Global Oil Prices

UAE leaves Opec: History of the bloc and what Abu Dhabi's exit means

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

UAE to walk out of Opec, Opec+; India may gain from supply shifts

The UAE, with capacity of around 4.8 million barrels per day, has long been one of the most influential and compliant members of Opec+, and is currently the fourth-largest producer in the alliance

UAE to exit Opec, Opec+, reiterates commitment to stable global oil markets

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

Iran war-driven price surge wipes out global oil demand growth in 2026: IEA

Last month, the Paris-based IEA oversaw the release of a record 400 million barrels from emergency oil reserves by members including the US, Japan and Germany in an effort to tame spiralling costs

Oil drops ahead of US-Iran talks, posts biggest weekly fall since 2022

US West Texas Intermediate crude futures fell $1.30, or 1.3 per cent, to settle at $96.57 a barrel, with a weekly decline of 13.4 per cent, its largest since April 2020

Brent crude falls to $107 as US, allies look to secure Strait of Hormuz

Brent futures fell $1.24, or 1.1 per cent, to $107.41 a barrel as of 0148 GMT, while US West Texas Intermediate (WTI) crude fell $1.24, or 1.3 per cent, to $94.90

Explained: What is the Strait of Hormuz and why it is vital for oil trade

Tensions in West Asia have put the Strait of Hormuz in focus; here's what this narrow sea route is, why it is crucial for global oil and gas supplies and how any disruption can affect prices worldwide

Oil dips to one-week low as Opec+ output boost stokes oversupply fears

Brent crude futures fell 91 cents, or 1.3 per cent, to settle at $68.76 a barrel, while US West Texas Intermediate crude declined by $1.04, or 1.5 per cent, to close at $66.29 a barrel

Oil prices plunge further amid fears global trade war may cause recession

Oil plunged 7 per cent on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession

Trump revives 'Drill, baby, drill' slogan, fuels debate on US energy policy

The slogan 'Drill, baby, drill' was coined in 2008 by Michael Steele, a Republican politician and the first African-American lieutenant governor of Maryland

Little change in oil prices as markets weigh demand against US inventories

Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions

Oil little changed as demand weakness offsets sanctions-driven supply risks

Weak demand, particularly in top importer China, and non-Opec+ supply growth were two factors behind the move

Biden declines public negotiation on Israel's stance on Iranian oil sites

Biden earlier in the day contributed to a surge in global oil prices when he said Washington was discussing strikes on Iran's oil facilities

Oil prices rise almost 2% on fears over hurricane impact on US output

On Thursday the International Energy Agency (IEA) cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2 per cent, to 900,000 bpd, citing muted Chinese demand

Oil goes higher as halted Libyan exports levels expected Opec+ supply boost

News of increased production helped push oil prices lower last week but the scale of the sell-off was overdone, said Phil Flynn, an analyst at Price Futures Group

Asian stocks slide, gold rises as Middle East crisis sparks safety rush

Oil prices, however, hardly reacted to the news, as traders had largely priced in a retaliatory attack from Iran that would likely further disrupt supply chains

Rupee turns flat at 83.33 against US dollar amid high crude oil prices

The rupee turned flat at 83.33 against the US dollar in early trade on Thursday amid a strong American currency and higher crude oil prices. Forex traders said the positive equity markets and inflow of foreign funds resisted the fall in the Indian currency. At the interbank foreign exchange, the rupee opened at 83.32 and lost further to trade at the previous closing level of 83.33 against the greenback in initial deals. On Wednesday, the rupee declined 4 paise to close at 83.33 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07. Brent crude futures, the global oil benchmark, rose 0.53 per cent to USD 86.56 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 170.43 points, or 0.23 per cent, higher at 73,166.74 points. The broader NSE Nifty rose 53.45 points, or 0.24 per cent, to 22,177.10 points. Foreign institutional investors (FIIs) we

Oil prices rises $2 amid West Asia tensions, reduced Libyan output

Brent crude futures rose by $2, or 2.63%, to $78.12 a barrel at 1312 GMT, while U.S. West Texas Intermediate crude futures gained $2.09, or 2.95%, to $72.86 a barrel

Oil steadies on strong US dollar, darkening global macroeconomic outlook

Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand

Oil gains on demand growth from China, but European inflation remains high

China's seaborne imports of Russian oil are set to hit a record high this month as refiners take advantage of cheap prices