International oil alliance
Appears in 8 stories
Approved emergency production increase for April 2026
The Iran-US war is on Day 228, and the Strait of Hormuz is still far from normal. A US-coordinated shuttle system moves crude through southern corridors near Oman, but flows in the first week of October ran about 40% below normal, and Iran's seaborne exports to the outside world are at zero.
Updated 7 days ago
Kazakhstan is a member with production quotas
Kazakhstan's economy grew 4.2% in the first nine months of 2026, even as oil output fell 8.3% to 69.4 million tonnes. Deputy Prime Minister Serik Zhumangarin says three forces are holding growth back: the oil decline, a stronger tenge, and slower consumer lending.
Held output unchanged September 6, leaving little spare supply to offset disruption
Brent crude crossed $100 on September 9 for the first time since July, after Iran attacked 10 ships near the Strait of Hormuz and the US destroyed five Iranian tankers. Prices retreated below $100 by September 21 as Trump signaled openness to talks and satellite data showed Saudi oil flows through the strait recovering to 2.9 million barrels a day, up from 700,000 in August.
Updated Sep 21
Attempting to offset supply disruption with modest production increases
The September 13 postponement of Iran-Gulf talks on a temporary Hormuz shipping route pushed Brent above $108 a barrel. Saudi Arabia then cancelled September-loading crude cargoes to European buyers and suspended loadings at the Red Sea port of Yanbu, after a September 10 drone attack shut the East-West pipeline that bypasses the strait. Buyers and traders say Saudi could exhaust its exportable crude within days; Goldman Sachs puts repair time at 'very soon' to eight weeks.
Updated Sep 16
Increasing production to offset Hormuz disruption
The last time the United States sank Iranian warships was April 18, 1988. Thirty-eight years later, American forces destroyed nine Iranian naval vessels in a single day and demolished the country's naval headquarters at Chabahar, on the Gulf of Oman. The strikes came after Iran attempted to blockade the Strait of Hormuz, the 21-mile passage that carries roughly one-fifth of the world's oil supply.
Updated Sep 9
Setting output policy with one major member fewer
For decades, every OPEC+ output decision had the United Arab Emirates in the room, usually pushing to pump more. On Sunday, ministers met in Vienna without it for the first time. The UAE's exit took effect May 1 and pulled about 3.5 million barrels a day out of the group's quota math.
Updated Jun 7
Loses second-largest Gulf producer
The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.
Updated May 31
Holding 3.24 million barrels per day in cuts, delaying planned unwind
Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.
Updated May 27
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