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Mashreq and SunTec Collaborate on UAE's E-Invoicing Mandate to Enhance Compliance

Mashreq and SunTec Collaborate on UAE's E-Invoicing Mandate to Enhance Compliance

Mashreq and SunTec Collaborate on UAE's E-Invoicing Mandate to Enhance Compliance
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UAE says Iran cannot be trusted over Hormuz, peace efforts at an impasse

UAE says Iran cannot be trusted over Hormuz, peace efforts at an impasse

By Humeyra Pamuk, Ahmed Elimam and Ahmed Tolba WASHINGTON/DUBAI, May 1 (Reuters) - A senior United Arab Emirates official said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides as efforts to end the Iran
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Dubai chefs shrink menus as Iran war makes tomatillos, scallops harder to source

Dubai chefs shrink menus as Iran war makes tomatillos, scallops harder to source

DUBAI, May 1 (Reuters) - Dubai chef Shaw Lash at Mexican restaurant Lila Molino flies in her avocados and tomatillos, small, tart green fruits native to Central America that are a staple of Mexican cuisine and key for her colourful and spicy dishes.
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UAE Exits OPEC, Signaling Shift in Global Oil Strategy Amid Peak Oil Concerns

UAE Exits OPEC, Signaling Shift in Global Oil Strategy Amid Peak Oil Concerns

The United Arab Emirates (UAE) has announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC) after 59 years of membership. The UAE's Energy Ministry stated that the decision was made following a comprehensive review of its production policy and capacity, reflecting the country's national interest. This move is seen as a strategic shift in response to the belief that global oil demand has peaked or is about to peak. The UAE aims to increase its production capacity and focus on a future beyond oil.
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Israeli Economy's Resilience Highlighted Amid Global Challenges

Israeli Economy's Resilience Highlighted Amid Global Challenges

Evan Liberman, CEO of Wise Money Israel, has highlighted the resilience and global influence of Israel's economy despite ongoing regional conflicts. In a recent ILTV Podcast, Liberman emphasized that Israel's economy is robust and well-structured to withstand crises, with a GDP growth rate surpassing that of many OECD nations. He noted that Israel's economy is firing on all cylinders, with a GDP of about 3%, expected to rise to 4.5% to 5% in the coming years. Liberman dispelled myths about Israel's economic size, pointing out its significant global influence in technology and innovation, including sectors like desalination, military technology, and cybersecurity. He also mentioned that multinational companies frequently acquire Israeli firms and establish research centers in the country.
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OPEC+ Plans Oil Output Increase Amid Hormuz Closure Impacting Gulf Exports

OPEC+ Plans Oil Output Increase Amid Hormuz Closure Impacting Gulf Exports

OPEC+ Plans Oil Output Increase Amid Hormuz Closure Impacting Gulf Exports
AP News AP News
US warns shipping firms they could face sanctions over paying Iranian tolls in the Strait of Hormuz

US warns shipping firms they could face sanctions over paying Iranian tolls in the Strait of Hormuz

The United States is warning shipping companies that they could face sanctions if they pay Iran to safely pass through the Strait of Hormuz
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UAE's Exit from OPEC Poses Revenue Threat to Africa's Oil Giant

UAE's Exit from OPEC Poses Revenue Threat to Africa's Oil Giant

The United Arab Emirates (UAE) is set to leave the Organization of the Petroleum Exporting Countries (OPEC) on May 1, 2026, removing approximately 1.2 billion barrels of annual crude output from the group's supply system. This decision could weaken OPEC's ability to manage oil supply and stabilize prices, potentially leading to increased volatility in global oil markets. The UAE's departure reflects deeper structural tensions within OPEC, as countries with significant production capacity face pressure to maximize output.
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UAE's Exit from OPEC Raises Concerns for Global Oil Market Stability

UAE's Exit from OPEC Raises Concerns for Global Oil Market Stability

The United Arab Emirates (UAE) is set to leave the Organization of the Petroleum Exporting Countries (OPEC) on May 1, 2026. This decision will remove approximately 1.2 billion barrels of annual crude output from OPEC's coordinated supply system. The UAE, which produced an average of 3.36 million barrels per day in 2025, accounted for about 12% of the cartel's total output. Analysts warn that the exit of one of OPEC's most consistent quota-compliant producers could weaken the group's ability to manage supply and stabilize prices, potentially leading to greater volatility in global oil markets.
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Oil retreats after hitting four-year high on concern of US-Iran war escalation

Oil retreats after hitting four-year high on concern of US-Iran war escalation

By Alex Lawler LONDON, April 30 (Reuters) - Global oil prices jumped to a four-year high of more than $126 a barrel on Thursday on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East supply disruption that could hurt global economic growth, but later retreated.
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U.S.-Iran Tensions Drive Oil Prices to Four-Year Highs Amid Blockade

U.S.-Iran Tensions Drive Oil Prices to Four-Year Highs Amid Blockade

Oil prices have surged to four-year highs as tensions between the U.S. and Iran escalate, with Brent crude reaching $126 per barrel before settling at $121.84. The increase in prices is attributed to a prolonged U.S. blockade of Iranian oil exports and stalled nuclear negotiations. President Trump has reportedly instructed aides to prepare for an extended blockade, further tightening global oil supplies. The Strait of Hormuz, a critical chokepoint for global oil transport, has seen a significant reduction in oil flow, with exports falling to just 4% of normal levels. This situation has exacerbated supply constraints, with limited storage capacity in Iran potentially deepening disruptions if the blockade continues.
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President Trump Supports UAE's Withdrawal from OPEC, Citing Potential Benefits for Oil Prices

President Trump Supports UAE's Withdrawal from OPEC, Citing Potential Benefits for Oil Prices

President Donald Trump has publicly supported the United Arab Emirates' decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC). Speaking at the White House, President Trump expressed that this move could be beneficial in reducing the prices of gas and oil. The UAE's withdrawal marks a significant shift in the dynamics of global oil production and pricing, as OPEC has been a major player in regulating oil supply and prices worldwide. The decision by the UAE, a key member of OPEC, could influence other countries' positions within the organization and potentially alter the global oil market landscape.