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Global oil stockpiles could hit record lows if Strait of Hormuz remains closed
The world’s oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.
UAE says its decision to leave OPEC was a strategic economic move, not a political one
The United Arab Emirates, which joined OPEC in 1967, announced last month it was leaving the oil producer group on May 1.
How China and U.S. eased the Middle East oil shock and kept prices from spiking even higher
China and the U.S., the world’s two largest economies, wield great influence over the oil market and are using it to help plug the supply