Author: Humaydh Sariffodeen

The exit of the United Arab Emirates from OPEC and OPEC+ will deal a heavy blow to the groups at a time when the war in Iran has caused a historic energy shock. DUBAI: The United Arab Emirates said on Tuesday (Apr 28) it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy. The country said it would leave the organisations effective May 1. The stunning loss of the UAE, a longstanding OPEC…

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Gas prices in the United States soared past $4 per gallon for the first time since 2022, as energy infrastructure is increasingly targeted and threatened by all major parties in the war. Overnight, a Kuwaiti oil tanker was struck by what Kuwaitis said was an Iranian drone attack. That came after US President Donald Trump threatened to “obliterate” Iran’s energy facilities if Washington and Tehran don’t reach a deal soon. CNN – March 30, 2026 At the same time, Trump and his administration claim talks with Tehran are still ongoing but they have offered little detail on who they are communicating with,…

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The global economy is under “major threat” from the energy crisis caused by the Middle East war, International Energy Agency chief Fatih Birol said Monday (Mar 23). Speaking at the National Press Club in Australia’s capital, Birol described the crisis in the Middle East as “very severe” and worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war on gas, put together. “This crisis, as things stand, is now two oil crises and one gas crash put all together,” he said. CNA – 23 March, 2026 “The global economy is facing a major, major…

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