Commodities: UAE Exit From OPEC Marks A Big Shift In Oil Market
2026-04-29·via All Articles on Seeking Alpha
Summary
The big development in oil markets yesterday was news that the UAE is set to leave OPEC from 1 May. This is a significant move and will be a big blow to OPEC.
Nickel prices climbed to their highest levels since mid-2024 amid intensified supply risks in Indonesia.
In its first estimates for the 2026/27 season, CONAB expects Brazil’s sugarcane production to rise 5.3% year-in-year to 709.1mt. If achieved, this would mark the second-largest harvest on record.