The balance of power between the United States and China had shifted in Beijing’s favor even before the war in Iran began in February.
President Trump has declared the cease-fire on “life support,” and investors are taking a cautious approach as the economic effects of the war become more apparent.
The oil giant’s earnings in the first three months of the year were more than double the previous quarter’s and follow similarly strong results of European rivals.
American producers are under pressure from investors to keep spending in check, and they are wary of drilling more wells because they are not sure oil prices will stay high.
Despite the fragile cease-fire in the Middle East, many Africans say they are bracing for tougher times ahead and making difficult decisions about the future.
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
The United Arab Emirates’ decision to leave OPEC has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its own course.
The Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.
Even the largest global supplier of liquefied natural gas can’t make up for the shortfall since the war in Iran cut off an important source.
The war has exacerbated Iran’s economic crisis, forcing many to cross the border into Turkey to buy the most basic goods.