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Friday, 6 November 2026
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Ghanaian press · Organization

OPEC

Also known as: Opec+ · the OPEC+ grouping · OPEC+ grouping · Organisation of the Petroleum Exporting Countries and partners · OPEC+ oil-producing countries

OPEC — petroleum exporters' organization that sets production quotas and forecasts global oil demand, amid ongoing Middle East conflicts affecting crude supplies.

2026-04-292026-11-06
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In coverage

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  1. November 2026

  2. Joy Online

    … The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production ⁠targets ​steady on Sunday, confirming expectations that more policy ​adjustments will not occur until next year, as the group continues to struggle with export d …

    Oil slips more than 1% as talks continue on ending Iran war

  3. Joy Online

    OPEC+ oil-producing countries kept December production targets steady on Sunday, confirming expectations that the group will not make further policy adjustments until next year, as it continues to struggle with export disruptions from the Iran war. …

    OPEC+ keeps December oil output targets steady ahead of tougher call for 2027
  4. October 2026

  5. Joy Online

    Brent crude is expected to fall from an average of US$83 per barrel (/bbl) in 2026 to US$81/bbl in 2027, as the Strait of Hormuz reopens and Middle East production normalizes, while OPEC+ will likely unwind its remaining production cuts in full. …

    Brent crude to fall to an average US$81 per barrel in 2027 – Fitch Solutions

  6. Joy Online

    … The OPEC+ oil-producing countries are expected to keep their ​December output targets steady on Sunday, three people with knowledge of the matter told Reuters, in line with market expectations. …

    Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns

  7. Joy Online

    … Last month, Saudi Arabia raised oil production despite disruptions to shipments caused by the US-Iran war, leading to a sharp increase in production from OPEC+ — the Organisation of the Petroleum Exporting Countries and partners, including Russia — OPEC said on Tuesday. …

    Oil prices climb as traders weigh Saudi supply risk, Russian diesel flow

  8. Joy Online

    … Ministers of OPEC and non-OPEC Participating Countries in the Declaration of Cooperation said shipping and insurance costs have surged to unprecedented levels of over one-third of the commodity value, impeding efficient movement of crude oil and products. …

    Oil falls as Russia diesel supply prospects counter Gulf supply risks

  9. Joy Online

    … Meanwhile, OPEC+ delayed a review that would determine 2027 oil output quotas for its members after the Iran war disrupted projects to expand capacity ⁠across the ​Middle East, throwing estimates of future production potential into uncertainty, said ​two sources close to the matt …

    Oil slips as Middle East crude exports rise, G7 to release stocks
  10. September 2026

  11. Joy Online

    … That enabled exports from the OPEC kingpin ​to recover to over 4 million barrels per day (bpd) so far in September after slumping to ​2.4 million bpd ⁠in August, the lowest since at least 2013, according to provisional data from analytics firm Kpler. …

    Oil hits over 1-week low on hopes of boost to diplomacy in Iran war

  12. Joy Online

    … While non-OPEC oil producers including the United States, Canada and Guyana have ramped up output, the International Energy Agency said last month it expected global oil supply would fall this year by 4.3 million bpd, or about 4%.

    Brent crude rises above $100 a barrel as Middle East conflict intensifies

  13. Joy Online

    … OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, the producer ​group said in a statement, as it needs to agree new quotas before ​deciding its next ⁠output steps. …

    Oil extends gains after US and Iran strike ships
Mining & Energy

Oil prices fall over 1% amid Iran-US peace talks

The News

Brent crude fell 1.40% to $111.84 a barrel and US West Texas Intermediate dropped 1.50% to $102.56 on Monday as Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran. Market analysts attributed the pullback to diplomatic progress hopes and the absence of military escalation over the weekend, though concerns remain that rhetoric could intensify after US midterm elections.

2 November 2026 · Joy Online →

Monday 2 November

  1. Oil prices fall over 1% amid Iran-US peace talks

    Brent crude fell 1.40% to $111.84 a barrel and US West Texas Intermediate dropped 1.50% to $102.56 on Monday as Iranian and Qatari officials held a third consecutive day of talks aimed at ending the US-Israeli war on Iran. Market analysts attributed the pullback to diplomatic progress hopes and the absence of military escalation over the weekend, though concerns remain that rhetoric could intensify after US midterm elections.

    2 November 2026 · Joy Online →

  2. OPEC+ holds December oil targets steady pending 2027 decision

    Seven core OPEC+ members kept December production targets unchanged on Sunday, with all 21-country members set to meet November 29 to decide 2027 quotas amid ongoing Iran war export disruptions and forecasts of potential excess supply next year.

    2 November 2026 · Joy Online →

Thursday 29 October

  1. Brent crude to average US$81 per barrel in 2027

    Fitch Solutions expects Brent crude to fall from an average of US$83/bbl in 2026 to US$81/bbl in 2027 as the Strait of Hormuz reopens, Middle East production normalizes, and OPEC+ unwinds remaining production cuts, pushing global supply above demand and lowering prices. The firm forecasts that falling fuel prices will ease transport costs across Sub-Saharan Africa, generating disinflationary effects and prompting most SSA central banks to resume monetary easing in 2027.

    29 October 2026 · Joy Online →

Wednesday 28 October

  1. Oil prices rise after Saudi Arabian refinery attack

    Brent crude rose 1.3% to $115.36 per barrel after Yemen's Houthis claimed an attack on Saudi Arabia's largest refinery, renewing Middle East supply concerns. US crude rose 1.22% to $101.12 amid the incident.

    28 October 2026 · Joy Online →

Wednesday 14 October

  1. Oil prices rise amid Yemen-Saudi conflict, Russian diesel outlook

    Oil prices climbed on Wednesday as traders weighed supply risk from Houthi attacks on Saudi Arabia against prospects of increased Russian diesel exports. Brent crude futures rose 0.8% to $106.58 a barrel, while US West Texas Intermediate gained 0.9% to $94.94 a barrel.

    14 October 2026 · Joy Online →

Tuesday 13 October

  1. Oil prices fall as Russia diesel supplies weigh on market

    Brent crude fell $1.30 to $105.35 a barrel and US WTI dropped $1.25 to $92.49 a barrel, as traders balanced prospects of additional Russian diesel supplies against supply risks from attacks on Saudi Arabian infrastructure and shipping lanes.

    13 October 2026 · Joy Online →

Monday 5 October

  1. Oil prices fall as G7 releases emergency reserves

    Brent crude fell 0.65% to $101.59 a barrel and US WTI dropped 1.03% to $90.12 as the Group of Seven agreed Friday to release 100 million barrels of diesel and crude from emergency reserves, while Middle East crude exports rose above pre-war levels in four of the final seven days of September.

    5 October 2026 · Joy Online →

Monday 21 September

  1. Oil prices fall on diplomacy hopes amid Iran-US tensions

    Oil prices hit their lowest in over a week on Monday as investors bet on potential diplomacy between the US and Iran during a UN meeting this week, though the two countries exchanged threats on Sunday. Brent crude fell to $101.71 a barrel and US West Texas Intermediate dropped to $98.15 a barrel, breaking below the $100 psychological support level.

    21 September 2026 · Joy Online →

Wednesday 9 September

  1. Brent crude exceeds $100 as Middle East conflict deepens

    Brent crude oil futures surpassed $100 a barrel on Wednesday, a more than six-week high, amid intensifying Middle East conflict that threatens oil flows from the region. Prices have risen a quarter since early last month as the six-month-old U.S.-Iran conflict continues, with recent Houthi attacks on Saudi energy facilities and crude shipments via the Red Sea raising supply concerns.

    9 September 2026 · Joy Online →

Monday 7 September

  1. Oil prices rise as US-Iran strikes disrupt Middle East shipping

    Oil prices extended gains on Monday following tit-for-tat strikes between the U.S. and Iran on vessels in the Strait of Hormuz and other areas, raising concerns about supply disruption from the Middle East. Brent crude climbed to $96.80 a barrel while U.S. West Texas Intermediate reached $92.14 a barrel, with an average of 10 commodity ships transiting the Strait of Hormuz per day over the past 10 days—the lowest since May.

    7 September 2026 · Joy Online →

Tuesday 1 September

  1. Oil prices rise amid renewed US-Iran Middle East tensions

    Oil prices gained on Tuesday as renewed fighting between the U.S. and Iran in the Middle East raised fears of supply disruptions, with Brent crude up 0.6% to $91.05 a barrel and U.S. West Texas Intermediate up 1% to $86.59. The escalation, including President Trump's threat of further strikes following Sunday's direct attacks, has raised concerns about potential damage to energy infrastructure around the Gulf and shipping disruptions through the Strait of Hormuz.

    1 September 2026 · Joy Online →

Friday 14 August

  1. Oil prices rise on US blockade threat against Iran

    Oil prices edged up on Friday after the United States threatened an indefinite naval blockade of Iran, offsetting earlier bearish signals from weaker demand outlook and large US stock builds. Brent crude rose to $87.08 a barrel and WTI to $81.31 a barrel, with both benchmarks tracking weekly gains of about 4%.

    14 August 2026 · Joy Online →

Thursday 13 August

  1. OPEC lowers 2026 global oil demand growth forecast to 580,000 bpd

    OPEC on Wednesday cut its forecast for world oil demand growth in 2026 to 580,000 barrels per day, marking the fourth consecutive downward revision. The group raised its 2027 oil demand growth forecast, though it continues to forecast less impact from the Iran war than the International Energy Agency.

    13 August 2026 · Joy Online →

Wednesday 29 July

  1. Oil prices surge on US-Iran military escalation in Middle East

    Oil prices rose more than $3 a barrel on Wednesday after joint strikes in Iraq by the United States and Saudi Arabia and the interception of Iran's ballistic missiles aimed at U.S. forces in the Middle East. Brent futures increased 3.9% to $87.39 a barrel, while U.S. WTI crude rose 3.8% to $82.31 a barrel.

    29 July 2026 · Joy Online →

Wednesday 22 July

  1. Iraq signs $200 billion energy deals with US companies

    Iraq's oil minister said agreements signed between the Iraqi oil ministry and U.S. companies during Prime Minister Ali al-Zaidi's U.S. visit are estimated at $200 billion and would add oil production capacity and increase investment in associated gas projects.

    22 July 2026 · Joy Online →

Tuesday 7 July

  1. Oil prices edge higher amid supply recovery concerns

    Brent crude gained 0.39% to $72.29 and U.S. West Texas Intermediate rose 0.26% to $68.84 a barrel as traders shifted focus from easing Middle East tensions to supply increases and demand prospects. The U.A.E. raised crude output above 3.8 million bpd in June, its highest since April 2020, after leaving OPEC+ production quotas in May.

    7 July 2026 · Joy Online →

Friday 3 July

  1. Oil prices edge up as Middle East peace efforts show cautious signs

    Brent crude and West Texas Intermediate rose slightly on Friday before a long U.S. holiday weekend, as wary optimism held over peace efforts between the United States and Iran in the Middle East. Shipping has partially resumed through the Strait of Hormuz, and Gulf producers are ramping up production following an initial deal between the two countries.

    3 July 2026 · Joy Online →

Thursday 2 July

  1. Oil prices fall third day after US-Iran talks progress

    Oil prices dropped about 1% on Thursday following Qatar's announcement that US and Iran made progress in indirect talks focused on the Strait of Hormuz, with Brent crude falling to $70.80 per barrel and US West Texas Intermediate to $67.74, hitting four-month lows as expectations of oversupply pressure prices downward.

    2 July 2026 · Joy Online →

Wednesday 1 July

  1. Oil prices fall to four-month lows on US-Iran talks optimism

    Oil prices declined more than 1% on Wednesday to their lowest levels since March, with Brent crude settling at $71.57 a barrel and U.S. West Texas Intermediate at $68.58, as optimism over U.S.-Iran negotiations in Qatar eased supply concerns following President Trump's statement that talks had gone well.

    1 July 2026 · Joy Online →

Tuesday 23 June

  1. Former Nigerian oil minister acquitted in 13-year UK bribery probe

    Former Nigerian Petroleum Minister Diezani Alison-Madueke has been found not guilty of bribery at a London court, ending a 13-year UK National Crime Agency investigation. Alison-Madueke, who served as petroleum minister from 2010 to 2015 and was the first female president of Opec, said the investigation cost her freedom of movement, her career, and her reputation.

    23 June 2026 · Joy Online →

  2. Ex-Nigerian oil minister acquitted; criticizes UK investigation impact

    Diezani Alison-Madueke, former Nigerian oil minister, was acquitted of five bribery charges at Southwark Crown Court after a 13-year investigation by the UK's National Crime Agency. She said the investigation and prosecution destroyed her reputation, restricted her freedom to travel and work, and were "painful and traumatic."

    23 June 2026 · Joy Online →

Wednesday 17 June

  1. Former Nigeria oil minister acquitted in London bribery trial

    Diezani Alison-Madueke, Nigeria's oil minister from 2010 to 2015 and former Opec president, was found not guilty of accepting bribes from oil executives in the form of luxury stays and spending in the UK. Her brother and an oil industry executive were also acquitted in the trial at London's Southwark Crown Court.

    17 June 2026 · Joy Online →

Thursday 11 June

  1. Oil prices rise amid US-Iran strikes and Strait closure

    Oil prices jumped as Tehran declared the Strait of Hormuz closed following fresh U.S. strikes against Iran, with President Trump threatening further attacks. Brent futures rose 1.59% to $94.58 a barrel and U.S. crude climbed 1.90% to $91.74.

    11 June 2026 · Joy Online →

Friday 5 June

  1. Fitch raises 2026 Brent crude forecast to US$87 per barrel

    Ratings agency Fitch has revised its forecast for Brent crude to US$87 per barrel, up from US$70, citing oil shocks as a headwind to world growth; the firm also examined an adverse scenario where oil prices could average US$100 per barrel in 2026 given persisting geopolitical uncertainties.

    5 June 2026 · Joy Online →

  2. Oil prices edge down on US-Iran peace deal uncertainty

    Brent crude fell 0.22% to $95.24 a barrel and U.S. West Texas Intermediate dropped 0.11% to $92.94 a barrel on Friday, as prospects for a near-term end to the U.S.-Israeli war with Iran dimmed following Hezbollah's rejection of a ceasefire in Lebanon. Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6%, amid Middle East tensions and concerns about falling global oil inventories.

    5 June 2026 · Joy Online →

Wednesday 6 May

  1. Iraq offers steep crude discounts for Hormuz-blocked loading

    Iraq has offered term buyers May-loading Basrah crude at steep discounts for loading inside the Strait of Hormuz, which has been largely blocked since the Iran conflict began. The discounts — $33.40 and $26 per barrel for Basrah Medium, and $30 per barrel for Basrah Heavy — reflect mounting pressure on Iraqi crude exports amid persistent shipping risks in the waterway.

    6 May 2026 · Joy Online →

Thursday 30 April

  1. Brent crude rises on U.S. military options against Iran reports

    Brent oil prices rose as much as 7% on Thursday following reports that the U.S. is considering potential military action against Iran to break a deadlock in nuclear negotiations, raising concerns about further disruptions to Middle East energy exports. The June Brent contract rose $6.81 to $124.84 a barrel, with both Brent and WTI benchmarks on track for their fourth consecutive month of gains.

    30 April 2026 · Joy Online →

Wednesday 29 April

  1. Trump issues threats to Iran over Strait of Hormuz blockade

    President Donald Trump intensified threats against Iran over a maritime standoff in the Middle East affecting global energy markets, warning the Islamic Republic to "get smart soon" and signalling an end to patience regarding a blockaded Strait of Hormuz. The escalation follows collapsed diplomatic tracks and a recent joint military campaign targeting Iranian leadership and infrastructure.

    29 April 2026 · Joy Online →

  2. UAE quits OPEC after nearly 60 years of membership

    The United Arab Emirates is leaving OPEC and OPEC+ next month, citing the need for flexibility to meet growing global energy demand after recent investments in production capacity. Analysts describe the exit as potentially weakening the cartel, and the move is seen as aligning with US interests under President Donald Trump.

    29 April 2026 · Joy Online →

OPEC — Ghanaian press coverage · Ghana Minute