Daily brief
The United Arab Emirates has announced it will leave OPEC and OPEC+ after nearly 60 years, a decision that analysts say could weaken the cartel's influence over global oil prices. The move, effective May 1, allows the UAE to pursue an independent output policy and increase production capacity to 5 million barrels per day. President Donald Trump welcomed the exit, while oil markets reacted amid ongoing tensions between the US and Iran.
Oil prices spiked above $110 per barrel amid the Iran war escalation and the UAE's shock OPEC exit.
Saudi Arabia is reportedly considering a sharp cut to June crude prices for Asia after a record $19.50 premium.
Saudi Aramco is deepening its push into artificial intelligence and advanced technologies.
by WorldBrief & Maksim Micheliov | AI-generated summary