#Opec

Key OPEC+ members aim to continue a series of oil quota increases over the next few months, completing the return of a layer of halted production — if only on paper — by the end of September, delegates said.

From CNBC: Oil struggles for direction as IEA flags greater volatility ahead, OPEC cuts demand forecast

Global demand is facing constraints because supply from the Persian Gulf has been effectively cut off by Iran's blockade of the Strait of the Hormuz.

Saudi Arabia reported to OPEC that its crude oil production collapsed further last month to the lowest since 1990, as the Iran war choked off exports from the Persian Gulf.

The Middle East conflict makes clear that great‑power politics now matter as much as OPEC quotas and output

The surge in the average price of gas from less than $3.00 US a gallon in January to $4.46 US is a heavy tax on already stressed consumers and businesses.

The UAE has withdrawn from OAPEC days after exiting OPEC and OPEC+, citing a strategy to gain greater flexibility over oil output

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Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement

Seven countries in the OPEC+ grouping of oil-producing countries — including Saudi Arabia and Russia — say they’ve decided to a modest increase in production starting in June as part of a commitment to “market stability.”

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Seven major producers will add 188,000 barrels per day to their total production quota for June, OPEC+ says.

OPEC+ members agreed to raise oil output targets by 188,000 barrels per day following the UAE’s exit and amid ongoing disruptions in the Strait of Hormuz caused by the Iran war

From Washington rejecting Tehran’s peace proposal and extending the Hormuz standoff, and Trump sidestepping Congressional limits at home, to the UAE’s exit from OPEC, here is a look at the key global developments this week.

UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.

As UAE leaves OPEC, analysts weigh how much control the group still has over oil prices amid capacity growth, supply disruptions and rising Asian demand.

Chris Weafer says the UAE's OPEC exit leaves the organisation less influential on global oil pricing.

The UAE’s break with OPEC is less about barrels than power – testing Riyadh, helping Donald Trump, and redrawing Gulf alliances

A standoff between Gulf oil giants Saudi Arabia and the UAE could cause greater market volatility for years to come