The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
As OPEC marks its 65th anniversary, the organisation reflects on its role in shaping global energy, promoting stability, and ensuring oil remains vital for economic growth and energy security worldwide.
Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.
OPEC expects improved economic performance in H2 2025 to support oil demand, with high refinery intake driven by summer travel and resilient growth in key markets.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
OPEC+ has agreed to raise oil production by 548,000 barrels per day in August, accelerating output increases amid geopolitical tensions and pressure from U.S. President Donald Trump to help ease fuel prices.
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
Kazakhstan's Energy Minister Yerlan Akkenzhenov met with OPEC Secretary General Haitham AlGhais in Astana today, reiterating the nation's strong commitment to the Declaration of Cooperation and joint efforts to ensure a stable global oil market.
Parviz Shahbazov, Azerbaijan’s Energy Minister, met with Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), on the sidelines of the Baku Energy Week.
Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, will come together today to address the global challenges and opportunities of speeding up the clean energy transition.
Oil prices rose on Wednesday, driven by tighter supply from OPEC members and Russia, alongside stronger-than-expected U.S. job data indicating economic growth and higher oil demand.
Oil prices fell 2% as OPEC downgraded its global demand forecast and China's oil imports dropped for the fifth consecutive month. Concerns over Israeli-Iran tensions also weighed on markets, with Brent settling at $77.46 per barrel and WTI at $73.83 per barrel.
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