The United Arab Emirates’ plan to ditch the oil producers’ group Opec and strike out alone is being viewed as a huge blow for the organisation, with one analyst describing it as “the beginning of the end of Opec”.
Nigeria should market its crude oil to new buyers as the UAE’s decision to leave OPEC is dislocating the balance that the cartel and the OPEC+ group have been seeking for years, according to Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria (PETAN). The official urged Nigeria’s state oil and gas firm NNPC […]
Nigeria recorded its strongest oil production performance so far in 2026, as total liquid output rose to 1.66 million bpd in April from 1.54 million bpd in March, although crude output fell short of the 1.5 million bpd quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria’s oil production rose 106,000 month-on-month to 1.48 million barrels per day in the month of May. That’s according to data from OPEC Monthly Oil Market Report. Meanwhile, investors continue to monitor the fragile Middle East ceasefire and await outcome of talks between U.S. President Donald Trump and China’s Xi Jinping in Beijing. Chinnan Dikwal, Vice Chair of African Energy Council joins CNBC Africa for more.
OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
The United Arab Emirates has announced its decision to quit OPEC and OPEC+ to focus on “national interests”, dealing a heavy blow to the oil-exporting groups at a time when the US-Israel war on Iran has caused a historic energy shock and rattled the global economy.
After quitting OPEC and OPEC+, the United Arab Emirates (UAE) is set to grow its oil production faster when the current Hormuz crisis is over, according to analysts at Barclays
Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates’ shock decision to quit the cartel raised questions about its future amid a historic supply disruption caused by the Iran war.
The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
OPEC crude production registered a record plunge last month as conflict in the Middle East throttled exports from key members, the group’s data showed.