The United Arab Emirates announced on Tuesday its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), ending nearly six decades of membership. Analysts view the move as driven by both economic and political motives. The UAE has long sought freedom from OPEC’s production quotas to fully utilize its oil capacity. The decision comes amid regional instability following U.S.-Israeli attacks on Iran and growing tensions with Saudi Arabia, OPEC’s leading member.

The UAE’s departure is expected to weaken OPEC’s control over global oil supply and pricing. While Saudi Arabia depends heavily on high oil prices to balance its budget, the UAE has invested heavily in expanding production and can tolerate lower prices. The move also reflects Abu Dhabi’s closer alignment with Israel and the United States, contrasting with Riyadh’s more cautious diplomatic stance. The timing coincided with a Gulf summit in Jeddah, where the UAE president was notably absent.

Analysts suggest the split could reshape regional alliances, forcing countries like Egypt and Jordan to navigate between Saudi and Emirati blocs. The rift may also influence broader Arab and Islamic cooperation frameworks, signaling a new phase of rivalry in the Gulf.

China’s National Financial Regulatory Administration (NFRA) has advised major banks not to issue new loans to five oil refineries recently added to the US sanctions list for alleged involvement with Iranian oil. The directive, reported by Bloomberg News, also instructs banks to review their business dealings with these refineries but not to recall existing loans immediately.

Among the sanctioned companies is Hengli Petrochemical (Dalian) Refinery, one of China’s largest private refineries. The report suggests that Beijing’s cautious stance aims to shield its state-owned banks from potential secondary sanctions imposed by the United States. This move contrasts with a notice issued by China’s Ministry of Commerce on May 2, which had instructed companies to disregard US sanctions.

Al Jazeera noted that it could not independently verify the Bloomberg report. The situation highlights a possible policy divergence within China’s financial and trade authorities regarding compliance with US sanctions.

Global crude oil prices increased following reports of a potential peace agreement between Iran and the United States. Early Thursday trading saw US crude futures rise by nearly one dollar per barrel. According to Reuters, West Texas Intermediate (WTI) crude futures climbed 80 cents to reach 95.88 dollars per barrel, after hitting an intraday high of 96.33 dollars on Wednesday.

Market analysts attributed the upward trend to optimism surrounding the possible preliminary peace deal between the two countries. However, Verisk Maplecroft’s head of energy and resources, Kaho Yu, cautioned that oil prices and shipping routes are unlikely to normalize until threats of attacks in the Strait of Hormuz are fully removed.

Yu added that despite ongoing diplomatic efforts, the energy market has not yet returned to pre-crisis conditions. Discussions between China and Iran may help ease tensions, but the market remains focused on whether the Strait of Hormuz will reopen. The coming months’ oil supply and tanker movement will indicate whether lasting stability returns to the Middle East.

Japan’s stock market responded positively on Thursday to reports of a possible diplomatic agreement between the United States and Iran. Following the news, the Nikkei 225 index rose more than 4 percent shortly after trading began, reaching 61,937.78 points at 9:31 a.m. local time (GMT 00:31).

Alongside the geopolitical developments, investors were closely monitoring movements in the Japanese yen. Market speculation suggested that the Japanese government might intervene in the currency market to prevent further depreciation of the yen.

The report, citing Al Jazeera, indicates that optimism over potential diplomatic progress between Washington and Tehran has temporarily boosted investor confidence in Japan’s equity market.

German shipping company Hapag-Lloyd is losing about 60 million US dollars per week due to the closure of the Hormuz Strait, according to AFP. The company said the high risk of using this strategic waterway has sharply increased fuel and insurance expenses. Based in Hamburg, Hapag-Lloyd cited threats from Iranian drones and small boats as key factors behind the surge in insurance costs.

The company explained that alternative routes through safe ports or land transport are limited and cannot fully replace the regular maritime routes in the region. Iran has required all vessels to undergo verification by the Islamic Revolutionary Guard Corps (IRGC), including sailing near Iranian coasts, providing crew and cargo details, and in some cases making payments.

AFP reported that shipping companies now face a dilemma: either absorb millions in additional costs or risk violating US and EU sanctions by paying Iranian authorities for safe passage.

The government of Bangladesh has revised passenger fares for vessels operating on domestic waterways. According to a notification issued by the Technical Assistance Branch of the Ministry of Shipping on May 5, 2026, the new fare rates have been implemented from the same day in the public interest. The revision was made under Rule 27 of the Bangladesh Inland Water Transport (Routes, Permits, Schedules and Fare Determination) Regulations, 2019.

Under the new rates, the fare for the first 100 kilometers has been increased by 18 paisa per kilometer, raising the rate from Tk 2.77 to Tk 2.95 per passenger per kilometer. For distances beyond 100 kilometers, the fare has been raised by 14 paisa, from Tk 2.38 to Tk 2.52 per kilometer. The minimum passenger fare has also been increased from Tk 29 to Tk 32.

The notification, signed by Senior Assistant Secretary Chhanda Pal on behalf of the President, has been circulated to all relevant departments, with instructions for publication in the Bangladesh Gazette and on the ministry’s website. The decision has been communicated to BIWTA, BIWTC, and the launch owners’ association.

The government has cancelled all activities related to the 2024 Commercially Important Person (CIP) cards. The Ministry of Commerce issued an official notification on Tuesday announcing the decision. The move halts all administrative and procedural actions connected to the issuance and use of the 2024 CIP cards.

According to the source, a similar decision had been made earlier regarding the CIP cards issued in 2023 during the tenure of the interim government. The latest cancellation continues that approach, effectively suspending the CIP card program for consecutive years.

The notice did not specify reasons for the cancellation or outline any future plans for the CIP program, leaving the status of upcoming CIP recognitions uncertain.

Eastern Refinery PLC, the country’s only oil refinery, will restart its refining operations on Thursday afternoon, according to Deputy General Manager (Operations) Mamunur Rashid Khan. He said a shipment of crude oil has arrived in the country, and if all preparations go smoothly, refining will begin after 5 p.m. The initial production target has been set at around 3,500 tons per day, with output expected to increase gradually after technical adjustments.

A vessel named MT Nainemia from Saudi Arabia has anchored at Kutubdia in Cox’s Bazar carrying 194,000 metric tons of crude oil for the refinery. Current reserves are expected to support refining operations for 20 to 25 days. The next shipment of crude oil is likely to arrive after May 20, depending on loading schedules in Saudi Arabia.

Managing Director Md. Sharif Hasnat confirmed that the refinery will begin operations at full capacity as planned, ensuring continuity of supply if the next shipment is loaded between May 10 and 12.

The Ministry of Shipping of Bangladesh has announced an increase in launch fares effective from Tuesday, May 5. The decision follows the recent rise in fuel prices. Under the new rates, fares for short-distance routes have increased by 18 paisa per kilometer to 2.95 taka, while long-distance fares have risen by 14 paisa per kilometer to 2.52 taka. The minimum fare per passenger has also been raised from 29 taka to 32 taka. The ministry issued a gazette notification confirming the changes under the Bangladesh Inland Water Transport (Routes, Permits, Schedules and Fare Determination) Regulations, 2019.

The fare adjustment comes after the government raised fuel prices on April 18, increasing diesel by 15 taka, octane by 20 taka, petrol by 19 taka, and kerosene by 18 taka per liter, effective from midnight on April 19. Following the fuel price hike, transport owners and workers held several meetings with the government to revise fares across public transport sectors.

Earlier, on April 23, the Ministry of Road Transport and Bridges raised fares for diesel-run buses and minibuses by 11 paisa per kilometer, which took effect the same day.

Water Resources Minister Shahiduddin Chowdhury Annie announced that the technical and feasibility studies for the Padma Barrage Project are nearly complete. Speaking to reporters after a meeting with Prime Minister Tarique Rahman at the Secretariat on Wednesday, he said the project will soon be presented at an Executive Committee of the National Economic Council (ECNEC) meeting for discussion and decision.

The meeting, held at the Prime Minister’s Office, focused on water resource management, including canal excavation, irrigation facilities for farmers during the dry season, and the Padma Barrage Project. According to the minister, the project is crucial for one-third of Bangladesh’s population, especially in North Bengal, as it aims to address dry-season water shortages, improve irrigation, maintain river navigability, and support fisheries and agriculture.

The proposed project, estimated to cost about Tk 34,497 crore, plans to build a barrage on the Padma River at Pangsha Point in Rajbari to store water for irrigation and environmental management. Discussions also covered the Teesta Project and upcoming canal excavation programs to be inaugurated by the Prime Minister in Chandpur and Feni later in May.

Bangladesh’s overall inflation increased to 9.04 percent in April, up from 8.71 percent in March, according to the latest report released on Wednesday by the Bangladesh Bureau of Statistics (BBS). The rise has been attributed to the impact of ongoing tensions in the Middle East and global economic uncertainty, which have affected domestic markets.

The BBS data show that food inflation climbed to 8.39 percent in April from 8.24 percent in March, intensifying pressure on consumers as prices of essential goods continued to rise. Non-food inflation also showed an upward trend, reaching 9.57 percent compared to 9.09 percent in the previous month. Increases in housing rent, fuel, and transport costs were identified as key contributors to the non-food inflation rise.

A year-on-year comparison indicates that overall inflation in April 2025 was slightly higher at 9.17 percent, with food inflation at 8.63 percent and non-food inflation at 9.61 percent, suggesting a modest improvement in the current year’s figures despite persistent cost pressures.

Depositors affected by six liquidated non-banking financial institutions (NBFIs) held a human chain protest in front of Bangladesh Bank’s headquarters on Wednesday, demanding the immediate return of their withheld savings. Participants, numbering over a hundred, wore black cloths over their mouths to symbolize their suffering and called for urgent action to recover their money.

In a written statement, the protesters said they represent more than 12,000 depositors whose funds have been stuck for seven years, causing severe financial uncertainty, mental distress, and humanitarian crises. Many depositors are reportedly unable to afford treatment for serious illnesses such as cancer, kidney, and heart diseases, and some have already died due to lack of medical care. The statement emphasized that Bangladesh Bank, as the regulator of all scheduled banks and NBFIs, bears the highest responsibility for protecting public deposits.

The protesters urged the central bank to announce a clear and practical roadmap for returning funds by the previously declared July 2026 deadline and to prioritize repayment to affected depositors.

Prime Minister’s Adviser Mahdi Amin stated that Bangladesh has maintained significant control over fuel prices compared to other countries. He made the remarks on Wednesday at the Annex Auditorium of Hotel Sheraton in Banani, Dhaka, after a dialogue titled ‘The Law Compass Dialogue’ organized by the Institute of Strategy and Tactics Research (ISTR) with various donor agencies. Amin said the government initially faced some crises but managed them through international negotiations, alternative sourcing, and discussions with domestic and foreign stakeholders.

He emphasized that despite global challenges, Bangladesh’s fuel supply remains stable and the country is in a strong position in the energy sector. Amin also highlighted that the government formed after the thirteenth national election is working to fulfill its electoral promises under Prime Minister Tarique Rahman’s leadership. He noted that progress is being made in health, education, agriculture, and infrastructure, and that the law and order situation remains stable.

Amin expressed optimism that Bangladesh will continue to move forward by turning challenges into opportunities and fostering a political culture free from misinformation.

The leadership of the National Pension Authority, the agency implementing the Universal Pension Scheme, has changed. Dr. Md. Suratuzzaman has taken charge as the new Executive Chairman, while Sheikh Kamrul Hasan has joined as a member. The appointments were made through a notification from the Finance Division under the Ministry of Finance. Dr. Suratuzzaman, from the 15th batch of the BCS (Administration) cadre, has been appointed on a two-year contractual basis.

According to the announcement, Dr. Suratuzzaman previously served in several key administrative roles, including as Assistant Private Secretary to former Prime Minister Begum Khaleda Zia. He has also been involved in social activities and writing. Sheikh Kamrul Hasan, from the 15th batch of the BCS (Audit and Accounts) cadre, has been appointed as a member for one year on a contractual basis.

Hasan has held leadership positions in various financial institutions and served as Chief Accounts Officer, Finance Controller (Army), and Divisional Controller of Accounts. He also worked in senior roles in the Board of Investment, Ministry of Shipping, and Ministry of Fisheries and Livestock, and served as First Secretary (Commercial) at the Bangladesh Deputy High Commission in Kolkata.

Australia has announced the creation of a national fuel reserve of 1 billion liters to address the global energy crisis triggered by the ongoing war in the Middle East. Prime Minister Anthony Albanese made the announcement on Wednesday, stating that the government-owned stockpile will primarily ensure long-term supplies of diesel and aviation fuel. He emphasized that the main goal is to protect Australia from the negative impacts of the current crisis. Details of the plan are expected to be presented in next week’s national budget.

Energy Minister Chris Bowen noted that although Australia is one of the few members of the International Energy Agency, it previously had no national fuel reserve. He said the government is preparing for potential future shocks as global conditions become increasingly unstable. Australia currently has only two oil refineries, making it highly vulnerable to disruptions in global supply chains.

The country relies heavily on the Strait of Hormuz for fuel imports, a route that has been nearly closed since February 28 following U.S. and Israeli attacks toward Iran, severely affecting global oil and gas transport.