Europe risks jet fuel shortages after Middle East shipments halted due to conflict and closed shipping routes, threatening aviation just as airlines prepare for peak summer travel demand.
The United Arab Emirates’ planned exit from OPEC and OPEC+ from May 2026 is expected to have limited immediate impact on oil markets in the near term but could weaken the group’s supply management over time, HSBC said, while OPEC+ sources signalled the alliance would remain broadly intact.
Oil prices went up further on Wednesday, extending a multi-day rally, as the Iran and US blockades of the Strait of Hormuz continued.
The UAE’s decision to exit Opec and Opec+ marks a significant turning point in global oil markets, said a leading market analyst, highlighting shifting geopolitical dynamics and evolving supply expectations. The UAE is leaving the alliance effective May 1, ending nearly six decades of membership.
In a shock move poised to rattle global oil markets, the UAE has announced it will exit the Organisation of the Petroleum Exporting Countries and its wider Opec+ grouping, effective May 1, 2026.
A programme on sustainability and renewable energy has begun in the Wilayat of Sohar, in the Governorate of North Al Batinah, Oman. The programme is organised by the Youth Centre and SOHAR Port and Freezone. It aims to equip over 50 young Omanis, aged 25–34, with essential skills for the global energy transition.
NMDC Energy reported Q1 2026 results, maintaining operational continuity across projects. Revenue rose 33 per cent year-on-year to AED5 billion ($1.4 billion).
Adnoc Logistics & Services (Adnoc L&S) has taken delivery of its sixth 175,000 m³ new-build LNG carrier from Jiangnan Shipyard in China. The vessel is part of a $1.2 billion LNG fleet order placed in 2022.
Shell has agreed to acquire ARC Resources for $16.4 billion, strengthening its position in the Montney shale basin across British Columbia and Alberta, and expanding its presence in one of North America’s most prolific energy resource plays.
China's first one-million-cubic-metre-level salt cavern hydrogen storage demonstration project has been officially put into operation in Pingdingshan, central Henan Province, marking a new phase of industrialisation for the country's hydrogen energy chain.
