The United Arab Emirates will exit the Organisation of the Petroleum Exporting Countries, with effect from May 1, the WAM news agency reported Tuesday.
The country decided to leave both OPEC and OPEC+, taking into account its national interest following a review of its production policy, as well as its existing and future capacity, according to the report.
The move comes amid energy market volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz.
The U.S. blockade on Iranian oil exports is beginning to materially disrupt flows, sharply reducing loadings and forcing production cuts, according to a report from Kpler.Iran's loadings have dropped to about 567,000 barrels per day (bpd) according to the report and added that production cuts are expected to rise as much as 1.5 million bpd by mid-May.While the immediate revenue impact is limited due to shipping and payment lags, Kpler estimates losses could reach $200 million to $250 million per day in the coming months.The report also said that the blockade more than symbolically pressures Iran, adding that curtailing "production comes with higher opex. Iran is also a major grain, corn and rice importer. Lower imports of these agricultural products will drive higher inflation internally."
Two Iran-linked oil tankers intercepted by U.S. forces near Sri Lanka have turned around in the Indian Ocean, Bloomberg reported on Monday.The vessels identified as the Tifani and Phonix were boarded by U.S. forces last week. The report said after initially heading west, the tankers turned east late Monday, according to shipping data.The U.S. has not clarified what will happen to the ships or their cargo, and both vessels continue to signal Asian destinations, creating confusion about their final route.
PetroVietnam Gas plans to increase imports of liquefied petroleum gas from the U.S., as the Iran war disrupts supplies from the Middle East, Bloomberg reported on Monday.The company plans to import about 66,000 tons of LPG from the U.S. in May, compared with 44,000 tons from the Middle East.PV Gas expects to import around 250,000 tons of LPG in the three months following the outbreak of the war, with more than half coming from the U.S., the report said.