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UAE to withdraw from OPEC
ask ian

UAE to withdraw from OPEC

In this “ask ian,” Ian Bremmer says the United Arab Emirates’ decision to withdraw from OPEC reflects a broader erosion of trust in longstanding institutions amid growing regional instability.

​UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives at the OPEC headquarters in Vienna, Austria, on June 4, 2023.
What We're Watching

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The Emiratis have long been frustrated with the crude quotas that the oil cartel imposes.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.
Hard Numbers

Hard Numbers: OPEC+ further expands oil output, Ukraine attacks drone corruption, UK releases gonorrhoea vaccine, & More

​Police officers stand guard on the rooftop of Vienna's OPEC headquarters before the start of meeting of OPEC oil.
Hard Numbers

Hard Numbers: OPEC+ ain’t eager to pump, Mexico woos Trump with drug bust, Bitcoin to the moon, Merkel’s book is a blockbuster, Quake hits the Golden State

Saudi Arabian flag with stock graph and an oil pump jack miniature model are seen in this illustration.
News

Saudis face reality on oil prices

Saudi Arabia reportedly plans to start producing more from Dec. 1, allowing global crude prices to fall. Why? It’s an admission that increased oil production in the United States and other non-OPEC members has combined with lower oil demand from China to drop prices well below the level the Saudis would prefer. By producing more, the Saudis hope to claim a larger share of oil market revenues.

The new BRICS expansion and the Global South agenda
Quick Take

The new BRICS expansion and the Global South agenda

Ian Bremmer's Quick Take: After a significant amount of Chinese diplomatic effort to expand the BRICS and make it more meaningful, which other members found were skeptical about, there was significant success and an announcement that there will be six new members invited to join at the beginning of 2024.

A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia.
News

The Saudis’ big oil cut begins. How long will it last?

The Saudis’ controversial plan to slash oil production by 1 million barrels per day officially kicked off on July 1. But could this plan backfire?

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an OPEC meeting in Vienna.
News

Global oil prices and a “Saudi lollipop”

In a dramatic decision, Saudi Arabia announced Sunday that it will take a unilateral step to slash its oil output by 1 million barrels per day in order to boost global oil prices.

Iranian oil minister Gholamhossein Nozari talks to journalists
News

What’s OPEC’s game plan?

In a strange turn of events, OPEC+ – a bloc of 23 oil-producing states including Russia – has banned reporters from Bloomberg, Reuters, and the Wall Street Journal from covering its next meeting in Vienna on Sunday.

Cutout of an oil tanker in a stormy sea
Economy

OPEC+ vs. the US

Oil prices soared Monday after a group of OPEC+ members (unexpectedly) announced that they'd slash production voluntarily by more than 1 million barrels per day.