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Explainer-What is OPEC+ and how does it affect oil prices?

LONDON, April 28 (Reuters) - The United Arab Emirates, one of OPEC+'s largest producers, will leave the oil producers' alliance on May 1, it said on Tuesday.

The Organization of the Petroleum Exporting Countries and allies, including Russia, are known collectively as OPEC+. Last year, the group produced nearly 50% of the world's oil and oil liquids, according to International Energy Agency estimates. The UAE is the fourth largest producer in OPEC+.

Below are facts about OPEC+ and its role.

WHAT ARE OPEC AND OPEC+?

FILE PHOTO: An installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) is seen during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo

UK summons Iranian ambassador over embassy's 'unacceptable' comments on social media

LONDON, April 28 (Reuters) - Britain said on Tuesday the Iranian ambassador to London had been summoned over what the government described as the Iranian embassy's "unacceptable and inflammatory" comments on social media.

Britain's minister for the Middle East, Hamish Falconer, made clear that the embassy "must cease any form of communications that could be interpreted as encouraging violence in the UK or internationally", the Foreign Office said in a statement.

Iranian officials in Tehran could not be immediately reached for comment on Britain's move.

FILE PHOTO: United Kingdom's Parliamentary Under-Secretary of State at the Foreign, Commonwealth and Development Office Hamish Falconer addresses to members of the Security Council about the Middle East situation, including the Palestinian Question at UN Headquarters in New York City, U.S., January 20, 2025. REUTERS/Eduardo Munoz/File Photo

Argentina’s Milei walks fine line on Falklands amid US–UK tensions

By Leila Miller

BUENOS AIRES, April 28 (Reuters) - Argentine President Javier Milei, a libertarian who has long cited former British Prime Minister Margaret Thatcher as one of his political role models, has recently sharpened his public tone on the Falkland Islands, a contrast from the moderate approach he has previously adopted as he's sought closer ties with the West.

Argentina's President Javier Milei speaks during the opening session of the 144th legislative term of Congress at the National Congress building in Buenos Aires, Argentina, March 1, 2026. REUTERS/Agustin Marcarian/File Photo

New pirate group behind latest Somali hijacking: officials

A pirate attack off Somalia is the work of a new group of "opportunistic criminals", security officials said on Tuesday, complicating a threat that costs the shipping industry billions of dollars.

Piracy was rampant off the coast of Somalia in the 2000s, peaking in 2011 with hundreds of attacks, but was significantly reduced by international naval deployments and new tactics by commercial shipping.

Yet the past week has seen oil tanker HONOUR 25 and cement carrier SWARD hijacked in the first major incidents in months.

An armed Somali watches a Greek cargo ship anchored off NE Somalia in 2010

Pro-Kurdish party criticises Turkey's 'hesitant' steps toward PKK peace

ANKARA, April 28 (Reuters) - Turkey's pro-Kurdish DEM Party issued one of its strongest criticisms yet of the government's handling of a fragile peace process, highlighting on Tuesday a growing stand-offbetween Ankara and Kurdish militants over next steps to end a decades-long conflict.

DEM is parliament's third biggest party and helped facilitate steps toward peace between the Turkish state and the Kurdistan Workers' Party (PKK), whose conflict has killed more than 40,000 people since 1984.

Tulay Hatimogullari, co-chair of pro-Kurdish Peoples' Equality and Democracy Party (DEM Party), addresses their supporters during a rally in Istanbul, Turkey, February 2, 2025. REUTERS/Dilara Senkaya

Analysis-Iran’s Guards seize wartime power, blunting Supreme Leader's role

By Samia Nakhoul, Parisa Hafezi and Asif Shahzad

DUBAI, April 28 (Reuters) - Two months into a war with the U.S. and Israel, Iran no longer has a single, undisputed clerical arbiter at the pinnacle of power — an abrupt break with the past that may be hardening Tehran’s stance as it weighs renewed talks with Washington.

FILE PHOTO: People ride motorcycles near a billboard featuring an image of Iran's new Supreme Leader Mojtaba Khamenei, amid a ceasefire between U.S. and Iran, in Tehran, Iran, April 20, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/File Photo

Analysis-Drone diplomacy wins Ukraine valuable allies, but now it must deliver

By Daniel Flynn

KYIV, April 28 (Reuters) - President Volodymyr Zelenskiy has leveraged Ukraine's expertise in drone warfare into a series of successful diplomatic deals during visits to the Middle East and Europe, showcasing how Kyiv is using military prowess to boost its diplomatic clout.

This month alone, Ukraine has signed defence and drone deals in Germany, Norway and the Netherlands, following long-term security partnerships with Saudi Arabia, Qatar and the United Arab Emirates in late March.

FILE PHOTO: Ukrainian President Volodymyr Zelenskiy holds a drone of German drone maker Quantum Systems, along with Germany's Defence Minister Boris Pistorius, during a visit to the firm on the sidelines of the annual Munich Security Conference (MSC), near Munich, Germany, February 13, 2026. REUTERS/Thilo Schmuelgen/File Photo

UAE pulls out of OPEC oil cartels citing 'national interests'

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over the Middle East war.

The UAE, one of the world's top oil producers, which has previously chafed at OPEC production quotas, will pull out on Friday, a statement carried by the official WAM news agency said.

The UAE has been an OPEC member through the emirate of Abu Dhabi since 1967, four years before the former British protectorate became a country.

(FILES) People walk by the building headquarters of OPEC (Organization of The Petroleum Exporting Countries) as the logo is seen on its facade in Vienna, Austria

Trump says Iran wants US to open Hormuz Strait as soon as possible

WASHINGTON, April 28 (Reuters) - President Donald Trump said on Tuesday that Iran has said it was in a state of collapse and wants the United States to open the Strait of Hormuz while it sorts out its leadership.

It was not clear from Trump's social media post how Iran had communicated that message and no immediate comment from Iran was available.

FILE PHOTO: President Donald Trump arrives from the Blue Room to speak about the Iran war from the Cross Hall of the White House on Wednesday, April 1, 2026, in Washington.     Alex Brandon/Pool via REUTERS/File Photo

Iran and US allowed Russian superyacht to cross Strait of Hormuz, source says

April 28 (Reuters) - A superyacht owned by Russian billionaire Alexey Mordashov was able to transit the blockaded Strait of Hormuz after undergoing maintenance in Dubai because neither Iran nor the United States objected, a source close to Mordashov said on Tuesday.

It has been unclear how the multi-deck pleasure vessel, worth over $500 million, gained permission to sail on Saturday through the commercially important waterway at the heart of the U.S.-Iran conflict, where traffic has been severely restricted since February.

FILE PHOTO: The 465-foot superyacht "Nord", linked to sanctioned Russian oligarch Alexei Mordashov is seen in Hong Kong, China, October 20, 2022. REUTERS/Donny Kwok/File Photo