OPEC+ meets to set quotas after UAE exit Seven members of OPEC+ are meeting to decide oil production levels for the first time since the United Arab Emirates left the group, Al Jazeera reported. The UAE formally exited on 2 May, after deciding on 28 April to withdraw over dissatisfaction with production limits. According to traders cited in the report, the countries are expected to increase output by about 188,000 barrels per day.
Iran tanker evades US blockade, reaches Asia Pacific, report says A Very Large Crude Carrier linked to National Iranian Tanker Company has evaded the United States naval blockade and reached the Asia Pacific carrying more than 1. 9 million barrels of crude oil, according to TankerTrackers. com.
Iran says US comments confirm ‘piracy’ in maritime actions Iran has accused the United States of openly acknowledging unlawful actions at sea, after remarks by the US president on the capture of Iranian vessels. Foreign Ministry spokesperson Esmaeil Baghaei said Washington had effectively admitted to piracy in its handling of maritime operations. Posting on X, Baghaei wrote that the US president had described the seizure of Iranian ships as “piracy” and had “brazenly boasted that ‘we act like pirates’”.
Kuwait halts crude exports in April as Strait of Hormuz blockade bites Kuwait recorded zero crude oil exports in April for the first time since the end of the Gulf War, according to shipping monitor TankerTrackers. com. The data shows that while the country continued producing oil, it did not ship any crude overseas during the month as the blockade of the Strait of Hormuz disrupted tanker traffic.
Iraq says oil output can return to normal within days of Strait of Hormuz reopening Iraq’s deputy oil minister Basim Mohammed says the country can quickly restore oil production and exports once the crisis in the Strait of Hormuz subsides. Speaking during ongoing disruption to Gulf shipping, Mohammed said Iraq could return to normal output within seven days after conditions stabilise. He added that production currently stands at about 1.
China issues injunction to block US sanctions on companies buying Iranian oil The Chinese Ministry of Commerce has issued an injunction to block US sanctions imposed on five Chinese oil refineries accused of buying Iranian oil. State news agency Xinhua reported that the ministry named the five companies as Hengli Petrochemical (Dalian) Refinery, Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong Shengxing Chemical. After the US Treasure Department imposed sanctions last week on a unit of Hengli Petrochemical, a refiner it said has bought billions of dollars worth of Iranian petroleum, China's Foreign MInistry said that unilateral US sanctions "have no basis in international law" and that it would seek to defend the targeted companies.
China blocks US sanctions against refineries accused of buying Iranian oil China’s commerce ministry said on Saturday it had issued an injunction to block US sanctions imposed on five Chinese refiners accused of purchasing Iranian oil, state news agency Xinhua reported. The ministry named the five as Hengli Petrochemical (Dalian) Refinery, and the so-called "teapot" refineries Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong Shengxing Chemical. In April, the US Treasury imposed sanctions on Hengli Petrochemical, accusing it of purchasing billions of dollars’ worth of Iranian oil, in an escalation of Washington’s long-running efforts to curb Tehran’s oil revenues.
German minister pushes oil firms to lower pump prices Germany’s finance minister, Lars Klingbeil, said oil companies must pass on the benefits of a government fuel tax cut to consumers, as Berlin moves to cushion the impact of rising energy costs. The measure, which took effect on 1 May, reduces energy taxes on diesel and petrol by about 0. 17 euros per litre and will remain in place through June.
US says 45 ships turned back under Iran blockade US Central Command (Centcom) said it has directed 45 commercial vessels to turn around or return to port as part of the United States blockade of Iran’s ports. In a statement on X, the command said US forces are continuing to patrol international waters to enforce compliance. The blockade, imposed on 13 April, is aimed at restricting shipping linked to Iran as tensions persist.
US sanctions China-based oil terminal over Iran trade The US Department of State said it has imposed sanctions on multiple entities, an individual and a vessel involved in the trade of Iran’s petroleum and petrochemical products. Among those targeted is Qingdao Haiye Oil Terminal Co Ltd, which US officials said imported large volumes of Iranian crude through alleged sanctions-evasion practices. The move drew criticism from China, with embassy spokesperson Liu Pengyu saying Beijing opposes “unilateral sanctions and long-arm jurisdiction” without basis in international law.
US sanctions three Iranian currency exchange firms The US Treasury Department announced sanctions against three Iranian foreign exchange companies, accusing them of helping Tehran convert oil revenues into currencies more easily used by the Iranian military and its regional proxies. The targeted firms, Opal Exchange, Radin Exchange and Tahayyori Guarantee Society, along with their associates, are now barred from the US financial system. Treasury Secretary Scott Bessent said the action reflects Washington's commitment to disrupting Iran's financial networks.
By failing to sanction Israel, the EU has confirmed once again its global irrelevance Since the Russian invasion of Ukraine in February 2022, the global order is endangered by increasing geopolitical chaos. The US and Europe took a tough stance towards Russia by severing energy supplies, adopting unprecedented sanctions , and providing weapons deliveries and intelligence support to Kyiv’s government. No western decision-maker considered, or more likely ignored the fact, that by sanctioning Russia, the world’s primary commodities producer, dire consequences for their economies were to be expected.
UAE bans travel to Iran, Lebanon and Iraq, urges its citizens to leave region The United Arab Emirates has banned its citizens from travelling to Iran, Lebanon and Iraq due to regional developments, the foreign ministry said on Thursday. The ministry also urged citizens currently in these countries to leave immediately and return home.
Trump, Fox News praise UAE decision to leave Opec Submitted by MEE staff on Thu, 04/30/2026 - 17:57 Fox News analyst says Saudi Arabia will no longer be able to 'control' UAE, as Trump celebrates its departure from the oil cartel US President Donald Trump attends a farewell ceremony at the White House on the final day of Britain's King Charles and Queen Camilla's state visit to the US, in Washington, DC, on 30 April 2026 (Samir Hussein/Reuters) Off US President Donald Trump on Wednesday indicated that he approved of the decision by the United Arab Emirates to leave the Organization of Petroleum Exporting Countries (Opec) amid the fallout from the US-Israeli war on Iran. "I think it's great. I know him very well.
Trump administration weighing measures to increase US oil output The Trump administration is talking to oil companies and considering measures to increase production in the US "really soon", White House economic adviser Kevin Hassett told reporters on Thursday.
UN chief warns Hormuz closure 'strangling' global economy UN chief Antonio Guterres sounded the alarm on Thursday over the worsening global economic impacts of the Strait of Hormuz remaining effectively closed due to the Iran war. The closure of the vital waterway is "strangling the global economy," the secretary-general warned in remarks to press. Even if restrictions were lifted today, "supply chains will take months to recover, prolonging lower economic output and higher prices," he said.
Eurozone inflation jumps to 3. 0 percent as Israeli-US war drives up energy prices Inflation across the euro area has accelerated sharply, driven by surging energy costs linked to the Israeli-US war on Iran, according to fresh data from Eurostat. Consumer prices rose 3.
By failing to sanction Israel, the EU has confirmed once again its global irrelevance Submitted by Marco Carnelos on Tue, 04/28/2026 - 08:45 By wilfully ignoring blatant US-Israeli acts of aggression, the EU is facilitating a global regime of impunity that contravenes its founding principles EU High Representative for Foreign Affairs Kaja Kallas holds a press conference in New York City, 22 September 2025 (Timothy A Clary/AFP) On Since the Russian invasion of Ukraine in February 2022, the global order is endangered by increasing geopolitical chaos. The US and Europe took a tough stance towards Russia by severing energy supplies, adopting unprecedented sanctions , and providing weapons deliveries and intelligence support to Kyiv’s government. No western decision-maker considered, or more likely ignored the fact, that by sanctioning Russia, the world’s primary commodities producer, dire consequences for their economies were to be expected.
Oil surge triggers ‘biggest energy crisis’, IEA chief warns The head of the International Energy Agency has sounded the alarm over spiralling oil prices, warning of a deepening global economic shock as conflict in the Middle East disrupts markets. Speaking in Paris, Fatih Birol said the surge in crude prices is straining economies worldwide and driving up costs for governments already under pressure. "The world is facing the biggest energy crisis in history," Birol said at a high-level meeting on the energy transition at IEA headquarters.
US proposes new coalition to get ships moving through Hormuz: Report The US has pitched a new international coalition, dubbed the "Maritime Freedom Construct", to enable navigation through the Strait of Hormuz, the Wal Street Journal reported. The proposed coalition would "share information, coordinate diplomatically and enforce sanctions", according to an internal State Department cable.
