The Latest Breaking News from OPEC

How the UAE’s decision to leave Opec could recast the Middle East

Defection is damaging to Saudi Arabia’s prestige – and could strengthen the US hand in the region

The Guardian - UK · Apr 28

Trump claims Iran collapse while Teheran sees leverage as Hormuz stand-off tightens

TOI correspondent from Washington: US President Donald Trump on Tuesday claimed that Iran is “in a state of collapse” and is urgently pleading with Washington to reopen the Strait of Hormuz, projecting an image of a weakened adversary desperately seeking relief. But developments on the ground suggest a far more…

The Times of India · Apr 28

Why the Real Story Behind the UAE’s OPEC Exit is Petrodollar Diplomacy

With Emirati energy infrastructure taking hits from the Iran war, Treasury Secretary Bessent tries to stave off the ‘petroyuan’ era.

Barchart · Apr 28

Crude Prices Strengthen as Global Oil Supplies Tighten with Strait of Hormuz Closed

June WTI crude oil (CLM26 ) today is up +3.13 (+3.25%), and June RBOB gasoline (RBM26 ) is up +0.0241 (+0.72%). Crude oil and gasoline prices are sharply higher for a second day today, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices continue...

Barchart · Apr 28

UAE leaves OPEC to pursue "accelerated" production

The departure will make it tougher for OPEC to control output and prices.

Axios · Apr 28

UAE to leave Opec group of oil producers amid Middle East energy shock

The UAE joined Opec in 1967, and its departure will leave the oil cartel with 11 member countries including Saudi Arabia, Iran and Iraq.

Evening Standard · Apr 28

UAE to leave Opec group of oil producers after six decades amid ‘volatility’ from Middle East energy shock

UAE’s withdrawal will leave the oil group with 11 member countries, including Saudi Arabia, Iran, and Iraq

The Independent UK · Apr 28

OPEC shocker as UAE leaves oil cartel days after negotiating swap lines with Scott Bessent’s Treasury

The petrodollar saga is taking another twist. The long, slow unraveling of the architecture that has governed global finance since 1974 continues.

Fortune · Apr 28

Iran war will trigger largest energy price surge since 2022, World Bank warns

The World Bank’s latest Commodity Markets Outlook report predicts a 24% surge in energy prices this year as the Iran war delivers a historic shock to global supply chains.

Euronews · Apr 28

UAE Announces It Will Leave OPEC As Of Next Month Amid Cool Relations With Other Members

The United Arab Emirates announced it will leave the OPEC cartel and the wider OPEC+ group as of next month amid cooler relations with other members, particularly Saudi Arabia.

International Business Times · Apr 28