The BBC takes a look in charts at what the UAE's departure could mean for the oil cartel and more widely.
The Gulf state is the latest to quit the group, which was created to form a united front on oil pricing.
It will have little effect on the current oil blockades, but it could change everything afterwards.
Daniel Gros is the director of the Institute for European Policymaking at Bocconi University. Previously, he served as an adviser to the European Parliament, collaborated with the European Commission as economic adviser to the Delors Committee, which developed plans for the euro, and worked at the International Monetary Fund. In this interview, Gros examines the structural tensions shaping EU-China economic ties, draws lessons from the euro’s experience to analyse the yuan’s...
How the Strait of Hormuz became a system of control, shaping power and the global economy.
The China-US trade war bubbled away this week, even as the Strait of Hormuz shutdown dominated global headlines. The US is finalising a multinational agreement on trade and critical minerals to break China’s grip on vital resources, US Trade Representative Jamieson Greer told lawmakers on Thursday. He also sought a higher budget to support more trade investigations, and suggested potential action to pare US farmers’ reliance on Chinese orders. “We’re not just going to lay down and let the...
China has crafted markets, mechanisms and incentives as the world’s largest buyer of commodities in a bid to free itself from its dependence on the US dollar, but the biggest threat to Washington’s global dollar dominance may well be Washington itself, witnesses said in testimony on Thursday before a key advisory committee to the US Congress. Economic sanctions and access to US-led global banking systems are a powerful US tool that can be used to great effect, said experts before the US-China...
The International Monetary Fund (IMF) has lowered its global economic growth forecast, including for China, citing shocks from the US-Israeli war in Iran. In its flagship World Economic Outlook published on Tuesday, the IMF projected worldwide gross domestic product growth at 3.1 per cent this year, down 0.2 percentage points from its January estimate. China – the world’s second-largest economy – is now expected to expand by 4.4 per cent this year. That would miss the IMF’s January estimate by...
The IEA's oil 'demand destruction' report comes after its chief said unnamed countries are hoarding stocks.
Billionaire investor and philanthropist Ray Dalio has called the US-China relationship the single most critical factor for global well-being, as the war on Iran shakes the world order and leaders of the two superpowers prepare to meet next month. Strong ties between Beijing and Washington could unlock immense progress for humanity, while bad relations could cause catastrophic damage, Dalio warned at an event for his non-profit ocean exploration initiative OceanX in Shanghai on Wednesday. “We are...