Daily brief
The UAE's exit from OPEC and OAPEC has reshaped global oil dynamics, with ADNOC accelerating a $55 billion investment plan and seven OPEC+ members agreeing to increase output by 188,000 barrels per day to fill the gap.
Saudi Arabia accelerates its Red Sea pivot amid tensions with Iran over the Strait of Hormuz, touting a new use for its Neom port.
Excessive market optimism weighed on Saudi Ma'aden's results, while Ogun pilgrims arrived in Saudi Arabia as Gateway Airport began Hajj operations.