CNBC Daily Open: UAE leaves OPEC adrift
The United Arab Emirates will leave OPEC on May 1 to pursue its own oil production goals. Oil markets are currently stable, while European bank earnings show mixed results. Attention is also on the Federal Reserve as it prepares for a significant decision.
- ▪The UAE aims to increase its oil production capacity to 5 million barrels per day by 2027.
- ▪UBS, Santander, and Deutsche Bank reported strong earnings, while Airbus missed expectations.
- ▪Ryanair's CEO warned that European airlines could face failures if jet fuel prices do not decrease.
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The United Arab Emirates will exit OPEC on May 1, with Energy Minister Suhail Al Mazrouei telling CNBC they want more freedom to hit their goal of 5 million barrels per day of capacity by 2027, but that they "have the highest respect for the Saudis for leading OPEC."Oil is trading around the flatline, with Asian stocks and European futures also relatively muted.We've just had a trio of European bank earnings - UBS posted a $3 billion first quarter profit beat, Santander net profit surged 60% and Deutsche Bank also beat bottom line forecasts.But Airbus missed expectations.
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