OPEC | DD News

June 12, 2026 1:16 PM

OPEC again lowers 2026 global oil demand growth forecast

OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the producer group said in its monthly report, marking the second straight downward revision. The group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the U.S. Energy Information Administration and the International ⁠Energy Agency. OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The...

May 4, 2026 10:33 AM

OPEC+ agrees third oil output quota hike since Hormuz closure

OPEC+ agreed on Sunday a modest oil output hike for June, an increase that will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz. Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement after an online meeting. The increase is the same as that agreed for May minus the share of the United Arab Emirates, which left the group on May 1....

April 29, 2026 10:31 PM

UAE exit weakens OPEC+ power over oil market but group to stay together, sources say

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+ delegates and analysts said on Tuesday. The UAE is the fourth-largest producer in the Organization of the Petroleum Exporting Countries and said it would quit the group on Tuesday after nearly 60 years as a member. That will free Abu Dhabi from the oi...

April 29, 2026 3:27 PM

UAE Exits OPEC: What It Means for the World & India

The United Arab Emirates has announced it will exit the Organization of the Petroleum Exporting Countries and the broader OPEC+ alliance, with the decision taking effect from May 1, 2026. The move follows a comprehensive review of national production policy, capacity, and long-term economic priorities. Authorities say the decision reflects the country’s evolving energy profile and its aim to enhance flexibility in responding to global market dynamics. To understand why the UAE has walked away...

April 29, 2026 2:59 PM

EXPLAINER-What is OPEC+ and how does it affect oil prices?

The United Arab Emirates, one of OPEC+'s largest producers, will leave the oil producers' alliance on May 1, it said on Tuesday. The Organization of the Petroleum Exporting Countries and allies, including Russia, are known collectively as OPEC+. Last year, the group produced nearly 50% of the world's oil and oil liquids, according to International Energy Agency estimates. The UAE is the fourth largest producer in OPEC+. Below are facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC ...

April 29, 2026 9:21 AM

UAE Announces Exit from OPEC, Citing Strategic Energy Shift

The United Arab Emirates has announced it will exit the Organisation of the Petroleum Exporting Countries and the broader OPEC+ alliance, with the decision taking effect from May 1, 2026. The move follows a comprehensive review of national production policy, capacity, and long-term economic priorities. Authorities say the decision reflects the country’s evolving energy profile and its aim to enhance flexibility in responding to global market dynamics. In a statement, the UAE said the step is ...

January 4, 2026 5:41 PM

Oman launches $29.77 billion budget, targets 4 percent growth

Oman has approved a $29.77 billion general state budget for 2026, projecting public expenditure of about $31.15 billion and setting a target of around 4 percent economic growth, as the sultanate continues to diversify from its reliance on oil. The budget also launches the next phase of its economic programme that aims for 4 percent growth through 2030. Revenues are based on an average oil price of $60 per barrel and are forecast to rise by 2.4 percent from the previous year, while spending is se...

January 4, 2026 5:15 PM

OPEC+ to keep oil output steady despite turmoil

OPEC+ has agreed in principle to maintain steady oil output despite rising political tensions among key members and widening geopolitical uncertainty. The eight participating countries, Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman, collectively pump about half of the world’s oil. They had raised output targets by around 2.9 million barrels per day between April and December 2025, equivalent to nearly three percent of global demand, before agreeing...

October 5, 2025 5:07 PM

OPEC+ agrees modest oil output hike from November, sources say

OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), the same fairly modest increase as in October, three people close to the matter said on Sunday. The group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.6 million bpd this year, equating to about 2.5% of global demand. The shift in policy after years of cuts is designed to regain market share from rivals such as...

August 5, 2025 10:20 AM

Oil producer pressure, Trump rollbacks threaten last-chance global plastics treaty

Hopes for a "last-chance" ambitious global treaty to curb plastic pollution have dimmed as delegates gather this week at the United Nations in Geneva for what was intended to be the final round of negotiations. Diplomats and climate advocates warn that efforts by the European Union and small island states to cap virgin plastic production - fuelled by petroleum, coal and gas - are threatened by opposition from petrochemical-producing countries and the U.S. administration of President Donald Trum...