OPEC & Rystad Energy

OPEC: The departure of the United Arab Emirates, one of its largest producers, significantly weakens OPEC's control over global oil supplies and prices, potentially leading to disarray and reduced influence in managing oil markets.

Rystad Energy: Jorge Leon, an analyst at Rystad Energy, noted that the United Arab Emirates' withdrawal marks a significant shift for OPEC, leading to a structurally weaker OPEC and potentially a more volatile oil market.

OPEC: OPEC+ agreed to a modest output increase of 206,000 bpd, which is insufficient to offset potential supply losses from the Strait of Hormuz closure.

Rystad Energy: Rystad Energy economists provided analysis on potential crude oil supply losses due to the Strait of Hormuz closure and predicted price increases.

OPEC: OPEC increased its oil production quota for June by 188,000 barrels per day, a move intended to demonstrate continuity after the United Arab Emirates' withdrawal and to support oil market stability.

Rystad Energy: Rystad Energy analysts provided commentary and analysis on the OPEC decision and the United Arab Emirates' withdrawal.

OPEC: OPEC agreed to a modest oil output boost for April, but this is largely insufficient to offset the supply disruptions caused by the Middle East conflict.

Rystad Energy: Rystad Energy, through its head of geopolitical analysis Jorge Leon, provided expert commentary on the impact of the Strait of Hormuz situation on oil markets.

OPEC: OPEC+ countries announced an increase in crude production by 206,000 barrels per day in April to mitigate supply concerns arising from the conflict.