The UAE's decision on Tuesday to exit Opec and Opec+ is likely to have a beneficial impact on its ties with India, bringing the two countries closer, especially on the oil and gas front, analysts said.
Narendra Taneja, chairman, Independent Energy Policy Institute, told NDTV Profit on Tuesday evening that the UAE is looking for more autonomy and focus on supplying oil to countries like India, which is closer to it in bilateral ties. “The UAE and India have deep relations and this will only improve now,” he said.
The UAE’s move to quit the two bodies has been speculated for a while, as it will get more autonomy to decide on raising production and meeting the needs of its major clients. India, for its part, is heavily dependent on imported crude oil and the UAE has been one of its key energy partners in recent years. Until the outbreak of the Gulf war, much of India’s LPG imports came from the UAE visa the Strait of Hormuz.
Taneja noted: "If Opec and Opec+ weaken, countries including India, China, South Korea and Japan will stand to gain a lot. They will have more autonomy to build bridges, negotiate prices and improve oil and gas supplies significantly.”
"From India’s point of view, this is a very good development," he pointed out.
Other analysts said the move also reflects the UAE’s long-term strategic and economic vision and changing energy profile, including higher investments in domestic energy production.
All the leading state-owned Indian refiners, including Indian Oil, Bharat Petroleum and Hindustan Petroleum, have been collaborating with Adnoc and other UAE-based companies on mega-refining projects. Adnoc had entered into a tie-up with these companies for exploration and appraisal.
India’s National Security Adviser Ajit Doval was in Abu Dhabi recently and held talks with top leaders.
UAE’s Minister of Industry and Advanced Technology, Sultan Ahmed Al Jaber, meanwhile, led a high-level delegation to Delhi earlier this year, when he declared that India is now “a decisive driver” of global energy demand. This is expected to jump significantly and would requite huge investments over the coming years.
Al Jaber also referred to the growing India-UAE relationship, especially in the oil and gas sector.
“As the world’s third-largest energy consumer, India has become a decisive driver of global demand," he added, noting: "Over the next 15 years, air travel in India will grow by 150 per cent. India’s cities will approach one billion people. And its data center capacity will increase ten-fold.
“Together, these megatrends are driving the largest expansion of energy demand in human history, faster, broader and more complex than anything we have seen before," Al Jaber noted.
By Karen Freifeld
NEW YORK, April 28 (Reuters) - The U.S. Department of Commerce last week ordered numerous chip equipment companies to halt certain tool shipments to China's second-largest chipmaker Hua Hong, according to two people familiar with the matter.
The department sent letters to at least a handful of companies informing them of the new restrictions on tools and other materials destined for Hua Hong facilities that U.S. officials believe will make China's most sophisticated chips, the people said. Top U.S. chip equipment companies Lam Research, Applied Materials and KLA, each of which has significant business supplying China, were among those believed to have received a letter, the sources added.
Reuters exclusively reported in March that Hua Hong Group had developed advanced chip manufacturing technologies that could be used to produce artificial intelligence chips, a milestone in Beijing's efforts to boost tech self-sufficiency. The group's contract chipmaking business, Huali Microelectronics, was preparing a 7-nanometer chipmaking process at its Shanghai plant, sources said. SMIC, China's largest contract chipmaker, is the only domestic company that can currently make chips with 7-nm technologies, the report said. The letters from the Commerce Department also aim to prevent shipments to Huali, sources said.
U.S. AIMS TO PROTECT LEAD ON AI CHIPS
In recent years, the Commerce Department has restricted U.S. companies from shipping equipment to Chinese factories producing advanced chips as part of an effort to safeguard the U.S.' technological lead in making AI and other advanced chips on national security grounds. The recent letters carry this policy forward, but could increase tension with China ahead of President Donald Trump's scheduled meeting with Chinese President Xi Jinping in Beijing in May.
U.S. chip equipment companies and other suppliers could lose billions of dollars in sales, one of the people said, especially if they were supplying a chipmaking plant that is under construction, or one that is retooling to begin making more advanced chips. The restrictions could slow China's domestic chipmaking drive, though Hua Hong may be able to replace the tools with ones from foreign or Chinese companies.
A Commerce Department spokesperson declined to comment. Hua Hong did not immediately respond to a request for comment. Lam Research, Applied Materials and KLA did not immediately respond to requests for comment.
(Reporting by Karen Freifeld. Additional reporting Fanny Potkin in Singapore; Editing by Chris Sanders, Rod Nickel)
The ongoing conflict in the Middle East is set to trigger the sharpest increase in global energy prices since 2022, sending shockwaves through commodity markets and clouding growth prospects worldwide, according to the latest Commodity Markets Outlook from the World Bank Group.
Energy prices are projected to surge by 24% in 2026, lifting overall commodity prices by 16%. The increase is being driven by disruptions to oil supplies, rising fertiliser costs, and record highs across several key metals.
At the centre of the crisis are attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz—a critical chokepoint that handles around 35% of global seaborne crude oil trade. The World Bank describes the situation as the largest oil supply shock on record, with global supply reduced by an estimated 10 million barrels per day.
Although prices have eased slightly from recent peaks, Brent crude remained more than 50% higher in mid-April compared to the start of the year. The benchmark is now forecast to average $86 per barrel in 2026, up from $69 in 2025, assuming disruptions begin to ease by May and shipping routes gradually normalise by late 2026.
“The war is hitting the global economy in cumulative waves—first through energy, then food, and ultimately inflation,” said Indermit Gill, Chief Economist of the World Bank. He warned that rising prices will disproportionately impact poorer populations, particularly in developing economies already burdened by high debt, adding: “War is development in reverse.”
Fertiliser markets are also under mounting pressure, with prices expected to rise by 31% this year, driven by a 60% spike in urea. This is likely to push affordability to its lowest level since 2022, squeezing farmers’ margins and heightening concerns over future crop yields. The World Food Programme has warned that prolonged disruption could push up to 45 million more people into acute food insecurity.
Meanwhile, demand from data centres, electric vehicles, and renewable energy is driving base metal prices—including aluminium, copper, and tin—to record levels. Precious metals are also climbing sharply, with prices projected to increase by 42% amid heightened geopolitical uncertainty and stronger demand for safe-haven assets.
The inflationary impact is expected to be significant. Inflation in developing economies is now projected to average 5.1% in 2026—one percentage point higher than pre-conflict estimates. Economic growth is also set to weaken, with developing countries forecast to expand by 3.6%, marking a downward revision of 0.4 percentage points.
Countries directly affected by the conflict are expected to bear the brunt of the slowdown. More broadly, around 70% of commodity-importing economies and over 60% of exporters could experience weaker-than-expected growth.
The outlook could deteriorate further if the conflict escalates. In a more severe scenario, Brent crude could average as high as $115 per barrel in 2026 if damage to key oil and gas infrastructure intensifies and export recovery slows. This would place additional upward pressure on fertiliser and alternative energy costs, potentially pushing inflation in developing economies to 5.8%, levels not seen since 2022.
“The series of shocks over the past decade has significantly reduced governments’ ability to respond,” said Ayhan Kose, urging policymakers to avoid broad, untargeted subsidies and instead prioritise temporary, targeted support for vulnerable groups.
The report also highlights how geopolitical tensions amplify market volatility. Oil price swings during such periods are roughly twice as severe, with even a 1% drop in supply capable of pushing prices up by an average of 11.5%. These shocks often spill over into natural gas and fertiliser markets, with delayed but lasting effects on food security and poverty.
As global markets absorb yet another major disruption, the World Bank’s message is clear: without stability, the path to recovery and sustainable development will remain increasingly uncertain.
Putin Signals Support for Iran in Standoff With U.S.
By RFE/RL staff - Apr 28, 2026, 9:00 AM CDT
Russian President Vladimir Putin voiced strong support for Tehran in its conflict with the United States and Israel as he greeted Iranian Foreign Minister Abbas Araqchi for talks in St. Petersburg on April 27.
Meeting nearly two months after US and Israeli air strikes on Iran started a war that sent shock waves around the world, both Putin and Araqchi underlined the strength of ties between their countries.
"We see how bravely and heroically the Iranian people are fighting for their independence, for their sovereignty," Putin said after meeting Iran's top diplomat.
He added that he had received a message last week from Mojtaba Khamenei, who has not been seen since being announced as Iran's new supreme leader on March 8 following the killing of his father, Ayatollah Ali Khamenei, in an air strike on February 28.
Putin said he was sending back "sincerest words of gratitude" and that Russia "intended to continue our strategic relationship."
Araqchi also pledged to continue the "strategic partnership" with Moscow.
"They have always supported us," he said.
Worry In Washington
The mutual warm words will not go unnoticed in Washington, where US President Donald Trump is due to meet with top national-security officials later on April 27 to discuss the ongoing stalemate in discussions with Iran, according to US media reports.
The rapid evolution of Russia-Iran ties, including reports that Russia has provided Iran with military intelligence during the current conflict, has also drawn attention in the US Congress.
At a recent hearing of the Helsinki Committee, Congressman Joe Wilson, a Republican from South Carolina, was one of many speakers who warned of a broader geopolitical struggle against Moscow and Tehran.
"The United States is not confronting just Iran, but a broader Russia-Iran axis," Wilson declared, arguing the two nations were working together on weapons transfers, intelligence sharing, and sanctions-evasion tactics to challenge American global leadership.
Araqchi's trip to Moscow is about shoring up the relationship as Iran continues to resist US demands at the negotiating table.
But exiled Iranian political analyst Amir Chahaki told RFE/RL's Radio Farda that Putin may also have an interest in nudging Iran toward making some concessions, particularly regarding its nuclear program.
"For Russia, the survival of the Islamic republic -- and avoiding a surprise like Syria -- is vital," he said.
The Nuclear Issue
One of several key stumbling blocks in the US-Iran diplomatic deadlock is the fate of some 450 kilograms of highly enriched uranium that Iran reportedly holds.
"The nuclear issue, specifically the 450 kilograms and the enrichment, remains the central axis. If Russia can, through engagement with Trump and Tehran -- either with Mojtaba Khamenei or any other group -- resolve the issue by having Iran dilute some of it or transfer the remainder to Russia in a way that is accepted, that would be a major favor from Putin to Trump," Chahaki said.
In return, the Berlin-based analyst said, Putin might seek to persuade the United States to make "partial concessions, such as allowing some enrichment under stricter limits, perhaps after 10 years. These possibilities are now on the table for Putin."
In St. Petersburg, Putin also dangled the prospect of Russia acting as a mediator, saying, "We'll do everything that is in our interests, that's in the interests of the people in the region, for peace to be achieved as soon as possible."
Russian officials have made similar comments over the course of the conflict, but other countries have emerged as the key mediators.
Araqchi arrived in Russia following talks in Pakistan and Oman, blaming "excessive" US demands for the failure of talks so far. He also said Iran was considering new US proposals.
Ahead of the talks, Trump told Fox News that Iran "can call us" if it wants to talk but added, "They know what has to be in the agreement. It's very simple: They cannot have a nuclear weapon; otherwise, there's no reason to meet."
Iran has persistently denied wanting to develop a nuclear weapon while also resisting demands that it agree not to enrich uranium beyond levels needed for civilian nuclear purposes.
https://oilprice.com/Geopolitics/Middle-East/Putin-Signals-Support-for-Iran-in-Standoff-With-US.html
The weekly benchmark diesel price used for most fuel surcharges recorded its third straight decrease after weeks of higher numbers, but the recent direction of futures prices suggest the pullback may not continue.
The Department of Energy\Energy Information Administration average weekly retail diesel price fell 5.2 cents/gallon to $5.351/g, published Tuesday and effective Monday.
That’s a decline of 29.2 cts/g over the last 3 weeks in the benchmark price used to set most fuel surcharges. But futures prices have turned higher, the AAA price was up today for the first time in more than 2 weeks, and there’s little bearish news out of the Strait of Hormuz. The price released Tuesday could be a bottom for this cycle.
The price has declined 29.2 cts/g over the last three weeks, which means it is that much under the highest price in the cycle since the start of the war in Iran and the broader Middle East. The price published by the DOE/EIA right before the recent downturn was $5.643/g on April 6.
The record high in the DOE/EIA series, which goes back to 1994, is $5.81, set in June 2022.
The settlement price of ultra low sulfur diesel (ULSD) on the CME commodity exchange reached its highest level since the war began on March 27, when it settled at $4.4955/g. It settled slightly below that on April 7, at $4.4744/g.
ULSD plummeted a day later, more than 66 cts/g, on announcement of a ceasefire, settling at $3.8084/g. Prices have made a steady move higher since then, despite a market that has been up and down on any given day’s news on the possible reopening of the Strait of Hormuz.
ULSD crossed the $4/g mark in trading Monday before settling just under that. It exceeded the $4 mark again Tuesday before a slight decline by 11 a.m. Tuesday.
What comes next
There has been enough stability in current markets that extreme talk of an eventual $200/b price for Brent crude, the world’s benchmark, has mostly faded.
But what hasn’t faded are growing concerns that oil prices may be sticking at higher levels for awhile, regardless of whatever developments occur with the reopening of the Strait of Hormuz.
APRIL 28 – BP’s profits for the first three months of the year have more than doubled following a surge in oil prices since the beginning of the Iran war.
In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an “exceptional” performance in its oil trading business.
The figure was higher than analysts had expected and more than double the $1.38bn it reported in the same period last year.
The results are the first under new chief executive Meg O’Neill, who took over at the beginning of April when her predecessor, Murray Auchincloss, left after less than two years in the role.
The US-Israel conflict with Iran, which began on 28 February, has led to a surge in oil prices, as the key Strait of Hormuz – which usually carries about 20% of the global supplies of oil and liquid natural gas – has been effectively closed.
Brent crude, the global benchmark for oil prices, is currently trading at about $110 a barrel, compared with around $73 before the Iran war began.
O’Neill said she had joined “at a time when our industry is operating in an environment of conflict and complexity”.
She added BP had been “working with customers and governments to get fuel where it’s needed, helping minimize disruption and the impact it can have on people’s lives”.
Kazakhstan will divert crude oil previously sent to Germany via the Druzhba pipeline to ports in Russia, its energy ministry said on Tuesday, after Moscow announced it would halt the Kazakh flows from May. Those flows had helped supply the PCK Schwedt refinery, Berlin's main source of fuel, which the German government seized control of from Russian top stakeholder Rosneft following Moscow's invasion of Ukraine in 2022.
They accounted for 17% of the refinery's crude. The ministry said in May some 160,000 tons will instead be sent to the Caspian Pipeline Consortium's terminal on the Black Sea and 100,000 tons to Ust-Luga on the Baltic Sea.
RUSSIAN FLOWS DISRUPTED Moscow's move to halt the Kazakh flows comes after Russian flows via a separate arm of the Druzhba pipeline to Hungary and Slovakia via Ukraine were recently disrupted.
Kyiv blamed that incident on Russian drone attacks on oil infrastructure while Hungary and Slovakia accused Ukraine of intentionally halting supply. Russia's Deputy Prime Minister Alexander Novak last week cited "technical reasons" for the halt to supply to Germany, offering no further explanation.
Industry sources said Ukrainian attacks on Druzhba facilities in Russia, including on the Unecha pumping station last year, could have reduced its capacity and ability to pump oil both to Germany and toward Hungary. Reuters was unable to establish the level of damage to the facilities or their capacity.
Russian oil pipeline monopoly Transneft did not reply to a request for comment. Ukraine has increased drone attacks in recent weeks on Russia's energy infrastructure, including its oil-exporting ports.
Kazakhstan energy minister Erlan Akkenzhenov said last week the decision to halt flows of its crude to Germany had likely been caused by Ukrainian drone strikes, without elaborating. Igor Yushkov, an analyst at Russia's government-run Financial University, said Russia's ports security was in Europe's interests.
"If Europe cannot influence Ukraine and attacks on Russian export terminals continue, the world risks losing not only part of Russian oil but also Kazakh oil, which would push prices higher," he said. Kazakhstan exported 2.146 million metric tons of oil to Germany last year via the Druzhba pipeline, or around 43,000 barrels per day. It sent 730,000 tons in the first quarter of 2026.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
By Tsvetana Paraskova - Apr 29, 2026, 4:25 AM CDT
Oil prices are extending their gains early on Wednesday, with Brent jumping to over $114 and WTI exceeding $103 per barrel, as oil market participants weigh the stalled U.S.-Iran negotiations and the possibility of an extended U.S. blockade outside the Strait of Hormuz.
As of early morning in Europe, the front-month Brent Crude futures rallied 2.95% to trade at $114.50 after hitting the highest level in more than a month, as media reports and signals from the U.S. Administration point to a prolonged U.S. naval blockade in the Gulf of Oman outside the Strait of Hormuz, aimed at choking Iranian oil exports and revenues.
The U.S. benchmark, WTI Crude, topped the $103 per barrel mark again, rising by 3.48% to $103.40 a barrel.
U.S. crude and product inventories continued to fall in the week ending April 24, according to estimates by the American Petroleum Institute (API) published late on Tuesday.
Oil prices continued their multi-day rally early on Wednesday after reports emerged that the U.S. would not be letting up its blockade and would pursue choking off Iran’s oil exports.
U.S. President Donald Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials told the Wall Street Journal earlier this week.
The oil futures market is now beginning to catch up with the huge physical supply disruption that the closed Strait of Hormuz is causing.
“Bets for when the SoH will reopen keeps sliding into the future,” Bjarne Schieldrop, Chief Analyst, Commodities at SEB Bank, wrote in a note earlier this week.
“Alarm bells will ring loudly if the SoH doesn't reopen during May,” the analyst said, adding that “if a decent reopening doesn't take place before June/July, then the risk is significant for a real crisis where the world may be forced to reduce its oil consumption closer to the level of availability.”
With an impressive upside potential of 101.6%, Seabridge Gold Inc. (NYSE:SA) is among the 10 Best Gold Mining Companies to Invest In According to Wall Street.
On March 26, pre-earnings options activity in Seabridge Gold Inc. (NYSE:SA) was reported as normal, with calls outpacing puts by an 8-to-1 ratio. Implied volatility indicated that the market was pricing in a post-results move of approximately 5.8%, or $1.50 per share, compared with a median move of 2.7% over the previous eight quarters, signaling elevated investor interest ahead of results.
On March 19, Seabridge Gold Inc. (NYSE:SA) secured a legal victory tied to its flagship KSM project after Tudor Gold withdrew its appeal to the Supreme Court of British Columbia regarding the Mitchell Treaty Tunnels. The withdrawal effectively upheld the standing of the Conditional Mineral Reserve and removed a legal overhang on critical infrastructure required for KSM’s long-term development.
Seabridge Gold Inc. (NYSE:SA) is a precious metals development company focused on advancing large-scale gold and copper assets, most notably the KSM project in British Columbia. The company is headquartered in Toronto and was founded in 1979.
Seabridge Gold Inc. (NYSE:SA) may appeal to investors because the removal of an important legal uncertainty improves visibility for one of the world’s largest undeveloped gold projects. Strong options interest also suggests that the market is paying closer attention to potential catalysts surrounding the company.
https://finance.yahoo.com/markets/stocks/articles/seabridge-gold-inc-sa-10-081623274.html
India’s steel sector has broadly aligned its long-term climate ambitions with the Paris Agreement, but progress in implementation remains limited, according to a latest report by the Institute for Energy Economics and Financial Analysis (IEEFA).
It added that while five of seven major Indian steel companies studied have adopted net-zero targets for 2050, most have shown weak advancement in operational readiness, technology deployment, and financial alignment.
“India is the world’s second-largest steel producer, but while demand has plateaued or is declining among other major steel-producing regions, in India the sector is on a steep growth curve,” said Saurabh Trivedi, Lead Specialist, Sustainable Finance and Carbon Markets – South Asia at IEEFA.
The study assessed seven Indian producers — including JSW Steel, Tata Steel, Steel Authority of India Limited (SAIL), Jindal Steel, Rashtriya Ispat Nigam Limited (RINL), Jindal Stainless, and Godawari Power and Ispat, alongside three global peers.
According to the findings, none of the companies scored above 43 per cent on overall decarbonisation readiness, highlighting a sector-wide shortfall in capital allocation and execution.
A key concern raised in the report is that emissions intensity for most Indian steel companies has worsened over the past three years, even as global peers have managed reductions. Analysts said this trend raises questions over the credibility of existing climate commitments if not backed by measurable investments.
The warning comes at a crucial time for India’s steel industry, which is expected to expand significantly as domestic demand rises. The report notes that around 43 million tonnes per annum of existing blast furnace capacity in India will require relining before 2030. Since relining extends the life of these furnaces by another 15–20 years, such decisions could entrench carbon-intensive production well into mid-century.
“Companies have set targets, and technology planning is advancing among the leaders, but capital allocation has not moved,” says Soni Tiwari, Energy Finance Analyst – South Asia at IEEFA.
Adding to the challenge, more than two-thirds of planned steel capacity additions in India are expected to use conventional emissions-heavy technology, increasing the risk of long-term carbon lock-in.
Without faster technology substitution and coordinated policy measures, the report warns that Indian steelmakers could face mounting pressure from international carbon border taxes, green procurement standards, and investor demands for credible transition plans.
Compared to the previous quarter, the figure rose by 19%
In Q1 2026, the American steel company Nucor increased total shipments of steel products from its steel mills to 7.028 million tons, a 9% increase year-on-year. This is stated in the company’s report.
Compared to the previous quarter, the figure rose by 19%.
The utilization rate of the company’s steel mills for the period rose to 86% compared to 80% in the same period of 2025.
The average external selling price per ton of steel products in the first quarter of 2026 increased by 14% year-on-year – to $1,074 per ton.
As Leon Topalian, Chairman and CEO of Nucor, noted, the company has had a strong start to the year, and the steel mills segment achieved a new quarterly record for shipments.
“All three of our operating segments reported consistent earnings growth, driven by strong demand in key end markets, the growing contribution of recent capital investments, and federal trade policies that continue to reduce the flow of unfair imports into the U.S.,” he added.
The company’s revenue for the first quarter was $9.5 billion, compared to $7.83 billion a year earlier.
Meanwhile, effective April 27, Nucor again raised its spot consumer price (CSP) for hot-rolled coil (HRC) by $10 per short ton compared to the previous week — the new offer price is $1,065/ton. The spot consumer price for Nucor’s joint venture on the West Coast — California Steel Industries (CSI) — also rose by $10, with the new price set at $1,115 per short ton.
As a reminder, in 2025, shipments of steel products from U.S. steel mills increased by 4.9% compared to 2024, reaching 90.95 million short tons.
https://gmk.center/en/news/nucor-increased-shipments-of-steel-products-by-9-y-y-in-q1/
The decision was made following damage to steel mills during a dispute with the United States and Israel
Iran has temporarily suspended exports of a number of steel products, including slabs and various types of flat-rolled steel, until May 30, 2026. This was reported by the Trade Promotion Organization of Iran (TPO).
According to the organization’s statement, the decision was made based on resolutions issued by the country’s Ministry of Industry, Mines, and Trade, as well as the Supreme National Security Council. If the state of emergency is extended, the restrictions may be prolonged.
The list of products whose export is temporarily banned includes steel slabs, hot-rolled and cold-rolled sheet, tin-plated rolled products, galvanized sheet, coated rolled products, painted sheet, and strip.
The restrictions were introduced in the wake of the 40-day war between Iran, Israel, and the United States, during which two major Iranian steel plants were attacked—one in the central province of Isfahan and the other in southwestern Khuzestan. According to local sources, the strikes caused significant damage to production facilities, resulting in the shutdown of some capacity.
In addition to steel assets, petrochemical complexes were also damaged, causing disruptions in the industry. Tehran had previously restricted foreign sales of certain chemicals, petrochemical products, and polymers.
For the global steel market, Iran’s decision means a temporary reduction in the available supply of semi-finished products and flat steel, primarily for countries in the Middle East and Asia, where Iranian products have traditionally been present. This particularly applies to the slab segment, which is used for the further production of hot-rolled coils.
The suspension of exports could also support regional prices for flat steel if downtime at Iranian mills drags on and the ban is extended beyond May 30.
As a reminder, the Iranian steelmakers Khouzestan Steel and Mobarakeh Steel were hit by airstrikes carried out by the U.S. and Israel on March 27, damaging their storage and power supply infrastructure. This is expected to lead to a reduction in the production of billets and slabs and in the country’s export capacity in this segment.
