The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.
The Nasdaq is set to open lower as stalemate in US-Iran peace talks and crude oil surging above $107/barrel trigger risk-off sentiment across markets, with gold climbing and Bitcoin retreating.
British oil giant BP reported Q1 profits more than double year-ago levels, driven by surging oil prices amid the ongoing Iran conflict.
International crude prices rallied sharply on the UAE’s OPEC withdrawal announcement, boosting energy stocks on Wall Street while tech giants face investor scrutiny over AI spending returns.
The Bank of Japan kept its policy rate unchanged in a 6-3 split vote, while raising its inflation forecast, reflecting concerns about the economic impact of the Iran conflict.
Supporters of California’s billionaire tax proposal have announced they collected enough voter signatures to place the measure on the November ballot, potentially imposing an annual wealth tax on the state’s wealthiest residents.
International oil prices rose as US-Iran peace negotiations stalled following President Trump’s cancellation of a planned diplomatic mission to Pakistan, heightening uncertainty in global energy markets.
UK energy giant Shell has agreed to acquire Canadian energy company ARC Resources for $13.6 billion in cash and shares, gaining Montney shale basin assets that will add 370,000 barrels per day, with an enterprise value of $16.4 billion.
Canadian Prime Minister Mark Carney announces a new sovereign wealth fund that allows citizens to invest directly in funding major domestic infrastructure projects.
Iconic accessories retailer Claire’s has shut all 154 standalone stores across the UK and Ireland, putting approximately 1,300 jobs at risk.