Leading OPEC+ members plan to continue monthly oil quota hikes through September to complete the restoration of production cuts implemented in 2023

A survey found that crude output from the 12 members of the Organization of the Petroleum Exporting Countries fell by 830,000 barrels per day (bpd) in April from the previous month to 20.04 million bpd

The United Arab Emirates said it was quitting OPEC, dealing a blow to the oil producers’ group ​as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations

BP said market conditions and oil price volatility driven by the war in Iran will affect its financial results for the first quarter of the year. The company expects an exceptional result in oil trading during the first three months of 2026

In its monthly oil market report, the IEA said production losses from the conflict that erupted on February 28 totaled more than 360 million barrels in March, a figure expected to rise to 440 million barrels in April

Argentina could reach oil production of 1 million barrels per day (bpd) in 2026, up from the current level of just over 850,000 bpd, driven by increased activity in the Vaca Muerta shale formation, Energy Secretary Daniel González said

The OPEC+ alliance agreed to increase oil production by 206,000 barrels per day, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist

OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts

Member countries of the agency could release additional emergency oil reserves, as more than 1.4 billion barrels will still remain in emergency stockpiles despite the largest reserve release in history already agreed upon, Executive Director Fatih Birol said

The European Union has asked the International Energy Agency (IEA) to assess the medium-term impact that the release of 400 million barrels of oil from strategic reserves will have on supply security, the European Commission said