OPEC+ Meeting Tests Unity After UAE's Shock Exit from Cartel
OPEC+ holds its first ministerial meeting since the UAE’s surprise withdrawal, attempting to demonstrate unity amid the Strait of Hormuz crisis.
Oil
Ukraine Strikes Russian Oil Tankers and Baltic Sea Terminal in Escalation
President Zelensky announced Ukrainian drone strikes on three Russian oil tankers, a cruise-missile corvette, and a patrol boat, while also significantly damaging the Primorsk oil terminal on the Baltic Sea. Russian strikes killed 10 and injured 76 across Ukraine.
Big Oil CEOs Warn Global Energy Is Accelerating Toward 'Cliff's Edge'
Multiple international oil company CEOs warn at industry conference that the Hormuz Strait crisis and global supply chain tensions are pushing energy markets to a critical tipping point, with supply disruption risks rising sharply.
Oil market faces crunch point in one month as global stockpiles dwindle
Traders warn that as global stockpiles continue to fall despite consumption cuts, oil prices could surge significantly within a month, causing widespread economic pain.
Exxon, Chevron Beat Q1 Earnings Expectations as Iran Conflict Drives Oil Prices Higher
Driven by surging international oil prices amid the Iran conflict, ExxonMobil and Chevron both exceeded Wall Street profit expectations in Q1 2026, making the energy sector a market standout.
UAE Announces Exit from OPEC as US-Iran Negotiations Stall
The United Arab Emirates announces it will exit the Organization of the Petroleum Exporting Countries, sending shockwaves through global energy markets as US-Iran ceasefire talks remain stalled.
UAE Exit from OPEC: How It Could Reshape Global Oil Markets in Five Charts
The UAE’s plan to leave OPEC is being viewed as a major blow to the organisation, with one analyst calling it ’the beginning of the end of OPEC.’ We break down how OPEC influences oil prices and what the UAE’s departure could mean.
Trump Instructs Team to Prepare for Extended Hormuz Blockade as Iran Proposes Three-Stage Deal
Trump has reportedly instructed aides to prepare for a prolonged Hormuz Strait blockade, while Iran has proposed a three-stage plan to reopen the strait in exchange for lifting the US blockade.
UAE to Quit OPEC Oil Cartel, Ending Nearly 60 Years of Membership
The UAE will leave OPEC and OPEC+ next month, ending nearly 60 years of membership in what analysts describe as a major blow to the cartel.
UAE Announces Exit from OPEC; Analysts Call It 'the Beginning of the End'
The United Arab Emirates announces its withdrawal from the Organization of the Petroleum Exporting Countries, saying the move will help it meet growing global energy demand. Analysts describe it as the beginning of OPEC’s decline.