Saudi Arabia's crude oil production has reportedly fallen to a 36-year low, marking the worst record since the Gulf War.

① Saudi Arabia's crude oil daily production in April fell to 6.316 million barrels per day, the lowest level since 1990, marking a cumulative decline of 42% since February. ② The United Arab Emirates plans to leave OPEC in May, ending approximately 60 years of membership, due to factors including disagreements with Saudi Arabia over production quotas and regional political differences.

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Express News | CEO of Petroleo Brasileiro SA Petrobras: The current Brent crude oil price remains at an extremely high level, which requires us to continuously update our strategies to mitigate the impacts caused by the war.

Breakings02:32

Nymex Overview: Oil Lower After OPEC Cuts 2026 Demand Forecast -- OPIS

Dow Jones00:32

Oil at $120 Could Trigger a Global Recession, Warns IMF

TipRanksMay 13 23:06

Oil Market Buffers Keep Lid on Prices Despite Hormuz Crisis -- Market Talk

WSJMay 13 22:43

The International Energy Agency warns of supply shortages, leading to rising oil prices.

Crude oil futures resumed their upward trend after the International Energy Agency indicated that the oil market is expected to remain in a shortage until the last quarter of this year. Brent crude rose 0.1% to $107.93 per barrel, while West Texas Intermediate crude futures increased by 0.4% to $98.91 per barrel. The International Energy Agency now forecasts that global oil demand will decline by 420,000 barrels per day this year, compared to a previous estimate of an 80,000-barrel-per-day decrease. OPEC has revised its demand growth forecast downward from 1.38 million barrels per day to 1.17 million barrels per day. 'Oil is racing against time,' said Alex from FxPro.

Global Market ReportsMay 13 22:39