Trump announces ‘biggest oil deal in world history’ with Venezuela
US president says deal secures majority control of more than 65 billion barrels of proven oil reserves in Venezuela.
![File: An oil tanker anchored in Puerto Cabello, Venezuela [Jesus Vargas/Getty Images]](https://www.aljazeera.com/wp-content/uploads/2025/12/getty_6955860136-1767212545.jpg?resize=770%2C513&quality=80)
![FILE: Oil tankers are seen at daybreak at the Bajo Grande Terminal located on the western shore of Lake Maracaibo, south of the city of Maracaibo, Venezuela [Raquel Chavez/Reuters]](https://www.aljazeera.com/wp-content/uploads/2026/08/reuters_6a84d529-1787090217.jpg?resize=770%2C513&quality=80)
![Chinese President Xi Jinping applauds during a ceremony marking the 105th anniversary of the founding of the Communist Party of China at the Great Hall of the People in Beijing, China, on July 1, 2026. [File: Maxim Shemetov/Reuters]](https://www.aljazeera.com/wp-content/uploads/2026/08/2026-07-31T052804Z_1847139487_RC2R4MAKU4PF_RTRMADP_3_CHINA-DEFENCE-XI-1787733678.jpg?resize=770%2C513&quality=80)
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From: Quotable
UAE exit signals OPEC’s declining grip on oil markets
Chris Weafer says the UAE’s OPEC exit leaves the organisation less influential on global oil pricing.
Published On 30 Apr 2026
From: Inside Story
Why is the UAE quitting OPEC – and what’s the impact?
The decision by the United Arab Emirates comes during the worst global energy crisis of modern times.
Published On 29 Apr 2026
The UAE’s OPEC exit is not about oil; it is the end of Gulf solidarity
The move reflects a widening confrontation with Saudi Arabia and a fundamental realignment of alliances.
Iran war: What’s happening on day 61 as UAE exits OPEC?
Trump says Iran is in a ‘state of collapse’ as Gulf leaders meet in Saudi Arabia.
What are OPEC and OPEC +, and why has the UAE quit?
The Gulf state is the latest to quit the group, which was created to form a united front on oil pricing.
From: NewsFeed
UAE leaves OPEC in blow to oil cartel amid war on Iran
The United Arab Emirates has announced it’s withdrawing from OPEC and OPEC+.
Published On 28 Apr 2026
UAE leaves OPEC in blow to oil cartel during war on Iran
Announcement comes as Gulf producers are already struggling to ship exports through the Strait of Hormuz.
OPEC+ agrees to hike oil output, warns of slow recovery after attacks
The rise is largely symbolic as some key members are unable to raise production amid the US-Israel war on Iran.
Mapping Iran’s oil and gas sites and those attacked by Israel
Iran is a top 10 oil and gas producer, making its energy sites crucial to both regional and global markets.
Iran calls for OPEC to unite against potential US oil sanctions
Iranian president urges members to unite after Trump again initiates ‘maximum pressure’ sanctions campaign.
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