UAE quits Opec group of oil producers; UK government borrowing costs nearing highest since 2008 – business live

UAE announces exit from OPEC effective May 1, while BP profits surge and UK homebuilder Taylor Wimpey warns of rising construction costs. | Contesto: cronaca

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• UAE quits Opec group of oil producers; UK government borrowing costs nearing highest since 2008 – business live

Contesto

The United Arab Emirates will leave the Organization of the Petroleum Exporting Countries on 1 May, delivering a significant blow to the oil-producing cartel as it grapples with internal divisions and shifting global energy dynamics. The announcement, made public today, marks a rare defection from the 13-member group and underscores growing tensions among major producers over output quotas and strategic direction. The UAE, one of OPEC's largest producers with capacity exceeding 4 million barrels per day, has long chafed at production limits that it argues hamper its ability to capitalize on its investments in expanding output. Its departure raises questions about the cohesion of the alliance, which has sought to manage global oil prices through coordinated supply cuts, and could embolden other members to pursue independent strategies. Meanwhile, BP reported that its profits more than doubled in the latest quarter, driven by soaring oil and gas prices amid the ongoing Iran war. The British energy giant posted earnings that far exceeded analyst expectations, benefiting from the surge in energy costs that has accompanied geopolitical instability in the Middle East. The conflict has disrupted supply routes and fueled fears of broader regional disruption, pushing crude prices to multi-year highs. For BP and other producers, the windfall represents a dramatic reversal from the pandemic-era slump, but it also exposes the company to renewed scrutiny over windfall taxes and the pace of its transition to renewable energy. The company has faced pressure from investors and governments to reinvest profits into clean energy, yet the current crisis has reinforced the short-term profitability of fossil fuels. While the spike in energy prices has been a boon for oil and gas producers, it is creating acute pain for businesses across other sectors. UK homebuilder Taylor Wimpey reported today that the cost of building a home is being pushed up by rising energy expenses, warning shareholders that build cost inflation is now expected to be in the low to mid single digits for 2026. The company cited cost pressures and surcharges beginning to emerge from its supply chain, driven by...

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Categoria: cronaca