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.
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.
OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey.
The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said.
The United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.
The United Arab Emirates is walking away from OPEC this May. The New York Times’ energy reporter, Rebecca Elliott, breaks down how the war with Iran provided the perfect opening for the Emirates to go solo.
Saudi Arabia-led OPEC has enforced strict production quotas to maintain oil prices. The UAE wants to break free of that system and ramp up output. This may be a good thing for large buyers like India.
