Seven key OPEC+ members (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria) have decided to raise oil output quotas by 188,000 barrels per day (bpd) in June, the group said in a joint statement.
The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf, with Saudi Arabia and Oman set for a windfall and others including the UAE seeing a drop in petrodollar income, Bloomberg reported.
The UAE's state news agency WAM reported that the UAE intends to leave OPEC and OPEC+
The Basra-Ceyhan oil pipeline could become an alternative to the Strait of Hormuz for energy exports, according to the head of the IEA.
Crude oil production in the major Gulf Arab exporters plunged in March due to the Iran war, according to data released by OPEC.
Iraq's parliament has chosen Nizar Amidi, the presidential administration's official, as a candidate from the Kurdish party. Amidi has already been congratulated by Russian President Vladimir Putin.
Eight leading OPEC+ countries have decided to increase oil production by 206,000 barrels per day (bpd) in May (compared to April levels), the organization’s statement said.
The restrictions imposed by the country apply only to tankers and bulk carriers of hostile countries
Iraq has resumed oil exports via the Kirkuk-Ceyhan pipeline, the state-owned North Oil Company (NOC) said, according to the Iraqi news agency INA.
Iraq is in contact with Iran to allow some oil tankers to pass through the Strait of Hormuz, Iraqi Oil Minister Hayyan Abdul Ghani said.
The U.S. Embassy in the Iraqi capital Baghdad was hit in a missiles attack, Iraqi security sources said on Saturday.
Oil terminals at Iraqi ports have suspended operations following attacks on tankers, director general of the General Company for Ports of Iraq Farhan al-Fartousi said.
Saudi Arabia, Iraq, the UAE and Kuwait have lowered their collective output by as much as 6.7 million barrels a day, Bloomberg reported citing sources.
The Islamic Revolutionary Guard Corps (IRGC) forces launched a missile attack on Kurdish paramilitary positions in Iraqi Kurdistan.
The CIA is working to arm Kurdish forces with the aim of fomenting a popular uprising in Iran, CNN reported citing sources.
Iran has struck at least six U.S. military facilities around the Middle East since the United States and Israel began attacking the country on Saturday, according to a New York Times analysis of satellite imagery, verified videos and statements by U.S. military officials.
A US military base in the city of Erbil, Iraq, has come under attack. According to Iranian media, the strike was carried out by a pro-Iranian group.
There are fears of possible retaliatory strikes from the Islamic Republic
The U.S.-led coalition will completely withdraw its troops from Syria within a month, Syria TV reported, citing a government source in Damascus.
Iraq’s parliament will convene on Tuesday, January 27, to elect a new president for the country, Iraqi parliament speaker Haibet Al-Halbousi said.
