OPEC
- Middle East
Rift widens as Saudi Arabia scrutinises UAE bank transfers
Riyadh: Saudi Arabia has quietly subjected bank transfers bound for the United Arab Emirates (UAE) to the kind of enhanced scrutiny normally applied to high-risk countries, pointing to a deepening rift between the…
- Middle East
Some in OPEC to expand monthly oil production as prices slide
A handful of countries in the OPEC+ oil-producing alliance plan to increase their outputs modestly next month, which would bring more oil online after fuel prices have fallen to levels not seen…
- Middle East
Explained: Why the UAE is leaving OPEC after nearly 59 years
Abu Dhabi: The United Arab Emirates (UAE) will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance from Friday, May 1, ending almost 59 years of…
- World
UAE OPEC exit: Asian stocks gain, oil prices decline
Stocks mostly advanced in Asia on Wednesday despite losses on Wall Street, while oil prices fell after the United Arab Emirates said it would leave OPEC in a blow to the powerful…
- Middle East
UAE says it will leave OPEC effective May 1
Dubai: The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move rumoured for some time as the Emirates…
- World
OPEC+ nations to ramp up oil output in May amid global energy crisis
New Delhi: In their collective commitment to support oil market stability amid the West Asia crisis, the eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman…
- Middle East
What is Strait of Hormuz and why does its closure matter to global economy?
Kingston (Canada): The joint attack launched by the United States and Israel on Iran began on February 27 and has sparked a fast-moving conflict that could expand across the Middle East. Iran’s…
- Middle East
87 years ago today, Saudi Arabia struck oil
Exactly 87 years ago, Saudi Arabia witnessed a historic breakthrough when an American-owned oil well in Dhahran struck a massive petroleum reserve on March 3, 1938. The discovery marked the beginning of…
- World
OPEC+ members extend voluntary oil output cuts by one month
Vienna: Eight member countries of the OPEC+ oil-producing group have announced to further extend their voluntary output cuts by a month, pushing the reductions through the end of December in response to…
- Top Stories
OPEC+ members extend oil output cuts to Q2
Vienna: Several OPEC+ members have announced extensions of oil output cuts into the second quarter to support the “stability and balance of oil markets”. OPEC+ is an oil-producer group comprising member countries…
- World
Oil prices rise as OPEC plus cartel nears deal on production cuts
New Delhi: Crude oil prices have started firming up again in the international market as the OPEC+ cartel is reported to be on the verge of signing an agreement to cut production…
- Middle East
Saudi Arabia to continue voluntary oil cuts till year-end
Riyadh: The Kingdom of Saudi Arabia (KSA) will continue with one million barrel per day voluntary crude oil production cut until the end of the year, the Saudi Press Agency reported on…
- World
Oil prices could go even higher
London: Oil prices have soared about 20 per cent since late June but they could go even higher this year if the OPEC+ alliance sticks to its policy of restraining crude production,…
- Middle East
Saudi to extend one million bpd oil production cut until Sept
Riyadh: The Kingdom of Saudi Arabia (KSA) announced on Thursday, August 3, that it will extend its voluntary oil production cut of one million barrels per day (bpd) for another month to include September,…
