UAE leaves OPEC in blow to global oil producers’ group
The United Arab Emirates said it was quitting OPEC, dealing a blow to the oil producers’ group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations
Category: Production
Trump says talks with Iran could resume on Friday
U.S. President Donald Trump said there is a possibility of resuming negotiations with Iran in Pakistan on Friday, after the ceasefire was extended indefinitely
IEA: Even if Hormuz reopens, recovery will take time
International Energy Agency (IEA) Executive Director Fatih Birol warned that even if the Strait of Hormuz were to reopen immediately, it would take “a long time” to return to normal, with risks of rising inflation and slower economic activity
Iran will never cede control of Strait of Hormuz, senior Iranian politician says
Iran will never hand over control of the Strait of Hormuz because it is an “inalienable right” of Tehran, said Ebrahim Azizi, a former commander of the Islamic Revolutionary Guard Corps (IRGC) and head of parliament’s National Security and Foreign Policy Committee
Iran declares Strait of Hormuz ‘completely open’ for remainder of truce
Iran said the Strait of Hormuz will remain “completely open” until the end of the ceasefire with the United States next Wednesday, following the start of a truce in Lebanon
IEA: Oil output sees ‘largest drop history’ in March
In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April
Argentina could reach 1 Million bpd oil output in 2026
Argentina could reach oil production of 1 million barrels per day (bpd) in 2026, up from the current level of just over 850,000 bpd, driven by increased activity in the Vaca Muerta shale formation, Energy Secretary Daniel González said
Goldman flags $100-plus Brent if Hormuz shut another month
Brent crude is set to average more than $100 a barrel through 2026 if the Strait of Hormuz remains closed for another month, according to Goldman Sachs
OPEC+ approves oil supply increase for May
The OPEC+ alliance agreed to increase oil production by 206,000 barrels per day, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist
OPEC output plunges in March as war forces export cuts
OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts