Opec

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.(Image credit: Joe Klamar)

Big win for Donald Trump, who has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices Business live – latest updatesThe United Arab Emirates has quit the Opec oil cartel in a heavy blow to the group and its de facto leader, Saudi Arabia, amid the global energy shock caused by the Iran war.The stunning loss of the UAE, a longstanding Opec member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas. Continue reading...

Members reportedly agree rise of 206,000 barrels a day in May but move symbolic with strait of Hormuz effectively closedMiddle East crisis – live updatesIranian drones struck Kuwait’s oil infrastructure on Sunday, causing “severe material damage” that threatened to further disrupt oil supplies already hit by the US and Israel’s war with Tehran.It came hours before members of the Opec+ group that represents major global oil suppliers gathered to discuss how to bolster output despite Iran’s effective closure of the crucial strait of Hormuz shipping route. Continue reading...