Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
UAE Exits OPEC+ Alliance: What it Means for Global Oil Markets and Energy Strategy
The United Arab Emirates is set to make a significant policy-driven shift in its long-term energy strategy by exiting the OPEC and OPEC+ alliance, a move poised to reshape global oil market dynamics and align with the nation's domestic economic…
UAE to leave Opec group of oil producers amid Middle East energy shock
News from The City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. The United Arab Emirates has decided to leave the Opec…
Trump administration blocks US wind energy projects in switch to oil and gas
The Trump administration blocked two permitted US wind energy projects from development this week, with an agreement to pay millions of dollars in refunds to the companies behind them if those funds are reinvested in oil and gas. US Department of…
UAE to leave Opec group of oil producers amid Middle East energy shock
The United Arab Emirates has decided to leave the Opec group of oil producers after six decades of membership amid an energy supply shock in the Middle East spurred by the US-Israeli war with Iran. The UAE announced the decision, through the…
UAE exit weakens OPEC+ power over oil market but group to stay together
OPEC and its allies will lose some of their power over the oil market when the United Arab Emirates leaves the group on May 1, but the rest of the producer alliance is likely to stick together and continue to coordinate on oil supply policy, OPEC+…
Outrageous' oil giant BP making £366 a second as households fear surge in bills
Oil giant BP has been slammed for raking in “astronomical” profits of £366 a second while households pay the price of the Iran war. BP's profits more than doubled to almost £2.4billion in the first three months of this…
UAE to leave Opec oil producers group amid Middle East energy shock
The United Arab Emirates has announced its departure from the Opec group of oil producers, concluding six decades of membership. The decision, effective from May 1, was communicated through the state-run WAM news agency and comes amid an energy…
Watch UAE to Leave OPEC in May as Iran War Reshapes Oil Market
UAE to Leave OPEC in May as Iran War Reshapes Oil Market The United Arab Emirates will leave OPEC, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran…
UAE Quits OPEC as War Upends Oil Markets
Good morning. In a blow to OPEC amid sweeping turmoil in energy markets, the United Arab Emirates is set to quit the group. Meanwhile, lingering doubts over the payoff from massive AI investments continue to weigh on markets. Closer to home…
Ukraine war briefing: More woe for Russian oil as Tuapse refinery hit again
Putin condemns drone attack; King Charles to US Congress – Ukrainians need your 9/11 spirit; acting US ambassador to leave Kyiv. What we know on day 1,526 A Ukrainian drone attack has caused another major fire at the Russian oil refinery in…
How the UAE's departure from OPEC could impact oil markets
There seems to be little movement on the resumption of talks between the U.S. and Iran. There is also almost no movement through the Strait of Hormuz, the vital bottleneck that's essentially cut off 20% of the world's oil and gas supply. Tuesday…
Diezani Alison-Madueke: Oil tycoons deny paying bribes to former Nigerian minister
Steve Swann Southwark Crown Court Two oil executives have denied paying bribes to former Nigerian oil minister Diezani Alison-Madueke, a court has been told. Statements made by Kevin Okyere and Igho Sanomi to UK investigators were read out in…
BP slammed over 'astronomical' profits amid oil price spike caused by Iran war
News from The City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. BP has come under fire after revealing profits more than…
BP profits more than double as oil and gas prices soar in Iran war
BP's quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East. The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than…
United Arab Emirates to quit oil cartel Opec
The United Arab Emirates (UAE) has said it is quitting the Opec and Opec+ groups of major oil producing nations after nearly 60 years. The UAE said the decision reflected its 'long-term strategic and economic vision and evolving energy profile'.
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