Sources say that OPEC+ is likely to raise its oil production targets again in September.
MOSCOW/LONDON - OPEC+ countries will likely agree to a new increase in 'output aims' for September at their meeting on August 2. This is despite the fact that the Iran War has again prevented some members from pumping even more oil. In recent months the group has raised its targets, hoping to regain market share once the war ends. Their plans have been repeatedly stalled by the'renewed fighting and disruptions in oil flows from Gulf and, most recently, from the Red Sea. Sources say that seven core OPEC+ countries…
OPEC Oil Producer Group Membership Timeline
Sources told Reuters on Thursday that Iraq had considered leaving the Organization of Petroleum Exporting Countries (OPEC) if it's?oil output quota was not increased. This comes weeks after the United Arab Emirates left the organization. Since late 2016, OPEC and Russia have worked together to manage the oil market through quotas. The group as a whole is called OPEC+. OPEC+ produced about half of all oil in the world before the Iran War. However, the Gulf countries have been forced to reduce production as a result of the conflict, due to the closure of the Strait of Hormuz.
As the end of the oil era looms closer, a presidential adviser said that UAE has left OPEC and is pumping more.
A senior advisor to the president stated that the UAE's decision to leave OPEC took three years to make and is based on the belief that the world has entered the "autumnal age of hydrocarbons", which means the country must maximize oil revenues as soon as possible. On May 1, the UAE ended their nearly 60-year participation in the Organization of Petroleum Exporting Countries. The decision will not affect the market in the short term due to the fact that Iran has effectively closed the Strait of Hormuz. However, it may have a significant impact on OPEC’s control of oil supplies once the oil flow returns to normal.
Sources say that OPEC+ is likely to agree on another increase in oil production without UAE.
Three sources familiar with the discussions said that OPEC+ is likely to agree on a modest increase in the oil production quota for Sunday despite losing the lion's part of its exports as a result of the U.S./Israeli war against Iran and the departure of a key member - the United Arab Emirates. Sources said that the oil producing group is likely to agree on an increase in oil production targets of 188,000 barrels a day. The increase is the same as last month's hike of 206,000 bpd, minus the UAE share which leaves the group on May 1. One of the sources stated that this decision would indicate that OPEC+ continues to do business as usual.
What is OPEC+? How does it influence oil prices
On Tuesday, the United Arab Emirates (UAE), one of OPEC+’s largest producers, announced that it will be leaving the oil producers' coalition on May 1. OPEC+ is the collective name for the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. According to estimates by the International Energy Agency, the group produced almost 50% of the world’s oil and oil liquids last year. The UAE is OPEC+'s fourth largest producer. Here are some facts about OPEC+. What are OPEC and OPEC+ exactly?
Sources say that OPEC+ is likely to increase oil production on Sunday.
Two OPEC+ source said that OPEC+ will likely consider a new oil production increase at their meeting on Sunday. This would allow key producers to 'add more barrels' if the Strait of Hormuz reopens, the world’s most important oil route which is currently closed by the U.S./Israeli war against Iran. OPEC+ decided to 'adjust' its output to 206,000 barrels a day in April at their?last meeting, held on March 1. This was after the group had kept output constant during the first quarter due to concerns about oversupply. The U.S./Israeli war against Iran also began to disrupt oil supplies from Middle East countries.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March 8 that the Iraqi production has collapsed: "the country's oil output from its southern oilfields is down 70%, to 1.3 million barrels a day (bpd), from 4.3 millions barrels a day (bpd), before the war.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israeli war against Iran has caused oil and gas exports to be disrupted from the Middle East. Production was stopped from Qatar all the way up to Iraq. Kuwait announced cuts this weekend. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, too, will have to reduce their output as soon as possible when they run out of oil storage. Kuwait Force Majeure: Kuwait Petroleum Corporation cut oil output and declared force majeure March 7, due to the war that shut down exports through the Strait of Hormuz.
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global economy and to President Donald Trump's political position as he heads into midterm elections. Voters are concerned about energy costs and do not like foreign involvement. JP Morgan analysts stated in a research note published on Friday that the market has shifted from pricing geopolitical risks to dealing with operational disruptions…
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The 'U.S. and Israel war against Iran' has caused oil and gas exports to the Middle East to be disrupted and production stops from Qatar and Iraq. Here are some of the major energy disruptions that have occurred. Iraq, OPEC’s second largest?producer has reduced its output. Iraq has cut almost?1.5 mln barrels per day – about half of it – due to storage limitations and the absence of an export route. The country could be forced to close 3 million barrels per day, or nearly all its production, if exports don't resume. QatarEnergy has halted its LNG operations. Qatar ceased operations at some of its largest LNG plants on Monday.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israel war against Iran has 'disrupted oil and gas exports out of the Middle East and forced production stops from Qatar to Iraq. Here are the main energy disruptions that have occurred so far. Iraq, the second largest producer in OPEC, has slashed its?output. Iraq has reduced nearly 1.5 million barrels a day - or about half - because of storage limitations and the absence of an export route. The country could be forced to close 3 million barrels per day, or nearly all its production, if exports don't resume. QatarEnergy LNG has been halted. Qatar stopped its LNG operations on Monday.
Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources have confirmed that global oil traders and firms including Vitol Trafigura, and TotalEnergies won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western companies a broader access and reducing its imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. It produces 1.4 million barrels of crude oil a day, but does not have the refinery infrastructure necessary to process it. This leaves it dependent on fuel imports.
OPEC+ agrees that oil production will remain unchanged despite Iran tensions
OPEC+ decided to keep its oil production unchanged for March during a meeting on Sunday, the producer group reportedly said. This was despite crude prices hitting six-month highs due to fears that the U.S. might launch a military attack on OPEC's member Iran. Brent crude oil closed at $70 a barge on Friday, near the $71.89 high it reached on Thursday. The eight OPEC+ member countries met as prices rose to a six-month peak. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria…
Sources say that OPEC+ will pause oil production in March due to the price increase.
Five delegates said that OPEC+ will likely pause its oil production increases in March when it meets on Sunday. This is despite crude prices rising above $70 a barrel on fears the U.S. might launch a strike against OPEC member Iran. Brent crude is at its highest level since August. The eight OPEC+ member countries, who pump half of the world's oil supply, met as Brent crude prices rose to $72 a barrel. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria, Oman, and Kazakhstan raised their production quotas from April to December 2025 by about 2.9 million barrels a day…
Sources say that OPEC+ will maintain its oil production policy.
Four OPEC+ sources have said that OPEC+ is likely to leave the oil production levels unchanged during its Sunday meetings. The group has slowed down its efforts to regain market shares amid fears of a looming glut. The meeting of OPEC+ - which pumps half the world's crude oil - comes at a time when the United States is trying to broker a peace deal between Russia and Ukraine, which would increase oil supplies if sanctions against Russia were eased. Two sources confirmed that ministers are holding a series online meetings. Sanctions could be imposed on Russia if the peace agreement fails.
Sources say that OPEC+ will maintain its oil production policy on Sunday.
Three delegates said that OPEC+ will likely leave the oil production levels for the first three months of 2026 unchanged when it meets on Sunday. This would moderate the push to regain the market share amid fears about a looming glut of supply. Oil prices are under pressure due to the prospect of a peace agreement between Russia and Ukraine. Brent crude oil closed Friday at $63 per barrel, down 15% for the year. The three delegates stated that eight OPEC+ nations are likely to maintain their policy of halting oil production increases in the first quarter 2026, as they have done so this week.
BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
Commodities trader BB Energy lays some Houston traders off in major reorganization
Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made changes in order to focus its efforts on its most profitable core business while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
OPEC+ has agreed to modestly increase oil production from November, according to sources
Three people with knowledge of the situation said that OPEC+ is planning to increase oil production by 137,000 barrels a day (bpd) from November, the same modest increase as October. The Organization of the Petroleum Exporting Countries, Russia and a few smaller producers have increased their oil production targets this year by over 2.6 million barrels per day. This is equivalent to around 2.5% of the global demand. After years of reductions, the policy shift is intended to gain market share away from competitors such as U.S. Shale producers.
Sources say that OPEC+ is planning to increase oil production in November.
Three sources familiar with the discussions said that OPEC+ is likely to approve another increase in oil production of at least 137,000 bbls per day during its meeting on Sunday. The group's desire to gain market share has been boosted by the rising price of oil, they added. OPEC+ reversed its April strategy of production cuts and has already increased quotas to more than 2,500,000 barrels per day. This represents about 2.4% world demand. The goal is to increase market share, and to do so, they have been under pressure by U.S. president Donald Trump, who wants to lower oil prices.