Oil
Oil Steadies as Traders Focus on Outlook for US-Iran Peace Talks
Oil was steady as investors focused on the next steps for peace talks over the Iran war, with the near-closure of the crucial Strait of Hormuz prolonging disruptions that have upended global markets.
UAE announces it is leaving OPEC and OPEC+ from 1 May
The United Arab Emirates announced on Tuesday it has quit OPEC and OPEC+. The decision will come into effect on 1 May, a statement said. “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,” UAE state news agency WAM reported.
Shell’s ARC Deal Seen as Win for Mark Carney’s Pro-Oil Pivot
Shell Plc.’s acquisition of Canada’s ARC Resources Ltd. marks a vote of confidence in Prime Minister Mark Carney’s push to expand the nation’s hydrocarbon exports beyond the traditional US market, analysts say.
