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OPEC+ agreed on Sunday to raise its collective production quota by 188,000 barrels per day for June, a move widely described as largely symbolic given ongoing disruption of Gulf oil exports through the Strait of Hormuz. The decision came days after the United Arab Emirates formally left the group, and analysts say it signals continuity rather than any real change in physical supplies.
The UAE officially left OPEC and OPEC+ on May 1, ending nearly six decades of membership. The decision, attributed to national interests and long-simmering quota disputes, underscores a deepening rift with Saudi Arabia and rising tensions among Gulf states amid the Iran war. Analysts see the move as a significant blow to the cartel’s cohesion.
Iran's Foreign Minister Abbas Araghchi held phone calls with counterparts from Egypt, Iraq, Qatar, Saudi Arabia, Turkey, Azerbaijan, and Turkmenistan in early May. The discussions focused on regional security, the Caspian Sea, and Iran's position on what it describes as US and Israeli aggression.
The CEO of Yara International, the world's largest fertiliser company, warns that the war in Iran could lead to a global fertiliser shortage, reducing crop yields by up to 50% and costing 10 billion meals a week globally, with the poorest countries in Africa and Asia hit hardest. The UK is unlikely to face shortages but may see higher food prices.
Iranian envoys have reiterated Tehran's preference for diplomatic engagement with Washington, even as they rejected European naval deployments near its coast and asserted that the US 'lost' on the battlefield, as reported by TASS.
As the 60-day deadline set by the War Powers Resolution approaches for the US-Iran conflict, President Trump asserts he does not need congressional authorization to continue military operations, while lawmakers explore legal challenges. The deadline, which falls on May 1, has sparked debate over the limits of presidential war powers and the role of Congress.
The entire jury of the Venice Biennale has resigned just days before the event's opening, following controversy over Russia's participation. The resignation has prompted the cancellation of the traditional awards ceremony, with visitor votes to be used instead. The row has drawn criticism from the Italian government and the EU, which has threatened to cut funding.
Australia has confirmed it is in discussions with the US over a proposal to form an international coalition to reopen the Strait of Hormuz. Foreign Minister Penny Wong says Australia is engaging with partners including the UK, France, and the US, while reports indicate Australia may contribute its E-7A Wedgetail aircraft to a related mission.
Reports say e& (formerly Etisalat) is reviewing its investment in Pakistan's PTCL as part of a broader portfolio optimisation, but PTCL insists its shareholders remain committed and no change is planned.
President Trump said new US strikes on Iran depend on ongoing negotiations, while Tehran warns it is prepared for any scenario and could expand the conflict beyond the Middle East if attacked again. Washington’s counterterrorism strategy signals continued military pressure, even as diplomatic efforts remain stalled.
The United Arab Emirates has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, a decision that experts say reflects a broader shift toward market-driven energy arrangements. While some analysts predict higher oil prices in the medium term, others see opportunities for price softening and increased competition.
FIFA has agreed to pay out more than $100 million in extra cash to World Cup teams to help cover higher-than-expected costs in North America. Basic payments to each federation will rise by $2 million, and pre-tournament training support will increase to $2.5 million. The decision comes amid record revenue projections and concerns from European federations about financial losses.
The United Arab Emirates announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, a decision the Kremlin respects as sovereign. The UAE says it aligns with its long-term economic strategy, while officials and experts weigh potential impacts on oil markets and regional politics.
The UAE has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, according to state news agency WAM. Analysts suggest this move could prompt other member countries to exit, potentially undermining the cartel's influence. The UAE also faces speculation about its future in the Gulf Cooperation Council (GCC).
A Wall Street Journal report alleges Qatar offered to 'look after' ICC prosecutor Karim Khan in exchange for indicting Israeli leaders, prompting concerns about the court's impartiality. The claims, based on a witness statement and audio recording, have been denied by Khan's lawyer and remain unverified.
Japanese authorities have confirmed they did not pay Iran for the passage of the Idemitsu Maru through the Strait of Hormuz, attributing the vessel's safe transit to government negotiations. The tanker, carrying two million barrels of oil, had been stranded for nearly two months amid heightened tensions in the region.
Gulf leaders met in Saudi Arabia for their first in-person summit since the start of the US–Israel war with Iran, focusing on regional security and long-stalled joint projects. The meeting came amid reports that the US is considering an Iranian proposal to end the conflict and reopen the Strait of Hormuz, and as the UAE announced its withdrawal from OPEC and OPEC+.
The UAE's decision to leave OPEC and OPEC+ from May 1, 2026, is expected to weaken the cartel's influence on global oil prices and increase doubts about Saudi-led production quotas. Analysts cite the UAE's desire to maximize production capacity and long-standing disagreements with Saudi Arabia as key factors, though short-term price impact may be limited.
Iran's warning about submarine cables in the Strait of Hormuz has spotlighted the region's digital vulnerability. Subsea cables carry about 99% of global internet traffic, and Gulf nations rely on them heavily. Analysts note that damage could cause outages and economic fallout, with repair challenges in conflict zones.
Ongoing conflict in the Persian Gulf is disrupting fertiliser shipments through the Strait of Hormuz, a critical route for global agricultural inputs. With sub-Saharan Africa importing about 80% of its fertiliser, the disruptions risk significant impacts on food production and prices across the continent.