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UAE quits OPEC from May 1 in major shake-up for global oil market
UAE quits OPEC from May 1 in major shake-up for global oil market
WEDNESDAY, APRIL 29, 2026
Abu Dhabi says it will leave OPEC and OPEC+ on May 1 after a strategic review, as the Iran war keeps Hormuz flows tight and markets volatile.How geopolitical shocks are rippling through OPEC and the global markets
How geopolitical shocks are rippling through OPEC and the global markets
THURSDAY, SEPTEMBER 25, 2025
Discover how the global economy is tied to oil and how oil is affected by policy and geopolitics.Opec's surprise output cut decision made with caution, says analyst
Opec's surprise output cut decision made with caution, says analyst
MONDAY, APRIL 03, 2023
The surprise decision by Saudi Arabia and other Opec+ producers to cut crude oil output from May was made with caution, a clear sign that the group won’t be deterred by West interference, an oil markets analyst told Reuters on Monday.Biden warns S Arabia of ‘consequences’ after Opec+ move to cut production
Biden warns S Arabia of ‘consequences’ after Opec+ move to cut production
WEDNESDAY, OCTOBER 12, 2022
US President Joe Biden promised Saudi Arabia on Tuesday that “there will be consequences” after the Middle East nation with Opec Plus agreed to go in for a large oil production cut despite pleas by the United States against doing so.US reviews Saudi ties after Opec+ announces huge slash in oil production
US reviews Saudi ties after Opec+ announces huge slash in oil production
FRIDAY, OCTOBER 07, 2022
The United States is reviewing several options regarding its relationship with Saudi Arabia after Riyadh and other Opec+ nations agreed this week to large cuts in oil production, US Secretary of State Antony Blinken said on Thursday.UAE president, in first address, stresses support for energy security
UAE president, in first address, stresses support for energy security
THURSDAY, JULY 14, 2022
The president of the United Arab Emirates, Sheik Mohammed bin Zayed al-Nahyan, said on Wednesday the Gulf Opec producer would continue to support global energy security as a main driver of global economic growth.Opec chief Barkindo says oil and gas industry under siege
Opec chief Barkindo says oil and gas industry under siege
WEDNESDAY, JULY 06, 2022
The oil and gas industry is "under siege" due to years of under-investment, the Opec Secretary-General Mohammad Barkindo said on Tuesday, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow.Macron tells Biden that UEA, Saudi can barely raise oil output
Macron tells Biden that UEA, Saudi can barely raise oil output
TUESDAY, JUNE 28, 2022
French President Emmanuel Macron said on Monday the Crown Prince of the United Arab Emirates, Sheikh Mohammed bin Zayed (MbZ), told him two top Opec oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production.U.S. oil soars to highest since 2011 amid OPEC+ decision, Ukraine conflict
U.S. oil soars to highest since 2011 amid OPEC+ decision, Ukraine conflict
THURSDAY, MARCH 03, 2022
The WTI for April delivery added 7 percent to settle at 110.60 dollars a barrel, the highest finish since 2011.
Brent crude for May delivery increased 7.6 percent to close at 112.93 dollars a barrel, the highest level since 2014.Oil prices could go south in coming months with possible spike in mid-2022
Oil prices could go south in coming months with possible spike in mid-2022
THURSDAY, DECEMBER 23, 2021
Analysts expected supply to catch up and even exceed demand growth in 2022, highlighted by an increase in exports of liquefied natural gas (LNG), higher output of shale oil, natural gas and natural gas liquid in the United States and the return of investment in non-OPEC production.