investments, such as ExxonMobil's planned 40,000-bpd oilfield drilling starting in August and Renaissance Africa Energy's new discovery, support the outlook. Nigerian-owned producers now account for about 60% of national output. However, analysts warn that restoring mature fields alone is insufficient; sustained growth requires developing new discoveries, maintaining investment, and reducing crude theft.

1 reports · 1 sources · Updated Jul 20, 05:00 PM UTC

Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced a target to increase crude oil production to 3 million barrels per day (bpd) by 2030, nearly doubling current output. The goal is supported by regulatory reforms including faster permitting, tax incentives under President Bola Tinubu, and improved security. Average crude output reached 1.56 million bpd in June 2026, the highest since April 2020, and Nigeria has exceeded its OPEC+ quota for two consecutive months. New investments, such as ExxonMobil's planned 40,000 bpd oilfield and a discovery by Renaissance Africa Energy, are boosting momentum. However, analysts warn that restoring mature fields alone is insufficient and that sustained growth requires developing new discoveries, maintaining investment, and reducing crude theft.

1 reports · 1 sources · Updated Jul 20, 05:00 PM UTC

As of 5:45 a.m. Eastern Time on July 20, 2026, the price of Brent crude oil was $88.22 per barrel, down $2.78 from the previous day but up approximately $18.39 over the past year. The article from Fortune explains that oil prices are driven primarily by supply and demand, with significant influence from geopolitical events, economic downturns, and wars. It details how crude oil prices translate to gasoline pump prices, noting that crude accounts for more than half the cost per gallon, and that gas prices tend to rise quickly but fall slowly ('rockets and feathers'). The piece also covers the role of the U.S. Strategic Petroleum Reserve in emergency energy security and price stabilization, the linkage between oil and natural gas prices, and the historical performance of oil using Brent and West Texas Intermediate (WTI) benchmarks. Key historical events highlighted include the 1970s oil shock, the 2008 financial crisis spike and crash, and the 2020 COVID-19 demand collapse.

1 reports · 1 sources · Updated Jul 20, 09:46 AM UTC

As of July 20, 2026, the price of Brent crude oil stands at $88.22 per barrel, down $2.78 from the previous day but up approximately $18.39 over the past year. The article explains how oil prices are determined by supply and demand, geopolitical factors, and OPEC+ decisions. It details how crude oil prices translate to gas pump prices, noting that crude accounts for more than half the price per gallon. The piece also covers the role of the U.S. Strategic Petroleum Reserve in emergencies, the link between oil and natural gas prices, and the historical performance of oil benchmarks (Brent and WTI). Historical examples include the 1970s oil shock, 2008 price spike and crash, and the 2020 COVID lockdown collapse. The article notes that the Trump administration in 2025 reopened over 1.5 million acres in the Arctic National Wildlife Refuge for oil and gas leasing.

1 reports · 1 sources · Updated Jul 20, 09:46 AM UTC

The article analyzes a significant shift in oil market psychology, where crude prices are increasingly driven by geopolitical risk rather than actual supply disruptions. It highlights that crude oil posted its biggest weekly gain in months due to renewed US-Iran hostilities and threats to the Red Sea shipping corridor, even though no meaningful supply outage had occurred. The author argues that investors are now assigning a higher value to energy security and supply reliability, suggesting that the geopolitical risk premium may become a structural component of crude oil pricing again after a decade of abundance-driven markets. The piece emphasizes that the market's reaction to the possibility of supply route disruptions—particularly through the Red Sea and Strait of Hormuz—marks a return to conflict-sensitive pricing.

1 reports · 1 sources · Updated Jul 17, 08:30 PM UTC

Iraq and Syria signed an agreement on Friday to rebuild an oil pipeline from Kirkuk in northern Iraq to Syria's Mediterranean coast, providing an alternative export route to the Strait of Hormuz. The deal was signed at a Chamber of Commerce summit in Washington D.C., with U.S. Energy Secretary Chris Wright presiding. The pipeline, which has a capacity of 700,000 barrels per day, has been closed since damage during the 2003 U.S. invasion of Iraq. Iraq, the second largest OPEC oil producer, has seen production drop over 50% to about 1.9 million barrels per day in June due to disruption in the Strait of Hormuz during the U.S.-Iran war. Iraqi Prime Minister Ali al-Zaidi, currently visiting the U.S., met with President Donald Trump on Tuesday. Analysts caution that while pipelines hedge against geopolitical risk, Iran could still attack loading facilities and terminals.

1 reports · 1 sources · Updated Jul 17, 06:47 PM UTC

As of July 17, 2026, oil is priced at $86.09 per barrel (Brent benchmark), up $1.45 from the previous day and about $16 higher than a year ago. The article explains that oil prices are driven by supply and demand, with factors such as recession fears, wars, and geopolitical disruptions causing rapid shifts. It details how crude oil prices translate to gas pump prices, noting the 'rockets and feathers' phenomenon. The role of the U.S. Strategic Petroleum Reserve in providing temporary relief during supply shocks is discussed. The piece also covers the link between oil and natural gas prices, historical oil performance using Brent and WTI benchmarks, and recent energy developments including Iran threatening to stop Mideast energy exports and tensions in the Strait of Hormuz. The article concludes with frequently asked questions about how oil prices are determined, mentioning OPEC+ decisions and U.S. drilling policies.

1 reports · 1 sources · Updated Jul 17, 09:50 AM UTC

In June 2026, the United Arab Emirates achieved a record crude oil output of 4.1 million barrels per day, nearly double its March level, following its exit from OPEC on May 1. Despite a blockade of the Strait of Hormuz, the UAE exported significant volumes using dark-mode tankers and ports at Fujairah and Oman’s Sohar. State oil company ADNOC is accelerating the West-East 1 Pipeline (expected 2027) and plans up to $55 billion in projects, signaling a major independent expansion.

5 reports · 2 sources · Updated Jul 13, 05:00 PM UTC

This analytical article argues that the United Arab Emirates' departure from OPEC was not a voluntary exit but a result of being 'bought out' by the United States through dollar swap lines. The author contends that the closure of the Strait of Hormuz severely impacted UAE finances, creating a dependency on US liquidity and military security. These swap lines are described as a strategic tool for the US to prevent Gulf states from selling US Treasury bonds and to discourage the use of the Chinese Yuan for oil settlements. The piece characterizes this dynamic as a loss of sovereignty for the UAE, turning it into a 'debt slave.' Furthermore, the article connects these geopolitical shifts to domestic US policy, highlighting the implementation of automatic registration for the military draft for men aged 18-25. The author interprets these developments as evidence of an 'Age of Consequences,' where currency weaponization and inevitable conflict drive investment strategies, specifically recommending precious metals as a hedge against emerging multi-currency blocs and global instability.

1 reports · 1 sources

This Op-Ed by Juan Cole analyzes a hypothetical global energy crisis triggered by an illegal war on Iran launched by Israel and the US in February 2026. In response, Iran blockaded the Strait of Hormuz, removing 11-13% of global petroleum supply and causing severe fuel shortages and price spikes worldwide. The crisis disproportionately affects Asia and Europe, with countries like the Philippines declaring national emergencies, South Korea facing economic cataclysm, and Bangladesh suffering refinery closures and power outages. Even the US and Europe face significant disruptions, with airlines cutting flights and consumers paying record prices. The author argues this event marks a watershed moment, akin to the 'twilight of petroleum,' forcing a rapid but painful shift away from fossil fuels. The article draws parallels to the 1970s oil crises but emphasizes the unique severity and potential long-term structural changes in the global economy, including stagflation. It highlights the geopolitical repercussions, such as diplomatic tensions between South Korea and Israel, and underscores the vulnerability of nations heavily reliant on Hormuz transit routes.

1 reports · 1 sources

The United Arab Emirates is accelerating the construction of a new oil pipeline to double its export capacity via Fujairah by 2027, bypassing the Strait of Hormuz. Directed by Crown Prince Sheikh Khaled, this strategic move responds to the strait’s closure amid regional conflict involving Iran, the US, and Israel. Coinciding with the UAE’s exit from OPEC, the project aims to reach 5 million barrels per day production, securing energy exports against geopolitical disruptions and stabilizing global supply chains affected by the ongoing Middle East war.

13 reports · 11 sources · Updated May 24, 04:50 PM UTC

Oil prices rose by $7 per barrel this week, driven by escalating tensions involving Iran and risks to the Strait of Hormuz, which overshadowed bearish demand forecasts from OPEC and the IEA. The anticipated summit between President Xi Jinping and President Trump in Beijing disappointed markets by failing to produce significant outcomes for commodity stability. Meanwhile, Iran declared it had no trust in the US, heightening fears of conflict. In response to regional instability, the UAE announced plans to double its export capacity via a new pipeline by 2027 to bypass the Strait of Hormuz. On the diplomatic front, China signaled interest in resuming US crude imports after a prolonged halt. Concurrently, the EU discussed implementing windfall taxes on energy firms, similar to the UK model. Corporate activity included Japan's Eneos acquiring Chevron's Southeast Asian refining assets for $2.17 billion. Additionally, Cuba faced an energy crisis with depleted diesel reserves. These developments highlight a complex interplay of geopolitical risk, supply chain adjustments, and shifting trade dynamics impacting the global energy sector.

1 reports · 1 sources

Oil prices experienced a significant surge of $7 per barrel during the week ending May 15, 2026, driven primarily by escalating geopolitical tensions rather than fundamental demand strength. Despite bearish outlooks from major energy agencies, with both OPEC and the International Energy Agency (IEA) reducing their 2026 demand forecasts, market sentiment shifted bullish due to external risks. Key factors fueling the rally include heightened tensions involving Iran and potential disruptions to shipping routes in the Strait of Hormuz. Additionally, the highly anticipated summit between Chinese President Xi Jinping and former U.S. President Donald Trump in Beijing failed to deliver substantive outcomes for commodity markets. The meeting was described as thin on relevant details, offering no short-term normalization prospects that could alleviate supply concerns. Consequently, geopolitical fears overshadowed the weak demand data, allowing oil bulls to regain control of the market narrative and push prices higher despite the underlying economic indicators suggesting a softer demand environment for the remainder of the year.

1 reports · 1 sources

Bank of America chief investment strategist Michael Hartnett advises that the U.S. stock market is poised for profit-taking in early June due to crowded equity positions and escalating inflation risks. Despite a strong rebound in global stocks from Iran war lows, with the S&P 500 and Nasdaq 100 rallying significantly since late March, Hartnett warns that rising price pressures in energy, transportation, and rents are creating headwinds. Recent data shows U.S. wholesale inflation hitting six percent and consumer prices at 3.8 percent, with projections suggesting CPI could exceed five percent by November's midterm elections. Historical data indicates that when inflation crosses four percent, risk assets typically decline. Additionally, key upcoming events such as the OPEC gathering, G7 summit, and the first Federal Reserve meeting under Kevin Warsh are expected to spur caution. With 10-year Treasury yields surpassing 4.5 percent, Hartnett suggests that bull capitulation into tech and stocks is complete, making it an opportune time for investors to reduce exposure.

1 reports · 1 sources

Venezuelan oil production has surpassed 1 million barrels per day (bpd) for the first time in over seven years, reaching 1.031 million bpd in April according to OPEC secondary sources. This recovery occurs under a new geopolitical framework following hypothetical US military intervention in January 2026, which resulted in US Treasury control over Venezuelan energy revenues. The Trump administration has issued licenses allowing Western corporations, including BP, Chevron, Eni, Repsol, and Shell, to re-enter the sector amid pro-business legislative reforms that reduced royalties and taxes. While state-owned PDVSA reports higher figures, discrepancies exist regarding the inclusion of natural gas liquids. Oil exports have risen to 1.23 million bpd, with increased shipments to US refineries and Indian partner Reliance, while cargoes destined for China and Cuba were intercepted by US naval forces. Major firms like ExxonMobil and ConocoPhillips are evaluating potential returns, seeking to resolve outstanding arbitration awards. The article highlights a significant shift in Venezuela's energy landscape, characterized by renewed Western corporate presence and strict US oversight of financial proceeds.

1 reports · 1 sources

As of May 15, 2026, Brent crude oil prices reached $111.04 per barrel, marking a $3.22 increase from the previous day and a significant $46 rise compared to the same period last year. This surge highlights the volatility inherent in global energy markets, driven primarily by supply and demand dynamics influenced by geopolitical tensions, economic conditions, and policy decisions. The article explains that while crude oil costs significantly impact gasoline prices at the pump, other factors such as refining, transportation, taxes, and retail markups also play crucial roles. It notes the 'rockets and feathers' phenomenon, where gas prices rise quickly with oil but fall slowly when oil prices drop. Additionally, the piece discusses the role of the U.S. Strategic Petroleum Reserve in mitigating supply shocks and the interconnectedness of oil and natural gas markets. Historical context is provided, referencing past spikes and crashes due to wars, recessions, and OPEC decisions. The report also touches on recent U.S. political influences on drilling policies, specifically mentioning the Trump administration's actions in 2025, underscoring the complex interplay between politics and energy economics.

1 reports · 1 sources

This Forbes analysis examines the implications of the United Arab Emirates' decision to exit OPEC and increase oil production. While some fear this move could dissolve the organization or trigger a price war, the author argues that OPEC has historically survived similar challenges. The UAE, a major producer with significant spare capacity, plans to add over 1 million barrels per day by 2027. This increase, combined with the expected restoration of Gulf production after the hypothetical Iran War and potential lifting of sanctions on Iran, is projected to create a substantial global oil surplus. Consequently, oil prices face significant downward pressure. The article suggests that political tensions between Saudi Arabia and the UAE make unilateral production cuts by Riyadh unlikely. Instead, market forces may compel the UAE to either rejoin OPEC or adhere to informal quotas within OPEC+ to stabilize prices, highlighting the enduring economic incentive for cooperation despite political fractures.

1 reports · 1 sources

The United Arab Emirates attempted to coordinate a joint military response with Saudi Arabia, Qatar, and other Gulf states against Iran following intense missile and drone attacks during a recent conflict. According to sources cited by Bloomberg, UAE President Sheikh Mohammed bin Zayed Al Nahyan urged neighbors to join retaliatory strikes to deter Tehran, arguing that the threat aligned with the GCC's founding principles. However, neighboring nations refused to participate, viewing the conflict as not their own, which reportedly strained relations between Abu Dhabi and Riyadh. While the US administration supported the UAE's proposal, Saudi Arabia ultimately pursued independent strikes and later facilitated mediation efforts involving Pakistan. Qatar also declined to engage militarily, opting instead for de-escalation roles after its energy infrastructure was targeted. The lack of regional support allegedly contributed to the UAE's withdrawal from OPEC+ and its strengthening ties with Israel. Despite operating without a coalition, the UAE conducted limited independent attacks against Iranian targets in March and April. The report highlights significant diplomatic fractures within the Gulf Cooperation Council amidst heightened regional tensions and direct Iranian aggression against Emirati infrastructure, including the key oil port of Fujairah.

1 reports · 1 sources

The United Arab Emirates has announced the fast-tracked completion of a second oil pipeline bypassing the Strait of Hormuz by 2027. Directed by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, this previously undisclosed project aims to secure crude exports amid an ongoing 11-week blockade of the vital waterway caused by regional conflict involving Iran. The new infrastructure is expected to double the UAE's export capacity via the existing Habshan-Fujairah pipeline, potentially reaching 3.6 million barrels per day. This strategic move allows the UAE to maintain and increase oil exports regardless of prolonged disruptions in the Strait or future Opec production quotas. The decision follows the UAE's recent departure from Opec, highlighting growing tensions with Saudi Arabia over production strategies. While Saudi Arabia utilizes pipelines to transport roughly 7 million barrels daily to the Red Sea, the UAE's expansion will significantly enhance its energy security and economic resilience against geopolitical threats in the Gulf region.

1 reports · 1 sources

The United Arab Emirates has announced an accelerated timeline for expanding its West East Pipeline, aiming to significantly boost crude oil export capacity independent of the Strait of Hormuz. Directed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed, the project is scheduled for operation by 2027. This strategic move responds to severe global energy market disruptions caused by escalating tensions among Iran, the United States, and Israel, which have effectively closed the vital maritime chokepoint. The expansion intends to double export capabilities through the port of Fujairah on the Gulf of Oman, complementing the existing Habshan-Fujairah pipeline. While Saudi Arabia also possesses alternative routing via the Red Sea, other Gulf producers remain vulnerable to Strait closures. The decision underscores the UAE's broader strategy to enhance energy security and regional influence, particularly after exiting OPEC to pursue aggressive production targets up to six million barrels per day. Despite security threats targeting Fujairah, the infrastructure remains central to maintaining export resilience amid regional instability and rising global energy prices.

1 reports · 1 sources

Tatneft, one of Russia's largest oil producers, has announced its expectation to increase oil production volumes in 2026. The statement was made by CEO Nail Maganov during the Russia - Islamic World: KazanForum in Kazan. Maganov emphasized that the company possesses the necessary capacity to raise output and is prepared to produce as much as permitted under current regulations. However, he noted that Russia's overall oil production remains constrained by agreements within the OPEC+ framework. The executive expressed hope that regulatory authorities would allow higher production quotas compared to the previous year. In 2025, Tatneft reported a total oil production of 27.8 million metric tons, representing a 1.9% year-on-year increase. The Republic of Tatarstan remains the company's main shareholder with a 34% stake in ordinary shares. This development highlights the ongoing dynamics between Russian energy firms and international production agreements, as well as the company's strategic positioning within the domestic market. The announcement underscores Tatneft's operational readiness to respond to potential changes in production limits imposed by global coalitions.

1 reports · 1 sources