The United Arab Emirates has announced it is withdrawing from OPEC and OPEC+, dealing a significant blow to the oil producer cartel. The UAE is one of the group's largest producers, pumping roughly 3-4 million barrels per day, making its exit far more consequential than those of smaller members in the past. OPEC and OPEC+ have long coordinated output cuts to prop up global oil prices. Losing the UAE weakens that coordination mechanism, as the cartel's ability to manage supply depends on keeping high-volume producers aligned. The UAE has previously chafed at production quotas it viewed as unfair relative to its expanded capacity. The timing also overlaps with ongoing conflict involving Iran, a fellow OPEC member, adding a geopolitical dimension to what may also be a strategic and economic decision. A fractured OPEC+ could mean looser supply discipline and downward pressure on crude prices. Watch for how Saudi Arabia, the cartel's de facto leader, responds, and whether other Gulf producers reassess their own membership as the bloc's cohesion comes under fresh strain.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
