Also known as: Opec+ · the OPEC+ grouping · OPEC+ grouping
OPEC — organization from which the United Arab Emirates exited in 2026 after nearly 60 years of membership.
Verbatim sentences from the source article.
Joy Online
… Real oil prices reached US$170 per barrel in 1979 (measured in current prices) and OPEC played a very different role then. …
Fitch revises oil forecast for 2026 to US$87 per barrelJoy Online
… mains heavily clouded by a tangled web of headlines and counter-headlines,” IG market analyst Tony Sycamore said in a note. “From a technical perspective, as long as (WTI) crude oil remains above trendline support in the low $80s, the risks remain skewed to the upside.” OPEC …
Oil little changed on uncertainty over US-Iran peace dealJoy Online
… The OPEC producer is offering its flagship Basrah Medium crude at discounts of $33.40, or $26 a barrel to its May official selling price, for loading on May 1 to May 10 or May 11 to May 31, respectively, according to a May 3 notice from state oil marketer SOMO seen by Reuters …
Iraq offers May-loading crude at deep discounts for loading inside HormuzJoy Online
… This focus currently outweighs the long-term implications of the potential waning influence of OPEC+ following the UAE’s exit from the cartel,” said OANDA senior market analyst Kelvin Wong. …
Brent oil rises 7% on report US considering military options to break Iran deadlockJoy Online
… Market volatility was further exacerbated by the United Arab Emirates’ announcement that it will exit OPEC on May 1, complicating the global supply outlook. …
Trump warns Iran ‘better get smart soon’, weighs military options over Strait of HormuzJoy Online
The United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership. …
United Arab Emirates to quit oil cartel OPECOil 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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →