OPEC news

The United Arab Emirates' withdrawal from OPEC, effective 1 May 2026, represents the most significant fracture in the organization's 66-year history and increases the risk of oversupply weakening prices, according to analysis published today by Wood Mackenzie.

Rystad Energy’s oil market update from Janiv Shah, Vice President, Oil Markets.

Oil price surge above US$115 signals escalation from logistics shock to supply disruption in energy markets, says GlobalData.

In the early hours of 28 February, the US and Israel launched direct and extensive military operations inside Iran, in what appears to be a campaign broader in scope and intensity than the previous 12-day confrontation. Intercontinental Exchange (ICE) Brent crude oil prompt-month prices are expected to rise by US$20/bbl when trade opens on 2 March.

The OPEC+ group, comprising eight countries, has agreed to augment its production.

The US Energy Information Administration (EIA) expects recent developments in global trade policy and oil production to contribute to lower global demand growth for petroleum products through 2026.

Markets respond to US ‘Liberation Day’ and recent OPEC+ meeting.

Rystad Energy’s oil market update: 25 November.

The North African nation has struggled with political instability since the ousting of Muammar Gaddafi in 2011.

In June, Russia promised to meet its OPEC+ oil production targets after pumping too much oil in May.