Qatar Petroleum said Tuesday it wouldn't be renewing its Qatargas 1 LNG joint venture with Total, ExxonMobil, Marubeni, and Mitsui.

Saudi Arabia proposed on Monday a series of steps to end the years-long war in Yemen, including a comprehensive cease-fire to begin once Iran-backed Houthi fighters accept the initiative. Yemen’s Houthis appeared to reject the plan.

Saudi Arabia started naval exercises in the Persian Gulf to improve its ability to foil “terrorist attacks” on oil facilities, underscoring the kingdom’s concern about a rise in drone and missile strikes claimed by Yemen’s Houthi rebels.

The two nations acted prior to the May 1 deadline set by OPEC+

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.