OPEC+

Supertanker earnings hit 2-month high as US-Iran ceasefire expires

Earnings for supertankers hauling crude oil from the Persian Gulf to Asia jumped to nearly $510,000 a day on Monday, the highest since late June, as exporters scramble for vessels to move oil through the Strait of Hormuz amid deteriorating…

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ADNOC sells 94M barrels since June as UAE’s post-OPEC oil push accelerates

The United Arab Emirates formally withdrew from OPEC and OPEC+ on May 1, 2026, ending nearly 59 years of membership in the oil producers' cartel and freeing the Gulf state to pursue an aggressive production expansion without quota constraints. In…

China cut oil imports 30% without economic hit, study finds

China, the world's largest oil importer, reduced its net crude oil imports by 30% year-over-year in the second quarter of 2026 — a reduction of 3.5 million barrels per day — without any meaningful decline in economic activity, according to…

EIA raises Q3 Brent forecast by $11 on Hormuz disruptions

The U.S. Energy Information Administration sharply raised its third-quarter 2026 Brent crude forecast by $11 to $85 per barrel in its August Short-Term Energy Outlook, released August 11, citing continued severe constraints on shipping through the Strait of Hormuz that…

Oil drops as OPEC and IEA slash demand forecasts

Oil prices fell sharply on Thursday as downgraded demand forecasts from both OPEC and the International Energy Agency, combined with a massive unexpected surge in U.S. crude inventories, overwhelmed the geopolitical risk premium from stalled U.S.-Iran negotiations and continued disruptions…

Oil settles nearly flat after volatile day of ship attacks, demand cuts

Oil prices whipsawed on Wednesday as attacks on two vessels near critical Middle Eastern shipping lanes collided with bearish demand data, leaving crude caught between geopolitical risk and weakening consumption forecasts.

IEA warns global oil deficit deepening as ceasefire collapse disrupts Gulf exports

OPEC crude oil production jumped by approximately 1.7 million barrels per day in July, reaching about 23.6 million bpd, as a brief ceasefire between the United States and Iran allowed Persian Gulf producers to partially restore shipments through the Strait…

Russia’s oil output trails OPEC+ quota by nearly 1M barrels a day

Russia's crude oil production fell almost a million barrels a day short of its OPEC+ quota in July, according to a monthly report from the Organization of the Petroleum Exporting Countries published on Tuesday, as sustained Ukrainian attacks on the…

Gulf oil exports surpass pre-conflict levels, Wright says

U.S. Energy Secretary Chris Wright said oil flows from the Arabian Gulf exceeded 20 million barrels on Sunday, a figure he described as above the region's average before the conflict with Iran began. The announcement, made on Tuesday, marks a…

OPEC cuts 2026 oil demand forecast for fourth straight month

OPEC on Wednesday lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day, down from 780,000 bpd, marking the fourth consecutive downward revision as stalled negotiations over the Strait of Hormuz continue to weigh on…

Oil posts steepest weekly loss in months on US-Iran talks

Oil prices recorded their steepest weekly decline in months, falling over 9% as renewed diplomatic activity between the United States and Iran raised hopes for reopening the Strait of Hormuz, while fresh supply increases from OPEC+ and rising US crude…

ADNOC spends $1.3B on 11 tankers as UAE crude exports surge

Abu Dhabi National Oil Company's logistics arm has spent $1.3 billion to acquire 11 vessels, nearly doubling its supertanker fleet as the UAE ramps up crude exports following its departure from OPEC amid ongoing tensions in the Strait of Hormuz.

Saudi Aramco cuts Arab Light price to Asia to six-year low

Saudi Aramco set its official selling price for Arab Light crude to Asian buyers at $2 per barrel below the Oman/Dubai average for September, marking the lowest level since June 2020 and surprising traders who had expected prices to remain…

Oil prices climb as Strait of Hormuz tensions flare again

Brent crude rose sharply on Tuesday, August 4, as renewed geopolitical tensions near the Strait of Hormuz reignited fears of supply disruptions in the world's most critical oil chokepoint. The rally came after reports of increased military friction in the…

Brent crude drops below $80 for first time since mid-July

Brent crude oil slipped below the $80 per barrel mark on Tuesday, falling to $78.88 — a decline of nearly 6% from the previous session — in what traders described as a sharp reversal after weeks of prices holding above…

OPEC output rose in July led by Gulf nations, Bloomberg survey finds

OPEC's crude oil production continued its recovery from wartime lows in July, with gains in Kuwait, Saudi Arabia, and Iraq accounting for almost all of the increase, according to a Bloomberg survey published Tuesday. Supplies from the Organization of the…

Iraq offers steep crude oil discounts amid Hormuz shipping risks

Iraq's state oil marketer has offered discounts of up to $29.80 per barrel on August-loading Basrah crude to persuade buyers to continue lifting cargoes from export terminals inside the Strait of Hormuz, as security incidents and declining vessel traffic squeeze…

Oil prices plunge as Trump suspends Iran strikes, signals talks

Global crude oil prices suffered one of their sharpest single-session declines in recent weeks on Monday after President Donald Trump suspended planned military strikes against Iran and signaled a return to diplomatic negotiations, prompting traders to rapidly unwind the geopolitical…

Oil plunges as Trump cancels Iran strikes, announces talks

President Trump called off planned military strikes against Iran on Sunday and announced that negotiations would begin Monday afternoon, triggering one of the sharpest single-day oil selloffs of the year. But Iran's foreign ministry publicly denied any direct talks with…

Kazakhstan oil output fell 14% in July amid CPC drone attacks

Kazakhstan's crude oil and gas condensate production fell 14% in July compared with June as repeated drone attacks on tankers near the Caspian Pipeline Consortium terminal at Novorossiysk disrupted the country's primary export route, according to Reuters. Output dropped to…

OPEC+ approves sixth straight output hike amid widening supply risks

The OPEC+ alliance agreed on Sunday to raise oil production quotas by 188,000 barrels per day starting in September, its sixth consecutive monthly increase, even as the conflict between the United States, Israel, and Iran continues to choke off key…

Crude oil tumbles as OPEC+ hike and Iran pause ease supply fears

Seven OPEC+ members agreed on Sunday to increase oil production by 188,000 barrels per day beginning in September, completing the phased unwinding of voluntary supply cuts first introduced in 2023. The decision, made during a virtual meeting, sent crude oil…

OPEC+ agrees to September oil quota hike, plans Q4 pause

Major OPEC+ nations have agreed in principle to raise their collective production quota by 188,000 barrels per day for September, according to delegates and sources familiar with the talks ahead of a video conference on Sunday. The move, led by…

Analysts raise 2026 oil price forecasts as Mideast disruptions persist

Crude oil prices climbed on Friday as ongoing disruptions to shipping through the Strait of Hormuz and Houthi attacks in the Red Sea continued to squeeze global supply, with a Reuters poll of analysts forecasting further price gains through the…

Oil prices surge as U.S. crude inventories drop sharply

Oil prices surged on Wednesday as a sharp decline in U.S. crude inventories and reports that OPEC+ would pause its output hikes after September reinforced fears of tightening global supply amid the ongoing Middle East conflict.

Oil prices rebound after 5% drop on U.S.-Iran pause

Crude oil prices swung violently this week as markets toggled between optimism over a pause in U.S.-Iran hostilities and concerns about tightening supplies, with Brent crude falling about 5% on Tuesday before rebounding more than 3% in early Wednesday trade.

OPEC+ plans to halt oil output hikes after September

OPEC+ expects to pause its series of oil-production quota increases after a final hike in September, as the producer group continues to assess the evolving supply disruptions caused by the Iran war, according to delegates and sources familiar with the…

Brent crude retreats after briefly topping $100 a barrel

Brent crude fell sharply on Friday after briefly breaching $100 per barrel the previous session for the first time since May, as concerns over weakening Chinese demand and the prospect of additional OPEC+ supply increases outweighed geopolitical supply risks stemming…

Goldman Sachs holds $80 Brent forecast, warns of $120 risk

Goldman Sachs The Goldman Sachs Group, Inc. is holding firm on its $80-per-barrel Brent crude forecast for the fourth quarter of 2026, balancing expectations that a US-Iran diplomatic framework will restore Persian Gulf oil flows against the possibility that the…

Iraq says US energy deals worth $200B, tripling initial estimate

Iraq's Oil Minister Bassem Mohammed Khudair said on Tuesday that energy agreements signed with American companies during Prime Minister Ali al-Zaidi's visit to Washington are worth approximately $200 billion, a figure that encompasses seven major contracts aimed at expanding Iraq's…