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United Arab Emirates
UAE leaves OPEC, citing national interest in 'a new energy age'
The UAE’s historic decision is a major blow to the alliance of oil producers, just as the global energy crisis is escalating over Iran’s blockade of the Strait of Hormuz, but the Gulf state insists its decision “enhances the UAE’s ability to respond to evolving market needs."
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Markets
Crude oil prices drop 6% as OPEC output rises and Trump's tariffs hit
Crude oil prices plummeted to near multi-year lows following President Trump’s reciprocal tariff announcement, with a larger-than-expected production increase by OPEC and its allies adding further pressure to the sell-off.
Austria
OPEC+: Riyadh to reduce oil output, others to extend previous cuts
In order to keep crude oil prices stable on the world market, the OPEC+ countries, including heavyweight Russia, have agreed to maintain previous production cuts through 2024, while Saudi Arabia cuts output by 1 million barrels per day.
Austria
OPEC+ members meet in Vienna to discuss oil production strategy
The OPEC+ countries discuss their current production strategy in Vienna. New oil production cuts could result from the meeting as signs of discord between top crude oil producers Saudi Arabia and Russia set the tone of the talks.
