The United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership. The UAE said its decision would help it meet growing global energy demand in the long term after recent investments to boost its production capacity. It is seen as a blow to the cartel, with one analyst describing the exit as "the beginning of the end of Opec".
A superyacht linked to one of Russian President Vladimir Putin's key allies has sailed through the Strait of Hormuz, despite the ongoing blockade of the critical shipping channel. read more
Melania Trump has criticised late-night host Jimmy Kimmel over a joke in which he called her an "expectant widow" just days before a shooting incident at the White House Correspondents' Dinner she attended with the president. read more
A huge, unstable chunk of glacier is blocking the route up Mount Everest from Base Camp in Nepal just as peak climbing season gets under way in the Himalayas. read more
The Justice Department's internal watchdog is launching an investigation into the DOJ's production of files and documents related to Jeffrey Epstein as controversy continues over the handling of the case of the convicted sex offender. read more
How might this new development alter the landscape of oil prices in the future?
That likely depends on who you are, and which way you want oil prices to go.