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The US Treasury imposed sanctions on Iraqi Deputy Oil Minister Ali Maarij al-Bahadly, accusing him of helping Iran evade oil export bans. The move comes as Iraq forms a new government, targeting a candidate for Oil Minister and warning pro-Iranian factions.
The US Treasury Department on June 1 imposed sanctions on Iraq’s Deputy Oil Minister Ali Maarij al-Bahadly and leaders of Iran-backed militias, accusing them of helping Iran evade US restrictions on oil exports. Washington alleges that al-Bahadly played a central role in diverting Iraqi petroleum products to benefit an Iran-linked smuggler, while al-Behadili is accused of controlling oil smuggling finances and negotiating with Iran’s Quds Force. The sanctions heighten tensions between the US and Iran amid ongoing disputes over the Strait of Hormuz.
Saudi Arabia's Finance Ministry reported a budget deficit of 125.7 billion riyals ($33.5 billion) in Q1 2026, more than double the figure from a year earlier. The deficit surged due to a drop in crude oil revenue as the Strait of Hormuz was effectively closed, while government spending rose 20%.
President Donald Trump announced the suspension of a US-led program to escort vessels through the Strait of Hormuz, according to Kyodo News. The move comes amid ongoing Middle East tensions, though Washington has not disclosed specific reasons. The strait is a vital oil shipping route, and the decision could reshape Gulf security.
The global economic crisis is inflating fossil fuel profits. Taxing these windfall gains could help nations survive and build resilience to shocks. Windfall taxes on energy companies can fund assistance for vulnerable households and accelerate the clean energy transition.
The United Arab Emirates announced its withdrawal from OPEC effective January 1, signaling a potential turning point for the oil cartel. The move follows months of disagreements over production quotas, with the UAE arguing that current limits do not reflect its increased capacity. Analysts warn that the departure could trigger a wave of exits from OPEC, as new oil producers challenge its influence.
Japan's Taiyo Oil has purchased a cargo of Sakhalin Blend crude from Russia as part of a strategy to diversify supply sources beyond the Middle East. The company stated the cargo is not subject to sanctions and that it is coordinating with Japanese authorities. No decision has been made on future purchases.
Russia will end the transit of Kazakhstan crude oil to Germany via the Druzhba pipeline from May 1, 2026, amid rising geopolitical tensions. The decision threatens Germany’s energy security as it seeks alternatives to Russian supply.
