6/1/2026 9:49:02 AM (Volume: 43 / Issue: 6)
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Tag: oil

Energy, Oil & Gas

UAE exit from OPEC 'will have limited immediate impact on oil market'

The United Arab Emirates’ planned exit from OPEC and OPEC+ from May 2026 is expected to have limited immediate impact on oil markets in the near term but could weaken the group’s supply management over time, HSBC said, while OPEC+ sources signalled the alliance would remain broadly intact....

Energy, Oil & Gas

UAE’s Opec exit signals turning point for global oil, says expert

The UAE’s decision to exit Opec and Opec+ marks a significant turning point in global oil markets, said a leading market analyst, highlighting shifting geopolitical dynamics and evolving supply expectations. The UAE is leaving the alliance effective May 1, ending nearly six decades of membership. ...

Energy, Oil & Gas

Oil prices rise after ships hit in Hormuz

Oil prices jumped on Wednesday (April 22) with Brent trading above $100 a barrel, erasing earlier ‌losses following reports of gunfire attacks on at least three container ships in the Strait of Hormuz....

Energy, Oil & Gas

Hormuz closure: Alternative routes for Mideast oil

Conflict between the US, Israel and Iran has disrupted Strait of Hormuz shipping, exposing limited export alternatives. Existing pipelines offer partial relief, while proposed routes face major political, security and financial challenges. ...

Energy, Oil & Gas

Nearly half of Gulf O&G assets beyond design life: IGS research

Integrated Global Services (IGS) research shows 46 per cent of oil and gas assets in Saudi Arabia and UAE operate beyond design life, with 83 per cent still confident in performance despite downtime losses and growing focus on efficiency and reliability. ...

Energy, Oil & Gas

Assala announces first oil of Grand N'Gongui field

Assala Gabon announced the start of production from the Grand N'Gongui (GNG) field. The field contains a 10–15 metre oil rim within the Gamba Formation, with up to 350 MMstb of stock tank oil initially in place (STOIIP)....

Energy, Oil & Gas

Oil rises 5pc on renewed US-Iran tension

Oil prices jumped more than 5 per cent on Monday (April 20), on fears that the ceasefire between the ‌US and Iran could collapse after the US seized an Iranian cargo ship, while traffic through the Strait of Hormuz stayed largely halted....

Energy, Oil & Gas

IMF says Mideast states face uneven fallout from Iran war

Energy disruptions from the Iran war strain Gulf oil and gas exporters, while importers like Egypt and Jordan face higher commodity prices and reduced remittances from Gulf workers, worsening economic pressures across the region, said the International Monetary Fund (IMF)....

Energy, Oil & Gas

Crude oil prices decline after reports of new talks

Oil prices extended their decline on Wednesday, as cautious optimism over a possible resumption of US-Iran talks eased immediate supply fears, even as underlying risks from the ongoing conflict continued to cap losses....

Energy, Oil & Gas

Avigilon AI video analytics help protect Middle East oil and gas sites

Gas and oil sites are among the most vital and high-risk pieces of critical infrastructure. This is especially true for the Mena region, which produces 30 per cent of the global oil supply and 17 per cent of the global gas supply, while having to account for active security risks and vulnerabilities that most of the world never considers....

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