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

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

The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.34 million barrels per day in January, 60,000 bpd less than in December, according to the survey, with Nigeria posting the largest decline

Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range

The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels

The ministers of eight OPEC+ member countries, led by Saudi Arabia and Russia, decided in an online meeting to increase their oil supply by 137,000 barrels per day (bpd) starting in December

The OPEC+ alliance, led by Saudi Arabia and Russia, has agreed to a new increase in crude oil production for November of 137,000 barrels per day, marking its eighth consecutive monthly increase

OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year

Oil prices will decline significantly in the coming months as rising OPEC+ output drives a large buildup in inventories, the U.S. Energy Information Administration (EIA) said

The schedule indicates that in total the members need to deliver monthly cuts ranging from 190,000 barrels per day to 829,000 bpd to comply with output targets