OPEC

Eight countries that are part of the OPEC+ oil cartel announced Sunday they will boost production of crude as US and Israeli forces launched a major attack on Iran and the country responded with retaliatory strikes against Israel and US military installations around the Gulf, disrupting oil shipments from the region. The Organisation of Petroleum Exporting Countries, in a Sunday meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Attacks throughout the region, including on two vessels travelling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, could restrict countries' ability to export oil to the rest of the world. That would will likely result in higher prices for crude oil and gasoline, according to energy experts. Roughly 15 ..

During the October 1973 Yom Kippur War, Arab OPEC members, led by Saudi Arabia, implemented an oil embargo against the US and other nations that supported Israel that led to oil rising 300 per cent.

Oil, gas and other shipments from the Middle East via the Strait of Hormuz have come to a halt since Saturday after shipowners received a warning from Iran saying the area was closed for navigation

OPEC+ is expected to extend its pause on oil production increases in March, even as geopolitical tensions and Iran-related risks push crude prices higher

Global inventories are expected to build by an average of 2.8 mbpd through the first half of the year, marking the largest surplus in recent memory

Despite multiple flashpoints during the year, oil prices struggled to sustain rallies, highlighting the market's growing sensitivity to excess supply

U.S. crude and fuel inventories rose last week, market sources said, citing American Petroleum Institute figures on Tuesday

Forecasts from major energy bodies suggest a trend toward inventory builds and moderated prices, contingent on geopolitical stability and production policies

The countries agreed the pause in output hikes for the first quarter at their last meeting held earlier this month

The meeting of OPEC+, which pumps half of the world's oil, comes during a fresh U.S. effort to broker a Russia-Ukraine peace deal, which could add to oil supply if sanctions on Russia are eased

India saved on crude purchases as global prices fell, even with similar import volumes. The crude bill dropped 13% YoY to $71.2 billion in April-October, helping reduce the overall import bill

Abu Dhabi hosts a major oil summit Monday, hours after the OPEC+ cartel and its allies said it would halt further production increases planned in the first quarter of 2026 over concerns of too much supply in the market. The OPEC+ decision comes as both the United States and the United Kingdom implemented new oil sanctions targeting Russia over its war on Ukraine. Those sanctions targets included Rosneft and the Russian oil company Lukoil, whose red-and-white logo hung over the annual Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital as a major sponsor of the event. The UAE has maintained close ties to Russia despite the war, but has served as a key interlocutor between Kyiv and Moscow to negotiate prisoner exchanges. On Sunday, OPEC+ met and decided to increase its production by an additional 1,37,000 barrels of oil beginning in December. However, it said other adjustments planned in January, February and March of next year would be paused due to ...

OPEC+ has agreed in principle on a 137,000 bpd increase, three OPEC+ sources said ahead of an online meeting scheduled for 1100 GMT on Sunday

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent in early trading, poised for a 5.6 per cent gain this month that would be the best in a year

OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day

OPEC+ will increase output by 137,000 bpd from October to regain market share, a move analysts say could push Brent crude below $65 and even $55 a barrel by year-end

Beginning April this year, Opec+ had been increasing production every month. The latest September production increase fully reversed the 2.2 million bpd voluntary cut

Key alliance members said they expect to approve adding about 137,000 barrels during a video call on Sunday, as the group led by Saudi Arabia and Russia begins unwinding next layer of halted supplies

Geopolitical developments are a primary driver of market uncertainty. The Trump-Putin talks could either ease concerns over US sanctions on Russian oil or escalate tensions if negotiations falter.

Oil prices hit five-week lows as markets await US sanctions decision on Russia. Tariffs on India, crude inventory draw, and Opec+ supply plans also influence Brent and WTI price movements