The United Arab Emirates announced its departure from OPEC after nearly 60 years, dealing a substantial blow to the oil cartel. As OPEC's third-largest producer with daily output of 3.4mn barrels before the Iran conflict, the UAE has long chafed against production quotas restricting its exports. This move reflects deepening tensions with Saudi Arabia, the cartel's de facto leader, and underscores the UAE's frustration with the group's policies during the global energy crisis.

Separately, China is poised to resume exporting jet fuel, gasoline, and diesel from May in a move that could ease global fuel shortages exacerbated by the Iran conflict. The country, a major exporter to Asian nations including Japan and Vietnam, will prioritize supplying jet fuel to countries with critically low supplies. This development comes as Beijing believes domestic fuel needs have stabilized, allowing a return to international markets.

In other market news, Chinese electric vehicle maker BYD reported profits have fallen by more than half amid intensifying competition and reduced government subsidies. The decline follows years of astronomical growth as the company struggles in the cut-throat domestic market. Meanwhile, US hedge fund manager Bill Ackman advances plans for a public listing of Pershing Square USA, expected to raise approximately $5bn.