Producer alliance
Appears in 7 stories
Attempting to offset supply disruption with modest production increases
Trump cancelled a massive planned air campaign against Iran on August 1 at the request of Saudi Arabia, the UAE, Qatar and Iran. Oil fell to about $83 as Iran and Oman neared a new Hormuz transit deal, though Tehran denied any direct talks with Washington.
Updated 2 days ago
Held output unchanged September 6, leaving little spare supply to offset disruption
Brent crude crossed $100 a barrel on September 9, the first time since July, after Iran said it attacked 10 ships near the Strait of Hormuz and the US destroyed five Iranian tankers. The tit-for-tat strikes, the biggest wave on shipping since the war began, cut tanker traffic through the strait to about half its pre-conflict level; Kpler counted only six commodity vessels crossing on Tuesday.
Updated 3 days ago
Increasing production to offset Hormuz disruption
The last time the United States sank Iranian warships was April 18, 1988. Thirty-eight years later, American forces destroyed nine Iranian naval vessels in a single day and demolished the country's naval headquarters at Chabahar, on the Gulf of Oman. The strikes came after Iran attempted to blockade the Strait of Hormuz, the 21-mile passage that carries roughly one-fifth of the world's oil supply.
Setting output policy with one major member fewer
For decades, every OPEC+ output decision had the United Arab Emirates in the room, usually pushing to pump more. On Sunday, ministers met in Vienna without it for the first time. The UAE's exit took effect May 1 and pulled about 3.5 million barrels a day out of the group's quota math.
Updated Jun 7
Loses second-largest Gulf producer
The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.
Updated May 31
Approved emergency production increase for April 2026
The Iran-US war reached its 73rd day with talks at a deadlock. Trump called Iran's May 10 response 'garbage' and declared the ceasefire on 'massive life support'.
Updated May 30
Holding 3.24 million barrels per day in cuts, delaying planned unwind
Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.
Updated May 27
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