Middle East Crisis

Oil Market
United Arab Emirates Leaves OPEC After 60 Years

The United Arab Emirates announced that it will leave OPEC and OPEC+, reports Reuters.

The decision reflects the country's strategic and economic vision of increased investment in domestic energy production, reports the state news agency WAM, according to AP.

The news agency further writes that the announcement "confirms the country's commitment to playing a responsible, reliable and forward-looking role in global energy markets".

The announcement to leave comes after the United Arab Emirates criticized other Arab countries for not doing enough to protect the country from attacks during the Iran war.

The country will leave the oil cartel on May 1 after six decades as a member, reports AP.  

Strait of Hormuz
Trump: Iran wants us to open the Strait of Hormuz

Iran has told the US that they are “in collapse,” Donald Trump claims in a Truth Social post.

“They want us to open the Strait of Hormuz as soon as possible, while they sort out their leadership situation (which I think they will!)” he writes.

Trump did not give any further details. It is not clear who made the statement.

According to an official source to Reuters, Trump is not satisfied with Iran’s latest offer in the peace talks. Tehran is offering to open the strait if the US lifts its blockade of Iranian ports and postpones negotiations on the country’s nuclear program until a later date.