OPEC+ Raises Oil Production by 188,000 Barrels Daily
OPEC+ announced a production increase of 188,000 barrels per day, signaling continued efforts to manage global oil supply amid market dynamics.
economy
Energy
Western energy majors are expected to report combined record profits of $200 billion in 2022, driven by volatile oil and gas prices following Russia's Ukraine invasion, with strong earnings projected to continue into 2023.
HIGH confidence
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Queensland unlocks state land for oil storage and refineries in fuel security push
Queensland government launches Accelerating Fuel Infrastructure Program to unlock state-owned coastal land for oil storage and refinery development, aiming to boost fuel sovereignty and protect against price shocks.
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Nigeria's indigenous oil and gas service providers will take center stage at the 2026 Offshore Technology Conference in Houston, with PETAN leading efforts to position local companies as key drivers of Africa's energy transformation.
China Orders Energy Firms to Defy U.S. Sanctions on Iran Oil Trade
China's Commerce Ministry orders domestic energy companies to ignore US sanctions on Iranian oil operations, escalating geopolitical tensions over petroleum trade and financial channels.
Oil tanker hijacked off Yemen, diverted to Somalia amid resurgent piracy
A petroleum tanker was hijacked off Yemen's coast and diverted to Somali territorial waters, marking a resurgence of piracy as regional instability diverts naval forces from maritime security.
UAE's OPEC Exit Signals Shift From Oil to Sovereign Wealth Strategy
The UAE announced its withdrawal from OPEC, marking a significant shift in the cartel's influence as the nation's diversified sovereign wealth fund now exceeds oil-dependent revenues, signaling broader geopolitical realignment.
UAE's OPEP Exit Reshapes Oil Dynamics, Impacts Venezuela
The United Arab Emirates' withdrawal from OPEP signals a significant realignment in global oil politics, with immediate implications for production quotas and Venezuela's economic leverage within the cartel.
Norway's Energy Paradox: Billions from Oil While Cutting Domestic Consumption
Norway generates billions from rising oil prices while simultaneously reducing its domestic oil consumption, exemplifying a paradoxical energy transition strategy.
Non-Gulf oil producers capitalize on Strait of Hormuz crisis
Non-Gulf petroleum producers are capitalizing on regional tensions affecting the Strait of Hormuz, while Gulf monarchies face investor confidence challenges amid Iran conflict.
Nigeria Reaffirms OPEC Commitment as UAE Exit Threatens Price Stability
Nigerian officials reaffirm OPEC commitment as UAE's May 2026 exit raises concerns about weakened cartel influence on global oil prices and potential revenue losses for Nigeria.
Exxon, Chevron profits fall but beat revenue forecasts amid Iran tensions
Exxon Mobil and Chevron reported lower profits in Q1 2026 due to Iran war disruptions, but both exceeded Wall Street revenue expectations for the quarter ending March 31.
Ancient tectonic slabs reshape Earth's interior 1,800 miles below surface
Scientists discovered that ancient subducted tectonic plates continue warping Earth's rock layer 1,800 miles below the surface, revealing a global connection between surface plate motion and deep mantle deformation.
UAE's OPEC Exit Tests Saudi Arabia's Regional Oil Dominance
The UAE's unexpected withdrawal from OPEC signals a shift in Middle Eastern oil politics and closer alignment with US interests, testing Saudi Arabia's dominance in the cartel.
Commercial LPG hits record high with Rs 993 surge as West Asia conflict roils energy markets
Commercial LPG prices hit an all-time high with a Rs 993 hike, marking the third consecutive monthly increase driven by global energy costs tied to West Asia tensions. Domestic cooking gas rates remain unchanged.
Air India Cuts 100 Daily Flights as Jet Fuel Prices Surge 80%
Air India is cutting nearly 100 flights daily across international routes due to soaring jet fuel prices that have surged 80% since February, forcing the airline to operate below cost recovery on most flights.
Commercial LPG prices surge Rs 993 as West Asia conflict disrupts global energy
India raised commercial LPG prices by Rs 993 per cylinder Friday due to global energy disruptions from the West Asia conflict, while keeping domestic fuel prices unchanged to protect consumers.
India cuts windfall tax on fuel exports as geopolitical tensions ease
India reduced export duties on diesel to Rs 23/litre and ATF to Rs 33/litre effective May 1, 2026, down from higher rates imposed in March-April amid Middle East tensions affecting oil supplies.
Venezuela Signs Energy Deals with U.S. Companies Amid Bilateral Reopening
Venezuela has signed energy agreements with US companies, marking a bilateral reopening and potential economic recovery phase. The US views this as a historic opportunity for the Venezuelan oil sector.
Trump Backs UAE's OPEC Exit as Oil Cartel Faces Fracturing
The UAE announced its departure from OPEC, receiving President Trump's endorsement. The move signals potential fracturing within the oil cartel's influence on global energy markets.
Centre hikes commercial LPG prices by Rs 993 amid global energy crisis
India's government increased commercial LPG cylinder prices by Rs 993 while protecting domestic consumers from global fuel volatility, keeping household prices unchanged.
Petrobras oil production surges 16.3% in Q1 2026 as exports jump 61%
Petrobras achieved record oil production growth of 16.3% in Q1 2026, with exports jumping 61%, driven partly by supply disruptions from regional conflicts.
UAE's OPEP Exit Reshapes Oil Cartel, Raises Climate Questions
United Arab Emirates withdraws from OPEC, marking a significant shift in Middle Eastern oil politics and potentially weakening the cartel's influence over global energy markets and climate policy.
Virginia mayor arrested for public intoxication at train derailment site
Rich Creek Mayor Paul Morrison was arrested for public intoxication after allegedly arriving drunk at a Norfolk Southern train derailment site in Virginia. The incident involved a soybean oil leak deemed non-hazardous.
Churchill's Arctic Port Bets on Climate Change and Global Shifts
Canada is investing heavily in expanding Churchill's Arctic port to create a year-round shipping route to Europe, driven by climate change, US trade tensions, and European energy needs. Experts remain skeptical about economic viability without costly icebreaker support.