OPEC

OPEC+ approved a 188,000 bpd output hike for September, completing its planned 2023 supply revival while keeping options open after Middle East tensions ease

The seven core ​members of Opec+ - ​Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman - have ​been increasing monthly production quotas for most of this year

Brent crude falls below $72 a barrel, while US WTI slips to around $68.6 as recovering Strait of Hormuz exports ease supply concerns

The OPEC is already facing a challenge to its unity, after founding member Iraq last month suggested it could ultimately exit if denied a higher production limit

Seven core members of Opec+, which groups Opec and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day

Adnoc touted its plans on Sunday, saying it's planning to accelerate a growth push with 200 billion dirhams ($55 billion) in oil-project awards as part of an already-announced $150 billion program

UAE’s shock exit from Opec could reshape the global oil market. In this video, we explain what Opec does, why the UAE is leaving, and how this move could impact oil prices, India

Seven members to raise output targets by 188,000 bpd in June

Sensex Today | Stock Market Highlights, Wednesday: In the broader markets, the Nifty MidCap ended 0.07 per cent down, and the Nifty SmallCap settled 0.65 per cent higher

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