News about Oil
The United Arab Emirates plans to double its ability to export crude oil by bypassing the Strait of Hormuz by 2027. According to the Emirates’ press service posted on social network X, the Abu Dhabi National Oil Company is completing construction of a pipeline that will connect oil fields to the port of Fujairah in the Gulf of Oman.
Rising global oil prices have supported Canada’s exports and fiscal revenues, but have also increased inflation risks and the economy’s dependence on trade relations with the United States. Additional uncertainty is created by a possible renegotiation of the trade agreement between Mexico, Canada and the United States (USMCA) and the threat of new U.S. tariffs.
The International Energy Agency (IEA) has worsened the forecast for global oil demand in 2026 due to the military conflict in the Middle East. Daily demand reduction is expected at the level of 418 thousand barrels per day to the level of 104 million bpd. The forecast is worsened by 334 thousand bpd compared to the April estimate, and the peak of the decline is expected in the second quarter – 2.45 million bpd.
While diesel prices in Moldova have been decreasing for a week already, gasoline is becoming more expensive.
The European Commission has confirmed that rising jet fuel prices cannot be a reason to deny passengers compensation for canceled flights.
The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect tomorrow, May 13.
OPEC oil production continued to decline in April to its lowest level in more than two decades, according to a Reuters poll. Crude oil production by OPEC, which consists of 12 member countries, fell by 830,000 bpd in April. The March figure was revised down by 700,000 bpd due to Saudi Arabia’s output estimate.
US President Donald Trump is seriously considering making Venezuela the 51st state.
The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect from May 9-11.
The Indian rupee has hit an all-time low amid rising oil prices, capital outflows and heightened global uncertainty. Pressure on the currency market is increasing risks for one of the world’s fastest growing major economies.
The Government of Kazakhstan decided to prolong temporary restrictions on the export of gasoline, diesel fuel and other fuels and lubricants. The corresponding order was signed by the Minister of Energy of Kazakhstan. As follows from the document, “these measures are aimed at protecting the domestic market and preventing fuel shortages in the country”.
Exports of jet fuel suffered the most, falling by 95% against February’s figure. At the same time, diesel shipments fell by “only” 55% thanks to support from Saudi Arabia’s Red Sea refineries. These refineries are more optimized for diesel production than jet fuel.
Oil prices are down for a second straight day amid expectations of a resumption of crude supplies from the key Middle East region, after US President Donald Trump hinted at a possible peace deal with Iran.
The United States sharply increased its oil exports and actually became the world’s number one supplier. The restrictions in the Strait of Hormuz also reduced Saudi Arabia’s exports and changed the balance of the global market.
The National Energy Regulatory Agency (ANRE) has set new maximum fuel prices that will be in effect tomorrow, May 6.
OPEC+ members raised their combined oil production targets for June by 188,000 bpd after the UAE left the group. Seven key countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – agreed to increase the volumes.
The withdrawal of the United Arab Emirates (UAE) from OPEC signals a strategic reversal and calls into question Gulf coordination and the future of the cartel.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended until May 30 a general license allowing certain transactions related to the sale of Lukoil International GmbH (a subsidiary of Russian oil company Lukoil, which owns the group’s foreign assets). This decision allows to finalize the transaction with the American investment company Carlyle Group, which was announced earlier.
A prolonged war or more severe oil supply disruptions could push Brent crude prices to $115 a barrel in 2026, with oversupply not returning until 2027, the bank said in its latest commodity markets forecast.
The United Arab Emirates announced on Tuesday, April 28. its withdrawal from OPEC and OPEC+, dealing a major blow to groups of oil-exporting countries and Saudi Arabia amid an ongoing war with Iran.
