OPEC

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The long-term story as regards India -demographics, reforms, digitalization, and improving efficiency- remains intact, Powell said.

The UAE's move, which comes into effect from May 1, could have serious consequences on the global energy markets

The closure of Strait of Hormuz (SoH), analysts said, is the primary reason for this as oil supplies from this region remain curtailed.

Brent futures for June ended up $3.03 or 2.8 per cent at $111.26 a ​barrel, marking its seventh consecutive day of gains

In a statement on Tuesday, the UAE said the move, effective May 1, 2026, aligns with its broader economic and strategic priorities, including increased investments in domestic energy production

Brent futures are currently trading near $95/bbl after a 4.6 per cent correction, yet remain up 31 per cent since the start of the conflict, 56 per cent year-to-date

Global oil demand is projected to average 105.07 million bpd in the second quarter, OPEC's report said, down from the 105.57 million bpd forecast in last month's report

Other group members such as Russia are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine

Sunday's meeting would normally be expected to decide May output quotas

As the IEA prepares its biggest-ever oil reserve release in the wake of the Iran war, here's a look at the countries that produce crude and the role of blocs such as Opec and Brics

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