The United Arab Emirates (UAE) has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, effective May 1, 2026—marking the end of nearly 60 years of membership since 1967. This move strips OPEC of its third-largest producer and delivers a significant blow to the cartel’s ability to […]
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Ukrainian drone strikes continue to hammer Russian oil infrastructure, with the latest assault on the Tuapse Oil Refinery in Krasnodar Krai marking the third hit on the facility in April alone. Overnight on April 27-28, 2026, drones ignited fires and damaged additional storage tanks, triggering a state of emergency, an oil spill, and direct Kremlin […]
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In a landmark testimony before the Senate Appropriations Subcommittee and follow-up statements, U.S. Treasury Secretary Scott Bessent has outlined a bold new strategy: expanding permanent dollar swap facilities with Gulf and Asian allies to reinforce U.S. dollar dominance amid global energy shocks. This comes as the traditional petrodollar framework—anchored by a 50-year arrangement with Saudi […]
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This is not a rumor—it’s confirmed today (April 28, 2026) via the state-run Emirates News Agency (WAM). The move ends nearly 60 years of membership in OPEC (a founding member) and marks the most significant fracture in the cartel in decades. The official rationale, per WAM and UAE Energy Ministry statements, is a “comprehensive review […]
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In the latest OilPrice.com analysis by Irina Slav (published April 27, 2026), warnings about permanent oil demand destruction are pouring in amid the ongoing Middle East conflict. These warnings align directly with a widely discussed X post from commodities trader @CRUDEOIL231 (April 28, 2026), which highlights exponential cumulative shut-ins in the Middle East. The post […]
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ENB pub Note: This article ran on David Blackmon’s Substack and validates several articles we have published here on Energy News Beat. We recommend subscribing to David’s Substack. David and Stu Turley will be on a Podcast this week with Tim Stewart, President of the US Oil & Gas Association. Six weeks after I wrote […]
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Goldman Sachs issued a research note Thursday projecting that Gulf oil production—currently down by an estimated 14.5 million barrels per day (mbpd), or 57% of pre-war Middle East levels—could largely rebound within a few months once the Strait of Hormuz reopens and hostilities fully cease. The investment bank attributes most of the lost output not […]
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The global oil market has been upended by the U.S.-Israeli conflict with Iran that began in late February 2026. The effective closure or severe restriction of the Strait of Hormuz — the chokepoint carrying roughly 20 million barrels per day (bpd), or about one-fifth of global seaborne oil and LNG — triggered the largest supply […]
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In an era of geopolitical turmoil—from conflicts in the Middle East to supply chain disruptions—energy security is no longer a luxury but a strategic imperative. Countries worldwide are shifting from reliance on imported refined products to building domestic refining capacity and ramping up drilling programs. This “energy starts at home” approach not only insulates economies […]
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April 23, 2026 – Tensions in the Persian Gulf remain high as the U.S. naval blockade of Iranian ports enters its second week, with U.S. Central Command (CENTCOM) reporting that American forces have now directed 31 vessels to turn around or return to Iranian ports. At the same time, the Strait of Hormuz — the […]
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