United Arab Emirates Plans to Leave OPEC Amid Oil Market Volatility
The United Arab Emirates (UAE) has announced plans to exit the Organisation of the Petroleum Exporting Countries (OPEC), marking a significant shift in global energy politics.This move is seen as a major blow to OPEC, which has historically coordinated oil production among member states to influence global oil prices.The UAE's decision comes amid unprecedented volatility in the oil market, exacerbated by the ongoing US-Israel war with Iran.The conflict has triggered the largest loss of oil supply on record, according to the World Bank.OPEC was established in 1960 by five founding members, including Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, to... [Continue Reading]
360LiveNews | 29 Apr 2026 19:31 LONDON
U.S. Gas Prices Climb Further as Effects of Iran War Reverberate
Gasoline prices in the United States have continued to rise, with the national average price per gallon reaching $4.23.This increase follows a broader upward trend in oil prices, which have been affected by ongoing supply disruptions in the Middle East.The disruptions are linked to the continuing conflict in Iran, which has impacted the flow of oil to global markets.The immediate effect has been a noticeable increase in fuel costs for consumers across the country.The rise in gasoline prices adds to economic pressures faced by households and businesses reliant on fuel.This development is significant as it reflects the broader geopolitical tensions... [Continue Reading]
360LiveNews | 29 Apr 2026 17:07 LONDON
United Arab Emirates announces exit from OPEC and OPEC+ amid regional tensions
The United Arab Emirates (UAE) has declared it will leave the Organization of the Petroleum Exporting Countries (OPEC) and its allied group OPEC+, effective this Friday.This unprecedented move aims to prioritise the UAE's national interests amid rising energy prices and ongoing conflict in the Middle East.The UAE, one of the world's top oil producers and a founding OPEC member since 1967 through Abu Dhabi, announced the decision on Tuesday.The official statement cited the country's evolving energy profile and a desire for greater strategic and economic flexibility as key factors.The departure comes as Gulf oil shipments face disruption due to Iran's... [Continue Reading]
360LiveNews | 28 Apr 2026 14:31 LONDON
War in Iran fuels debate over natural gas export taxes in Australia
Australia is currently facing a domestic debate over its taxation policies on natural gas exports amid the ongoing war in Iran, which is affecting global energy markets.The country is the world's third-largest exporter of natural gas, and many voices within Australia argue that its export tax regime is too lenient.This debate has gained momentum as the conflict in Iran intensifies scrutiny of energy market dynamics worldwide.The immediate fact is that Australia's natural gas export tax policy is under increased examination.Critics suggest that the current tax rates do not adequately capture the economic benefits derived from the lucrative gas export sector.This... [Continue Reading]
360LiveNews | 23 Apr 2026 05:31 LONDON
