OPEC

Since taking office in May, Iraqi Prime Minister Ali al-Zaidi has signalled that ​rebuilding Iraq’s economy, attracting foreign investment and combating corruption will be central to his administration’s agenda

The UAE’s departure from OPEC is seen as a strategic move to unlock production capacity, but analysts caution it may reshape global oil market dynamics over time

Outside the group, the UAE would have both the incentive and the ability to increase production, says Jorge Leon, analyst at Rystad

A US aircraft carrier and supporting warships arrived in the Middle East, US officials said earlier this week

Crude exports increased to 6.407 million barrels per day (bpd) from 5.994 million bpd in July, marking their highest level since February 2025

OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5 per cent of global demand

The eight countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually to review global market conditions and outlook

The eight producers also reiterated their pledge to fully compensate for any overproduction since January 2024

The country also increased the prices for all crude grades it sells to refiners in Northwest Europe and the Mediterranean by $1.40 a barrel

OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd)