Tag: OPEC

OPEC+ raised oil production quotas by 188,000 barrels per day for June, in a move analysts say was designed to project stability after the sudden withdrawal of the United Arab Emirates (UAE).

The United Arab Emirates (UAE) has announced plans to leave the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance effective May 1, 2026, citing changing global oil demand.  

OPEC+ is set to raise its oil production quota by 206,000 barrels per day (bpd) in May 2026, according to sources who spoke to Reuters.

Brent Crude Drops to $101 Amid US Withdrawal from Iran Oil prices slumped on Wednesday amid reports that the United States would be “out of Iran pretty quickly” and could return for “spot hits” if needed. President Donald Trump told Reuters on Wednesday about the planned...

OPEC+ has agreed to raise oil output by 547,000 barrels per day in September 2026, as escalating conflict in the Gulf threatens to push crude prices higher.

OPEC: Nigeria’s Crude Output shortfall Triggers N1.76tn Revenue Loss Nigeria’s oil sector lost an estimated N1.76tn in potential crude oil revenue due to its failure to meet the production quota set by the Organisation of the Petroleum Exporting Countries from January 2025 to January 2026. Data...