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UAE Announces it Is Leaving OPEC, OPEC+

The OPEC logo on the building prior to the 186th Ordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) at the OPEC headquarters in Vienna, Austria, 03 June 2023. (EPA)
The OPEC logo on the building prior to the 186th Ordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) at the OPEC headquarters in Vienna, Austria, 03 June 2023. (EPA)
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UAE Announces it Is Leaving OPEC, OPEC+

The OPEC logo on the building prior to the 186th Ordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) at the OPEC headquarters in Vienna, Austria, 03 June 2023. (EPA)
The OPEC logo on the building prior to the 186th Ordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) at the OPEC headquarters in Vienna, Austria, 03 June 2023. (EPA)

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+ with the decision going into effect on May 1.

“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” it said in a statement carried by the WAM state news agency.

“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs.”

“The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi and continued its membership following the formation of the United Arab Emirates in 1971. Throughout this period, the UAE has played an active role in supporting global oil market stability and strengthening dialogue among producing nations,” read the statement.

“The decision reflects a policy-driven evolution in the UAE’s approach, enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner.”

“Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.”

“This decision does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers. Rather, it enhances the UAE’s ability to respond to evolving market needs.”

The UAE “reaffirmed that its production policies will be guided by responsibility and market stability, taking into account global supply and demand.”

“It will continue investing across the energy value chain, including oil, gas, renewables, and low-carbon solutions, to support resilience and long-term energy system transformation.”

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Business

Ministry of Tourism Highlights Investment Opportunities at FHS Saudi Arabia 2026

The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
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Ministry of Tourism Highlights Investment Opportunities at FHS Saudi Arabia 2026

The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)
The Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector. (SPA)

Saudi Arabia’s Ministry of Tourism participated in the Future Hospitality Summit (FHS) Saudi Arabia 2026, held in Riyadh from June 22 to 24, bringing together investors, developers, operators, and leading global brands from across the hospitality and tourism sectors.

Through its participation as the Strategic Enabler of the Kingdom's premier hospitality investment forum, the Ministry highlighted Saudi Arabia’s growing appeal as a tourism investment destination and showcased the wide range of opportunities emerging across the Kingdom’s rapidly developing tourism sector, reported the Saudi Press Agency on Wednesday.

In his opening address, Deputy Minister for Tourism Destinations Enablement Eng. Mahmoud Abdulhadi said: “Saudi Arabia is not asking investors to invest in a promise. It is inviting them into a market already moving at scale.”

Highlighting the breadth of this opportunity, he added: “Saudi tourism is not built on one project, one city, or one market segment. It is a national portfolio of destinations shaped for diverse demand.”

Abdulhadi also participated in a fireside chat titled “From Opportunity to Bankability: Saudi Tourism’s Next Investment Chapter,” where he stressed that Saudi Arabia’s tourism sector has entered a new phase focused on elevating the quality of the visitor experience.

“My advice to investors is simple: come, explore, and engage with the ecosystem. The opportunity is not only in building assets, but in creating high-quality experiences for the traveler,” he said.

Throughout the three-day event, the Ministry of Tourism presented Saudi Arabia’s evolving tourism landscape, highlighting its efforts to foster an investment-enabling environment and unlock new opportunities across the Kingdom’s destinations in support of Saudi Vision 2030 and the sector’s long-term growth.

The Ministry also introduced local and international investors to its targeted incentive programs and initiatives designed to support their investment journey, most notably the Tourism Investment Enablers Program (TIEP) and the Hospitality Investment Enablers (HIE) initiative.

During FHS, the Ministry launched the Global Investment in Saudi Tourism report, which highlights key growth indicators in the sector, the expansion of leading global hospitality brands in the Saudi market, and ongoing efforts to strengthen the Kingdom’s position as a premier global destination for tourism investment.

The Ministry of Tourism’s participation in FHS Saudi Arabia 2026 forms part of its ongoing efforts to engage local and international investors and partners, unlock high-quality investment opportunities, and support private sector participation in the development of the tourism industry, advancing the objectives of the National Tourism Strategy and Saudi Vision 2030.

Business

Gold Drops Below Key $4,000 Level as Dollar Firms, Rate Hike Bets Rise

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Drops Below Key $4,000 Level as Dollar Firms, Rate Hike Bets Rise

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices fell more than 3% and traded below a key psychological level of $4,000 per ounce, under pressure from a firmer US dollar and growing expectations of interest rate hikes.

Spot gold fell 3.4% to $3,968.41 an ounce as of 1312 GMT, after hitting its lowest level since November 2025.

US gold futures declined nearly 4% to $3,984.40.

The US dollar firmed, making dollar-priced bullion more expensive for holders of other currencies.

Traders have ramped up bets on US interest rate hikes this year after the US central bank struck a hawkish tone at its latest policy meeting and as fears of inflationary pressures stemming from the Iran war persist.

"The market pricing a rate hike as soon as September due to a hawkish Fed, a surging dollar at 13-month highs combined with lower inflation expectations are putting heavy pressure on precious metals," Tai Wong, an independent metals trader, said.

"For gold, there is support just under $3,900 and central bank purchases continue, so a collapse is unlikely, but expect a potentially long period of consolidation as the gold trade is now out of favor," he added.

Gold becomes less attractive to investors when interest rates rise because it offers no yield.

Spot gold, which scaled a record peak of $5,594.82 in late January, has since shed over $1,600 an ounce.

ING analysts cut their gold forecasts, now expecting prices to average $4,300 an ounce in the third quarter of 2026 and $4,600 in the fourth, compared with their previous projections of $4,850 and $5,000, respectively, according to Reuters.

Investors are also awaiting US Personal Consumption Expenditures data, the Fed's preferred inflation measure, due on Thursday for further signals on the monetary policy outlook.

More hawkish signals from Fed officials or economic data that supports the argument for higher rates may translate to further downside risk for gold, said Lukman Otunuga, senior research analyst at FXTM.

Among other metals, spot silver fell 6% to $58.28 per ounce after hitting its lowest level since December 2025.

Platinum lost 4.3% to $1,580.76, and palladium dropped 4.9% to $1,177.50.

 

 

 

Business

Oil Extends Slide to More than 1% on Expectations of Smoother Crude Flows via Hormuz

Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
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Oil Extends Slide to More than 1% on Expectations of Smoother Crude Flows via Hormuz

Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)
Storage tanks for crude oil, gasoline, diesel, and other refined petroleum products in Carson, California (Reuters)

Oil prices fell more than 1% on Wednesday, extending this week's losses to hit fresh four-month lows on signs that more oil tankers are set to move out of the Strait of Hormuz.

Brent crude futures were down $1.37, or 1.8%, at $75.71 a barrel by 0805 GMT. US West Texas Intermediate slipped by $1.08, or 1.5%, to $72.13.

Brent touched a low of $75.60, its weakest level since February 27, the day before the initial US-Israeli strikes on Iran. WTI fell as low as $72.03, the weakest since March 3.

"While there are early encouraging signs of increased tanker activity, the market is pricing in the broader scenario of Iranian oil re-entering the global market and the Strait of Hormuz normalising," said Tim Waterer, chief market analyst at KCM Trade.

"If sanctions are eased, Iranian production and exports could ramp up relatively quickly given the substantial amount stored on tankers — we are likely talking weeks rather than months," Waterer added, Reuters reported.

Prices have also come under pressure this week from the 60-day sanctions waiver Washington granted Tehran after initial peace talks, allowing Iran to sell oil, and from an easing of hostilities in Lebanon, with prices approaching pre-war levels.

Ship-tracking data showed that three stranded supertankers passed through the strait on Tuesday. The UN shipping agency said an evacuation plan is under way to enable hundreds of stranded ships to sail through the strait after the US-Iran ceasefire deal.

On Tuesday, Oman and Iran agreed to press on with discussions about managing navigation in the strait. US Secretary of State Marco Rubio said that any attempt by Iran to levy transit fees would violate international law.

Uncertainty remains over the durability of the accord, however. US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into "infinity", though Tehran said it had made no such concession.

"Markets are currently assigning too much confidence to a favorable outcome without fully discounting the risks associated with unresolved nuclear issues and inspection disputes," said Mark Malek, CIO at Siebert Financial.

Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region.

Meanwhile, US crude stocks fell by 765,000 barrels in the week to June 19, market sources said, citing data from the American Petroleum Institute.

Nine analysts polled by Reuters estimated, on average, that crude inventories fell by about 4.5 million barrels in the past week.