CNBC Daily Open: UAE leaves OPEC adrift
The UAE will leave OPEC on May 1 to pursue its goal of 5 million barrels per day by 2027, citing a need for greater production flexibility while maintaining respect for Saudi leadership. Oil markets remain flat, as European bank earnings show strength but Airbus warns of a prolonged crisis amid geopolitical tensions. Ryanair's CEO warns of potential airline failures if jet fuel prices don't drop, and investors await the Federal Reserve's latest decision and updates on Kevin Warsh's nomination. Market reactions are muted across Asian and European futures.
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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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