OPEC is topping the headlines as oil shocks ripple global markets; a coalition of big oil producers shaping prices. Brief bio: group of major exporters (Arab, African, etc.) coordinating output.
Former Nigerian petroleum minister Alison-Madueke and ex-attorney general Malami face new legal charges. Alison-Madueke is accused of accepting bribes linked to oil contracts, while Malami is charged with terrorism financing and firearm possession. Both deny the allegations, with trials ongoing in London and Nigeria.
The conflict in the Middle East has caused oil prices to spike past $90 a barrel, the highest since 2024, driven by threats to supply routes and production halts. Markets fear prolonged disruption will fuel inflation, impact energy costs, and threaten economic stability globally, especially in the UK and Europe.
As of March 9, 2026, global oil prices have surged past $100 per barrel due to escalating US and Israeli strikes on Iran and disruptions in the Strait of Hormuz. This has triggered sharp declines in stock markets worldwide, with major indices in the US, Japan, and South Korea falling significantly. Rising energy costs are fueling inflation concerns and threatening economic growth.
Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to increase oil production by 206,000 barrels per day starting in May 2026. The move follows a recent surge in oil prices caused by the closure of the Strait of Hormuz, which has disrupted exports from key Gulf producers. Nigeria remains sidelined due to its inability to meet quotas. The decision reflects a cautious approach to market stability as disruptions continue.
This is a developing story.