Trump shows his frustration as Iran keeps him waiting
All eyes are on Tehran as everyone awaits the Iranian leadership’s next move.
Pakistani mediators expect a revised peace proposal from Iran after US President Donald Trump rejected a previous version. Sources familiar with the efforts say an answer could come as soon as today, or slide to Friday. The same sources say these delays hint at difficulties reaching the Supreme Leader, Ayatollah Mojtaba Khamenei.
Patience is playing out in different ways.
Pakistan’s Prime Minister, Shehbaz Sharif, told his cabinet that Iran’s foreign minister, who led talks in Islamabad at the weekend, “assured me that he would give me an answer.”
No timeline was given but the public nudge to the Iranians is notable, coming soon after the White House signaled its patience is wearing thin.
Trump’s message that Iran “better get smart soon” was in contrast to his more patient messaging yesterday, when he said he believed Iran will be able to “figure out their leadership situation.”
He seemed to echo concerns about Khamenei — still yet to be seen in public — raised by Secretary of State Marco Rubio, who questioned whether top officials can reach the supreme leader, suggesting access to him was “questionable.”
The more Iran delays, the more the questions will follow. Is the slow decision-making process a symptom of an Ayatollah holed up in secret at the end of a long logistical chain? Or, more problematically, is it tactical ploy by hardliners who are intentionally isolating him so they can play for time to pressure Trump”
No one seems to have an answer to that, and it suits Iran to keep everyone guessing.
Mapping the Strait of Hormuz: How shipping traffic shrank to a trickle
As the war in Iran enters its ninth week with no clear end in sight, shipping traffic in the Persian Gulf and the Strait of Hormuz has been completely reshaped, heavily disrupting global markets and supply chains for oil, natural gas, fertilizer and other essential products.
Before the United States and Israel launched their attacks on Iran in late February about 3,000 vessels typically passed through the Strait of Hormuz each month, according to Lloyd’s List Intelligence. But since the war began, traffic has been reduced to a trickle, with just 154 vessels recorded crossing in the entire month of March, according to Kpler data.
“The disruption is both rapid and unprecedented,” said Dimitris Ampatzidis, a maritime risk and compliance manager at Kpler.
The latest shipping data shows that most vessels that have transited the Strait of Hormuz in recent days have taken a route designated by Iranian authorities, and about half of them loaded their cargoes at Iranian ports in defiance of the US blockade.
Iran’s ports are typically far from the busiest in the Persian Gulf, and the ports of Saudi Arabia and the United Arab Emirates usually have much higher traffic. But those countries and other gulf allies have been forced to cut production amid the shipping disruptions and threats from Iran. Importing countries, particularly in Asia, are also suffering as they face fuel shortages.
Read CNN’s visual deep dive on the Strait of Hormuz here.
Merz insists his relationship with Trump "remains good" despite president's criticism
German Chancellor Friedrich Merz insisted today that his relationship with US President Donald Trump remains “good,” after Trump criticised his German counterpart in a Truth Social post on Tuesday.
“From my perspective, my personal relationship with the US president remains good,” Merz told reporters in Berlin. “I’ve just had my doubts from the beginning about what was started there with the Iran war.”
He continued that Germany and Europe were suffering the consequences of the closure of the Strait of Hormuz.
“That has a direct impact on our energy supplies and a massive impact on our economic performance,” he said.
In a Truth Social post Tuesday, Trump lashed out at Merz for his stance on the war, writing, “the Chancellor of Germany, Friedrich Merz, thinks it’s OK for Iran to have a Nuclear Weapon. He doesn’t know what he’s talking about!”
He continued, “No wonder Germany is doing so poorly, both Economically, and otherwise!”
Trump has previously condemned European leaders for their refusal to get involved in the conflict. Merz has previously maintained Iran must not possess nuclear weapons. However, he has been vocal in his criticism of the current conflict.
On Monday, Merz said the US is “being humiliated” by Iran, criticizing what he called a lack of American strategy, pointing to Iraq and Afghanistan as warnings for entering wars without exit strategies.
UAE “not considering any withdrawals” from other organizations after OPEC exit, official says
The United Arab Emirates is “not considering” any withdrawals from other multilateral organizations at this time after pulling out of oil cartel the Organization of the Petroleum Countries (OPEC), a UAE Official told CNN Wednesday.
In the wake of the move there has been speculation that regional powerhouse the UAE could pull out of other key bodies.
But asked whether the UAE would withdraw from other multilateral organizations the official said the country “is revising the relevance and utility of its role and contribution across the board.”
“At this time, it is not considering any withdrawals,” the official added.
The OPEC withdrawal announcement coincided with the Gulf Cooperation Council’s (GCC) extraordinary meeting in Jeddah. The UAE official told CNN that the “session yesterday was a first good step in the right direction,” but added that “there is still much to be done against a precarious backdrop.”
The UAE is a member of multiple regional and international organizations, including the Organization of Islamic Cooperation (OIC) and the League of Arab States. It is also a key US ally and has growing ties with Israel.
Israeli strike kills two siblings in southern Lebanon, Lebanese army says
An Israeli strike in south Lebanon has killed two siblings, including a Lebanese soldier who was not on duty, the Lebanese army said.
Israel has continued to strike Lebanon despite a ceasefire being in place. Israeli Prime Minister Benjamin Netanyahu says that the terms of the truce allow Israel to bomb throughout the country as it targets the Iran-backed militant group Hezbollah.
“A soldier and his brother were killed in an Israeli strike that targeted them in the town of Khirbet Selm in Bint Jbeil (district) while they were travelling on a motorbike,” Lebanon’s army said on a social media post.
CNN has approached the Israel Defense Forces for comment.
Iranian currency hits record low amid US blockade and shaky ceasefire
Iran’s national currency has hit a record low against the US dollar, trading at around 1.8 million rials against the dollar, according to Iranian media.
Over the last two days, the price of one dollar has increased by more than 23,000 tomans, the Iranian Students’ News Agency (ISNA) reported, referring to the widely used currency unit in Iran, which is worth 10 Iranian rials.
The depreciation comes amid a shaky ceasefire with the United States and Israel, and as the US maintains a naval blockade on Iranian ports, restricting movement of oil.
Iran’s economy was in a dire state before the conflict. National income per person had fallen from about $8,000 in 2012 to $5,000 in 2024, ravaged by inflation, corruption and sanctions.
The outlook is even worse. Up to 4.1 million more people could fall into poverty due to the conflict, according to the United Nations Development Programme (UNDP).
US gas prices hit $4.23, a four-year high
US gas prices jumped another 5 cents to $4.23 for a gallon of regular, the highest price since July 2022, according to the latest reading from AAA.
The increase means prices are up 21 cents, or 5%, in just the last week, the largest weekly gain for gas prices since March. And prices are up 42% since the start of the war in Iran.
Oil futures suggest gas prices could keep rising. US crude prices topped $100 a barrel in early trading, up about 3%. Those futures haven’t settled above $100 in the three weeks since the ceasefire was declared in Iran.
Gas prices fell for two weeks after the start of the ceasefire in the war in Iran, taking the average down to $4.02. But a breakdown in face-to-face peace talks left the Strait of Hormuz closed and prices shooting higher once again.
US lawmakers to grill top military officials on defense budget at congressional hearing today
US Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chairman Gen. Dan Caine will face lawmakers on Capitol Hill today at a hearing focused on their department’s budget request as the war with Iran continues.
The House Armed Services Committee hearing is scheduled for 10 am ET. It marks the first time lawmakers have the opportunity to grill the officials since the war began.
CNN reported earlier this month that the White House is seeking roughly $1.5 trillion for defense as part of a fiscal 2027 budget request — a proposal that would boost military spending to its highest point in modern history.
The White House’s blueprint — a largely symbolic reflection of the president’s priorities — would increase the government’s defense spending by more than 40% compared to last year.
Hegseth has celebrated the $1.5 trillion request, saying in a statement last week, “In the midst of one of the most complex threat environments in this nation’s 250-year history, the President’s historic FY27 Budget ensures we will be prepared to meet our adversaries across the air, land, sea, space, and cyberspace domains.”
Iran expected to submit revised peace proposal, as oil prices rise again
Iran is expected to submit a revised peace proposal soon, sources say, after US President Donald Trump indicated that he would not accept an earlier version.
If you’re just joining us, here are the latest developments:
- Talks deadlock: US President Donald Trump posted a mocked-up image of himself on his Truth Social platform this morning holding a gun and wearing aviator sunglasses, alongside a warning for Iran.
- Trump comments: Britain’s King Charles attended a state dinner at the White House last night on the second day of his state visit to the US. During the dinner, Trump alluded to the war with Iran and claimed that Charles agreed Tehran should never be allowed to possess a nuclear weapon.
- Oil cartel: The UAE will withdraw from OPEC on May 1, the UAE’s state news agency WAM said. OPEC is a cartel of major oil-producing nations that coordinates production policies to influence global oil supply and prices.
- Oil prices hike: Outweighing the news of the UAE’s withdrawal, and amid concerns over the ongoing closure of the Strait of Hormuz, oil prices are rising again today. Brent crude, the global oil benchmark, has risen 2.3% to $113.8 a barrel, having settled at a four-week high Tuesday.
- Japan-related vessel: A Japan-related vessel passed through the Strait of Hormuz today and is on its way to Japan, the country’s foreign ministry said on X. The tanker — one of a handful of ships to pass through the choked waterway in recent days — is carrying three Japanese crew members, it said.
- In Lebanon fatalities: Despite a ceasefire, Israeli strikes killed at least eight people throughout southern Lebanon on Tuesday, according to Lebanese authorities and state media. At least 2,521 people have been killed in Lebanon since March 2.
- Warning for Iran: In an early-morning post on Truth Social, Trump shared a mocked-up image of himself holding a gun and wearing aviator sunglasses, alongside a warning for Iran. “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon! President DJT,” he wrote.
- Latest on negotiations: Iran is expected to submit a revised proposal on ending the war to mediators in Pakistan in the coming days. The development comes after Trump indicated he would not accept an earlier version, sources close to the mediation process told CNN.
- Tehran executions: At least 21 people have been executed in Iran and 4,000 arrested since the start of its war with the US and Israel, according to the United Nations Human Rights Office (UNHCR).
CNN’s Hanna Ziady, Tori B. Powell, Mostafa Salem, Sarah Tamimi, Lex Harvey, Mohammed Tawfeeq and Max Saltman contributed reporting.
Oil prices extend week-long rally, Wall Street set for cautious open
Oil prices have risen again today, with the global benchmark hitting a one-month high, as a diplomatic impasse between the United States and Iran raises expectations of a prolonged shutdown of the Strait of Hormuz.
Brent crude, the global oil benchmark, is up 3.4% at $114.7 a barrel, extending a week-long rally. WTI, the US benchmark, is up 3.5% at $103.4 a barrel.
“Concerns about a more prolonged stagflationary shock have risen,” Deutsche Bank analysts said, noting that Brent futures contracts for delivery later this year were trading close to the highs reached in late March. Stagflation refers to a period of low economic growth and high inflation.
US President Donald Trump has indicated he is unhappy with Tehran’s latest proposal to end the war and has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late Tuesday.
US stock futures were mixed, pointing to a cautious start on Wall Street ahead of a raft of Big Tech earnings and a Federal Reserve meeting that looks set to be Jerome Powell’s last as chairman.
Amazon, Alphabet, Meta and Microsoft are all due to report financial results after the closing bell.
Investors are betting the Fed will leave interest rates unchanged until there is more clarity on the extent to which the war in Iran will feed through into consumer prices.
Higher oil prices weighed on European stock markets which were broadly lower in midsession trade.
UN says at least 21 people executed and 4,000 arrested in Iran since start of war
At least 21 people have been executed in Iran and 4,000 arrested since the start of its war with the US and Israel, according to the United Nations Human Rights Office (UNHCR).
The executions were carried out amid Iran’s crackdown on dissent, in particular through “national security-related charges,” UN Human Rights Chief Volker Türk said today.
At least nine people were executed in connection with the January 2026 protests, ten for alleged membership in opposition groups, and two on espionage charges, the agency said.
It continued that, since Feb. 28, “more than 4,000 individuals are estimated to have been arrested on national security related charges in Iran.”
Many of those arrested have been forcibly disappeared, tortured, or subjected to “cruel, inhuman and degrading treatment,” the statement said.
"No more Mr. Nice Guy": Trump posts image of himself with gun and aviators
US President Donald Trump has posted a mocked-up image of himself holding a gun and wearing aviator sunglasses to his Truth Social platform, alongside a warning for Iran.
“NO MORE MR. NICE GUY,” the text on the image reads, alongside an image of the American flag.
Trump also had a message for Iran in the early morning post, writing, “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon! President DJT,” he wrote.
Wednesday’s post came as talks to end the US-Israeli war with Iran remain deadlocked.
Iran is expected to submit a revised proposal on ending the war to mediators in Pakistan in the next few days. The latest development comes after Trump indicated he would not accept an earlier version that proposed reopening the Strait of Hormuz while leaving questions about Tehran’s nuclear program for later negotiations.
TotalEnergies, UBS profits soar thanks to oil price swings
Profits at French energy company TotalEnergies and Swiss bank UBS have jumped as a result of higher oil prices and heightened market volatility because of the Iran war.
TotalEnergies today reported a 29% jump in earnings for the first three months of the year to $5.4 billion, partly driven by the oil price move. However, the war has forced the energy major to shut some oil and natural gas production in the Middle East, affecting about 15% of the group’s total output.
Yesterday rival oil company BP reported its profits more than doubled in the first three months of the year as its traders made the most of wild swings in oil prices. The war-related boon has fuelled calls for windfall taxes on energy companies to help offset the rising cost of gas and electricity for households.
UBS, meanwhile, posted an 80% surge in first-quarter profit to $3 billion, as financial market volatility drove client inflows and trading activity. “In the first quarter, we continued helping clients navigate a volatile and unpredictable geopolitical and market environment,” UBS CEO Sergio Ermotti said in an earnings statement. The bank’s shares jumped 4.5% in Zurich to 34.8 Swiss francs ($44).
Oil prices rise as shuttered Strait of Hormuz outweighs OPEC news
Oil prices are rising again today, as concerns about the ongoing closure of the Strait of Hormuz outweigh news that the United Arab Emirates will quit the OPEC oil cartel, giving it the freedom to pump more crude.
Brent crude, the global oil benchmark, has risen 2.3% to $113.8 a barrel, having settled at a four-week high Tuesday. WTI, the US benchmark, is up 2.5% to $102.4 a barrel.
“Prices pushing back above $110… are a reflection of restricted circulation through the system’s most critical artery,” Stephen Innes, managing partner at SPI Asset Management wrote in a note.
US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late Tuesday. Meanwhile, mediators in Pakistan expect to receive a revised proposal from Iran in the next few days to end the war, sources close to the process told CNN.
The UAE said Tuesday that it would leave the Organization of the Petroleum Countries later this week, a shock move that could increase global oil supply and bring down prices in the long run.
Trump claims King Charles agrees about Iran not having a nuclear weapon
President Donald Trump alluded to the US-Israeli war with Iran during yesterday’s state dinner at the White House.
The conflict has become a source of tension between the United States and the United Kingdom.
“We’re doing a little Middle East work right now,” Trump said, “and we’re doing very well.”
He then reiterated that the US is never going to let Iran have a nuclear weapon and claimed Charles agrees.
Japan-related vessel passes through Strait of Hormuz, Tokyo says
A Japan-related vessel passed through the Strait of Hormuz on Wednesday and is on its way to Japan, the country’s foreign ministry said on X.
The tanker — one of a handful of ships to pass through the choked waterway in recent days — is carrying three Japanese crew members, it said.
“The Government of Japan considers this passage of a Japan-related vessel as a positive development, including from the perspective of protection of Japanese nationals,” the foreign ministry said.
The UAE is pulling out of OPEC. What does it mean for the US?
The United Arab Emirates ditching the Organization of the Petroleum Exporting Countries is a significant blow to the Middle East’s ability to keep oil prices artificially high. But it also could be disruptive to US oil producers and could complicate the region’s ability to respond to future emergencies.
The United States is energy independent … kinda. It produces more than it consumes, but it still imports about a third of its oil from overseas. That’s because the light, sweet crude that America drills is great for making gasoline but lousy for making heavier fuels and other petroleum-based products. So the United States still relies on the Middle East for some of its crude.
Diminishing OPEC’s power could be a good thing for consumers in the long run. The UAE is the second-largest producer in the region, so it will serve as a major new competitor on the market that can produce oil free of restrictions set by OPEC member nations.
For US producers, the long-term implications are less certain. Downward pressure on oil prices, which trade on a global market, could dent Big Oil’s profits. The world had been oversupplied with oil before the Iran war, even with OPEC’s production restrictions, so it’s not clear that longer term demand will support more production from the UAE. US producers down the road could have to lower their output if demand returns to their previous low levels.
It also shows that the Iran war is making permanent changes to the way the world does business, opening up new supply chains. Those changes may not stop with the UAE. So the market shifts that are going to affect you are only beginning to take shape.
Iran expected to submit revised proposal to end war while UAE to exit OPEC. Here are the latest headlines
Iran is expected to submit a revised proposal on ending the war to mediators in Pakistan in the next few days. The latest development comes after US President Donald Trump indicated he would not accept an earlier version, sources close to the mediation process told CNN.
Meanwhile, the United Arab Emirates said it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), in a blow to the cartel of major oil-producing nations and its leading member, Saudi Arabia.
Here’s what else you need to know:
- Trump rejects earlier proposal: The US president signaled he would not accept a version of the Iranian proposal submitted over the weekend, which called for ending the war first and settling the thornier issues related to Iran’s nuclear program at a later stage.
- UAE’s OPEC withdrawal: The UAE’s energy minister said its exit, set to take effect May 1, “reflects a policy-driven evolution aligned with long-term market fundamentals.” The UAE has long pushed for higher OPEC production quotas. OPEC is a cartel of major oil-producing nations that coordinates production policies to influence global oil supply and prices.
- Senators push for war authorization: US Senate Republicans said they expect the White House to be accountable to Congress for the Iran war, as it reaches the legal deadline to seek authorization by lawmakers for the conflict.
- Araghchi back from Russia: Iran’s Foreign Minister has returned to Tehran after a visit to Russia and is expected to consult with regime leaders, sources say — a slow process due to the difficulty of communicating with Supreme Mojtaba Khamenei, who is in hiding.
- Trump snaps back at Merz: Trump said German Chancellor Friedrich Merz “doesn’t know what he’s talking about” after Merz said the US was “being humiliated” by Iran.
- Meanwhile, Israeli strikes on Lebanon continue: Despite the ceasefire, Israeli strikes killed at least eight people throughout southern Lebanon on Tuesday, according to Lebanese authorities and state media. The Israeli military also said it destroyed Gaza-like underground tunnels belonging to Hezbollah in southern Lebanon.
CNN’s Nic Roberston, Mohammed Tawfeeq, Max Saltman, Mostafa Salem, Sarah Tamimi, Dana Karni, Hira Humayun, and Kit Maher contributed reporting.
A look at US-Iran peace talk developments since the ceasefire began
It has now been three weeks since President Donald Trump announced a ceasefire in the war between the US and Iran.
Sources told CNN on Monday that Trump suggested it is unlikely he will accept Iran’s latest proposal to end the conflict, after Tehran proposed a plan that would reopen the Strait of Hormuz while leaving questions about its nuclear program for later negotiations.
Here’s a look at what has happened with talks between Tehran and Washington since the ceasefire was announced:
- April 7: Trump warns that “a whole civilization will die tonight” if Iran does not agree to end the war and reopen the Strait of Hormuz. Hours later, a two-week ceasefire between is announced.
- April 11: US and Iranian officials meet for face-to-face talks in Islamabad, Pakistan, lasting 21 hours.
- April 12: US Vice President JD Vance announces the sides have “not reached an agreement,” largely because of Iran’s refusal to abandon its nuclear program. The leader of the Iranian negotiators, Mohammad Bagher Ghalibaf, says the US failed to gain the trust of the Iranian side. Later in the day, Trump says the ceasefire is still “holding well.”
- April 13: The US implements a blockade of Iranian ports, as a US official tells CNN that US and Iran are still engaged in talks. Trump also says that if a deal is not reached by the end of the ceasefire, “it won’t be pleasant” for Iran.
- April 17: After Iran says it will reopen the Strait of Hormuz in response to a separate ceasefire between Israel and Lebanon, Trump says the US’ blockade of Iranian ports will continue until a final deal to end the war is agreed. Iran says it will close the strait again if the blockade continues.
- April 18: Iran says it is once again shutting down the Strait of Hormuz, blaming the US for “breaches of trust.” Trump says that negotiations are still ongoing but shows frustration, saying Iran “got a little cute” when closing the strait again. Ghalibaf says the US and Iran are “still far from a final agreement” in an interview with state television.
- April 19: Trump says US representatives will be traveling to Islamabad, Pakistan, for a second round of negotiations with Iran. Iranian sources familiar with the negotiations tell CNN that a delegation representing Tehran will also be traveling to Pakistan for talks, though Iranian state media reports that Iran’s presence in Islamabad is not confirmed.
- April 20: Iranian foreign ministry spokesperson Esmaeil Baghaei says they “as of now” have “no plans for the next round of negotiations,” adding: “We don’t believe in deadlines or ultimatums to secure Iran’s national interests.” Trump says it’s “highly unlikely” he will extend the ceasefire, which he says will expire in two days time.
- April 21: Trump says he expects to continue bombing Iran if a deal to extend the ceasefire is not reached by the next day. Pakistan’s information minister says he is still trying to convince Iran to participate in talks. In the afternoon, Trump says he will extend the ceasefire until Iran submits a proposal to end the conflict permanently.
- April 22: Ghalibaf says a “complete ceasefire” would be meaningful only if it is not undermined by the US’ naval blockade. Iran’s President Masoud Pezeshkian reiterates this.
- April 23: Trump says he has “all the time in the world” to reach a deal to end the war, also telling reporters at the White House, “don’t rush me,” when pressed on a timetable.
- April 24: Sources tell CNN that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad in the evening. Trump administration officials also tell CNN that Trump is planning to send a US delegation to Pakistan for talks with Araghchi, but Baghaei says “no meeting is planned to take place between Iran and the US.”
- April 25: Araghchi meets with Pakistan’s Prime Minister Shehbaz Sharif in Islamabad, then leaves the country in the evening. Trump says he has canceled the US delegation’s scheduled trip to Pakistan, due to “infighting” among Iran’s leadership.
- April 27: Iran’s state media Fars reports that Araghchi gave a list of Iran’s “red lines” to be conveyed to the US during his trip to Pakistan. A source familiar with the matter tells CNN that Iran has put forward a new proposal that would reopen the Strait of Hormuz but leaves the state of talks on key US demands unclear. Sources tell CNN that Trump signaled he is not likely to accept the new proposal.
CNN’s Aileen Graef, Kit Maher, Sophia Saifi, Lauren Said-Moorhouse, Sophie Tanno, Kevin Liptak, Tim Lister, Aida Karimi, Riane Lumer, Alayna Treene, Elise Hammond, Nadeen Ebrahim, Adam Pourahmadi, Donald Judd, Alejandra Jaramillo, Mitchell McCluskey, Betsy Klein, Mohammed Tawfeeq, Nic Robertson, Max Saltman and Lex Harvey contributed to this reporting.
What is OPEC and how does it affect the supply and price of oil?
You’ll be hearing a lot about OPEC today after the United Arab Emirates (UAE) announced it’s withdrawing from the group of major oil exporting countries.
OPEC was founded in 1960 to “coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.”
To begin with, there were just five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Since then, it has grown to 12, collectively supplying about 36.17% of the world’s crude oil production. OPEC members control about 79.22% of the world’s total proven crude reserves. The UAE joined in 1967.
OPEC+ is a larger group consisting of OPEC members and other oil-producing allies, including Russia.
So, what does OPEC do? OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply. A unanimous vote is required on raising or lowering oil production.
Why does the UAE want to withdraw from OPEC? The UAE wants higher OPEC production quotas because it has the capacity to produce much more oil than it is currently allowed to produce. The UAE said it would leave the cartel, and be able to set its own production levels, from May 1.
Oil and energy ministers from OPEC member countries usually meet twice a year to determine OPEC’s output level. They also meet in extraordinary sessions whenever required.
The news did not lead to a significant change in the oil price, which has spiked since the start of the war in Iran. Many analysts expect the UAE’s decision to leave OPEC to lead to a reduction in prices because it will increase global supply.
US President Donald Trump has previously accused OPEC of keeping oil prices “artificially high” by restraining how much oil was being released onto the markets.
