OPEC
Brent and WTI prices declined due to increased exports and the G7 decision to release oil from reserves. Geopolitical risks remain.
OPEC+ has agreed in principle not to change its November production targets. Due to the war, exports from the Persian Gulf countries have fallen to 60–80% of normal levels.
OPEC+ postponed its assessment of countries’ production capacities from September to November 2026 due to projects disrupted by the war. The results will determine quotas for 2027.
Venezuela’s acting president, Delcy Rodríguez, concluded her visit to the United States without any specific agreements or an election date. Experts predict that preparing for the vote will take at least 12 months.
On September 14, Ukraine observes Tank Forces Day and the Feast of the Exaltation of the Cross. Around the world, people commemorate the founding of OPEC and U.S. National Anthem Day.
After consultations with Washington, Caracas is considering leaving OPEC. The parties are also discussing leasing the fields to US entities for up to 100 years.
India’s imports of Russian oil could fall to 2 million barrels per day. Refiners are buying oil from America, Africa, and the Persian Gulf.
In July, OPEC countries increased oil production by 1. 16 million barrels per day, to 19.44 million. The main growth was driven by Iraq, Kuwait, and Saudi Arabia. Supplies remain below the pre-war level due to the war with Iran.
OPEC+ and allies agreed to increase oil production in September due to the impassability of the Strait of Hormuz. This is the sixth consecutive increase amid the war with Iran.
Brent oil prices surged 6. 8% to $89.79 due to the resumption of US and Saudi strikes on Iran. US oil inventories fell by 3.3 million barrels, and OPEC+ may suspend production increases.
Due to the escalation of the conflict between the US and Iran, the price of Brent crude oil has risen to $91 per barrel. In Ukraine, fuel could become more expensive by several hryvnias per liter within one to two weeks.
The General Staff reports strikes on 16 major oil refineries and the loss of 30% of Russia's capacity. Due to fuel shortages, the enemy has introduced a rationing system and limits at gas stations.
The OPEC+ alliance agreed to increase production by 188,000 barrels per day starting in July. Seven countries plan to fully lift restrictions by the end of September.
The blockade of the Strait of Hormuz will affect the global oil market until the end of 2026. Experts predict a prolonged recovery of logistics and high prices.
The parties decided to discuss highly enriched uranium stockpiles later due to the complexity of the topic. Trump called the removal of the material a PR stunt while the war continues.
The Russian Federation will purchase 110 billion rubles worth of foreign currency and gold for the first time since 2025 due to rising oil prices. This will help replenish the fund's reserves, which have been depleted by the war.
The UAE plans to withdraw from OPEC and increase oil production. This will crash global prices and make Russian exports unprofitable due to high production costs.
Saudi Aramco has cut the price of Arab Light crude for Asia by $4 per barrel. The cost remains at record levels due to the war and restrictions in the Strait of Hormuz.
Brent crude fell to $106 following Trump's statement on vessel protection. The U.S. President also reported on negotiations with Iran regarding ending the war.
Seven OPEC+ countries will increase production by 188,000 barrels per day in June. This decision is a formality due to the blocking of exports in the Strait of Hormuz.
Brent price rose to $126 due to a potential resuming of the conflict between the US and Iran. Trump is reviewing military plans and maintaining the blockade of the Strait of Hormuz.
Donald Trump stated that the UAE's withdrawal from OPEC would lower fuel costs. However, the market responded with Brent oil prices rising to 2022 record highs.
The price of a Brent barrel has risen to $120 for the first time since 2022 amid the naval blockade of Iran. The UAE announced its withdrawal from OPEC due to the escalation of the conflict.
The UAE is leaving OPEC due to the war with Iran and disagreements with allies. This decision will weaken the cartel and help the US lower global oil prices.
Tehran has set a fee of $1 per barrel of oil for vessels. Payment in cryptocurrency is intended to protect transactions from tracking and sanctions.
Brent crude rose to $110. 34 after US threats to destroy Tehran over the strait blockade. Iran rejected a ceasefire and continues the blockade.
Brent and WTI prices rose amid expectations of negotiation outcomes and the closure of the Strait of Hormuz. OPEC+ agreed to a slight increase in production for May.
Oil prices rose after Trump's threats to strike Iranian infrastructure. The market fears a halt in supplies through the critical Strait of Hormuz.
From May, OPEC+ countries will increase oil production by 206 thousand barrels per day. Due to infrastructure damage, significant price fluctuations are possible in the market.
The US presidential administration imposed an information lockdown and canceled all of Trump's public appearances. The White House denies rumors of hospitalization.