Abu Dhabi hosts a major oil summit Monday, hours after the OPEC+ cartel and its allies said it would halt further production increases planned in the first quarter of 2026 over concerns of too much supply in the market.
The OPEC+ decision comes as both the United States and the United Kingdom implemented new oil sanctions targeting Russia over its war on Ukraine. Those sanctions targets included Rosneft and the Russian oil company Lukoil, whose red-and-white logo hung over the annual Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital as a major sponsor of the event.
The UAE has maintained close ties to Russia despite the war, but has served as a key interlocutor between Kyiv and Moscow to negotiate prisoner exchanges.
On Sunday, OPEC+ met and decided to increase its production by an additional 1,37,000 barrels of oil beginning in December. However, it said other adjustments planned in January, February and March of next year would be paused due to …​Abu Dhabi hosts a major oil summit Monday, hours after the OPEC+ cartel and its allies said it would halt further production increases planned in the first quarter of 2026 over concerns of too much supply in the market.
The OPEC+ decision comes as both the United States and the United Kingdom implemented new oil sanctions targeting Russia over its war on Ukraine. Those sanctions targets included Rosneft and the Russian oil company Lukoil, whose red-and-white logo hung over the annual Abu Dhabi International Petroleum Exhibition and Conference in the Emirati capital as a major sponsor of the event.
The UAE has maintained close ties to Russia despite the war, but has served as a key interlocutor between Kyiv and Moscow to negotiate prisoner exchanges.
On Sunday, OPEC+ met and decided to increase its production by an additional 1,37,000 barrels of oil beginning in December. However, it said other adjustments planned in January, February and March of next year would be paused due to … ​Latest News [ SOBAN NEWS: International and National ]
