The Organization of the Petroleum Exporting Countries (OPEC) is facing one of its biggest crises in 65 years, with officials holding an emergency meeting at its Vienna headquarters. The group is grappling with multiple challenges, including a global energy crisis and the United Arab Emirates’ announcement to leave the organization after years of membership, raising questions about OPEC’s future stability.

The main focus of Wednesday’s meeting was OPEC’s 61st annual report, which detailed global oil import, export, and reserve data. According to the report, global oil demand, reserves, and exports all increased in 2025 compared to 2024, with Asia, Latin America, and the Middle East receiving the largest shares of exports. However, the data reflects conditions before the UAE’s withdrawal decision, which is expected to significantly affect next year’s report.

OPEC officials declined to comment on the UAE’s move or the internal situation, further highlighting the uncertainty surrounding the organization’s cohesion and direction.

International oil prices rose sharply after the United States decided to extend sanctions on Iran’s ports, raising concerns about prolonged supply disruptions from the Middle East’s key energy-producing region. According to the Wall Street Journal, Brent crude prices climbed 3 percent on Wednesday, reaching their highest level in a month.

The report said President Donald Trump instructed his aides on Tuesday to prepare for extending the sanctions, aiming to maintain pressure on Iran’s economy and oil exports by keeping its ports closed to shipping. Despite a temporary ceasefire between Iran and the U.S.-Israel alliance, the conflict remains unresolved. Brent crude futures for June rose by $3.33, or 3 percent, to $114.59 per barrel, while July contracts increased 2.9 percent to $107.43. U.S. West Texas Intermediate futures for June climbed 3.6 percent to $103.48 per barrel, the highest since April 13.

Analysts noted that the Hormuz Strait blockade is the main driver of the price surge. Investors are also assessing the impact of the United Arab Emirates’ sudden exit from OPEC, though experts expect limited short-term effects.

The Bangladesh Financial Intelligence Unit (BFIU) has issued a new directive requiring all bank chairmen, managing directors, and directors to sign written pledges against corruption, bribery, money laundering, and fraud. The instruction, sent through an internal letter to banks, mandates that these signed declarations be displayed prominently in office spaces. The BFIU has also provided a fixed format for the pledge.

According to the directive, the move follows concerns over weak corporate governance, loan management, and risk control in recent years, with widespread loan frauds reported in the banking sector. The initiative aims to strengthen ethical standards, accountability, transparency, and anti–money laundering measures across financial institutions.

The BFIU further stated that the pledge and declaration will be required for every new or reappointed chairman, director, or managing director. Customers who face bribery, corruption, or harassment while seeking banking services will be able to report directly to the BFIU.

Bangladesh Bank has eased the conditions for appointing senior officials from one bank to another. According to a circular issued on Wednesday, bankers can now join higher positions in other banks without passing the Banking Professional Examination. Previously, passing this exam was mandatory for such appointments.

The central bank stated that a banker holding a senior officer rank with at least 15 years of experience can now be appointed to a higher position in another bank even without the exam qualification. The decision aims to enhance the development of skilled human resources in the banking sector.

Earlier, in January of the previous year, Bangladesh Bank had made passing the Banking Professional Examination a requirement for inter-bank senior-level appointments. The new relaxation marks a reversal of that policy to facilitate greater mobility and talent utilization within the sector.

Iran’s government has approved a new plan allowing citizens to purchase essential goods on credit, according to Iranian media reports published on April 29, 2026. Under the scheme, families receiving government assistance will be able to buy basic items from shops every two months on credit, with the government acting as a guarantor for repayment. The value of purchases cannot exceed the amount of assistance each family receives. Funding for the initiative will come from private companies.

The decision comes as prices of many goods in Iran have risen sharply in recent weeks. Tehran-based newspaper Donya-e-Eqtesad has presented three possible inflation scenarios for the current year. It reported that if Iran reaches an agreement with the United States, inflation could be contained at around 49 percent. If the current “no war, no peace” situation continues, inflation may rise to 67 percent. However, if conflict intensifies, the country could face hyperinflation, with rates potentially reaching 123 percent.

The plan aims to ease short-term financial pressure on low-income families while broader economic uncertainties persist.

The British government has directed its refineries to produce the maximum possible amount of jet fuel as part of an emergency plan to maintain energy supply stability. The order comes as the country faces fuel shortages linked to the ongoing Iran war, according to Energy Minister Michael Shanks.

The directive aims to ensure adequate fuel availability ahead of the upcoming peak holiday travel season, when demand for aviation fuel typically rises. Airlines are already under pressure from rising fuel prices caused by the conflict. The International Air Transport Association (IATA) warned earlier that the jet fuel shortage would first hit Asia before spreading to Europe, Africa, and Latin America.

Facing this potential global supply disruption, the UK is taking early measures to stabilize its domestic energy system and safeguard the aviation sector from further shocks.

Bangladesh may begin importing fertilizer from Belarus, according to Home Minister Salahuddin Ahmed. He made the statement after meeting Belarus’s non-resident ambassador Mikhail Kasco at his office in the National Parliament on Wednesday. The minister noted that Belarus is one of the world’s leading producers and exporters of potash fertilizer, while Bangladesh currently imports fertilizer from Saudi Arabia, Russia, and other countries.

During the meeting, the ambassador highlighted Belarus’s agricultural mechanization capabilities, and the minister said Bangladesh could seek technical cooperation in that area as an agriculture-based country. The two sides also discussed law and order, defense, fertilizer imports, trade expansion, and mutual legal matters.

Ambassador Kasco emphasized the strong political and economic ties between the two nations and called for further strengthening of bilateral relations. He mentioned Belarus’s capacity in producing military equipment, including drones, and offered defense cooperation. The minister responded that Bangladesh would review the proposal before making any decision.

The OPEC Fund for International Development has announced a $1.5 billion aid package to support developing countries facing energy and trade disruptions caused by the ongoing Iran war. According to Reuters, the Vienna-based organization stated that the funds will be distributed in phases through 2028 to help nations manage rising economic pressures.

The OPEC Fund explained that the conflict has severely disrupted the supply of essential goods such as food, fuel, and fertilizer, driving prices sharply higher. The newly created demand-based fund aims to assist governments in covering increased costs and maintaining stable supply chains. The organization emphasized that the package will provide special protection to countries struggling with the negative global market impacts and trade stagnation resulting from the war.

The fund has previously extended financial assistance to developing nations during various global crises, continuing its role as an international development partner.

Polish President Karol Nawrocki announced that Poland is ready to position itself as a key northern gateway for U.S. energy supplies to Central and Eastern Europe. Speaking at the Three Seas Initiative summit in Croatia on Tuesday, he said the country seeks to strengthen regional energy self-sufficiency while deepening ties with the United States, which he described as a strategic partner for Central Europe. Nawrocki also highlighted the participation of U.S. Energy Secretary Chris Wright at the summit as evidence of strong bilateral cooperation.

His remarks came amid domestic discussions following Prime Minister Donald Tusk’s recent comments questioning the U.S. stance on NATO’s collective defense commitments. Nawrocki indirectly addressed these concerns, emphasizing that the foundation of security in NATO’s eastern flank remains the United States and that its presence should be further reinforced.

He added that the Three Seas Initiative plays a vital role in regional economic stability and called for discussions on establishing a dedicated investment bank to support the initiative’s goals.

Commerce Minister Khandaker Abdul Muktadir announced that Bangladesh will reduce lending interest rates to single digits to foster an investment-friendly environment. Speaking at the inauguration of the four-day Bangladesh International Textile, Knitting and Garment Industry Expo 2026 at ICCB in Dhaka, he said industries like textiles cannot sustain with current financing rates of 13–14 percent.

He highlighted that the textile and garment sector plays a vital role in economic growth through investment and employment but faces challenges from high interest rates and energy shortages. The minister detailed that the country’s gas demand is about 4,300 MMCFD, while domestic production ranges between 1,700 and 2,300 MMCFD, leaving a daily shortfall of 1,400–1,700 MMCFD even after LNG imports. To address this, new FSRU tenders will be issued soon. He also emphasized renewable energy expansion with a plan to generate 10,000 MW of solar power.

Muktadir added that business licensing and tax processes are being simplified to attract investors, reduce harassment, and expand the tax base through digital systems rather than raising tax rates.

More than half of Americans believe their financial situation is deteriorating, according to a Gallup survey released on Tuesday. The 2026 poll found that 55% of respondents said their finances had worsened, up from 53% in 2025 and 47% in 2024. Gallup described the current situation as historically poor, marking the fifth consecutive year that more Americans reported financial decline. A similar trend was last seen during the 2007–2009 global recession.

The survey also revealed that 62% of Americans are worried about having enough savings for retirement, while 60% fear they could not afford medical costs in case of serious illness or accident. Additionally, 54% expressed concern about investment returns and maintaining their standard of living. Nearly half are anxious about regular healthcare expenses, 41% about paying monthly bills, and 40% about higher education costs.

Gallup attributed these concerns mainly to inflation and rising costs of energy, housing, and healthcare. It added that college, transportation, and childcare expenses are also creating significant financial pressure for households.

The United Arab Emirates has decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), a move analysts describe as a major setback for Saudi Arabia and a political gain for U.S. President Donald Trump. The decision, set to take effect next month, marks a significant shift in Middle Eastern energy alliances.

According to the report, the UAE’s departure stems from long-standing policy differences with Saudi Arabia. While Riyadh favors production cuts to maintain high oil prices, Abu Dhabi prioritizes maximizing output and export volumes for greater profit. Energy analyst Arne Lohmann Rasmussen noted that the UAE focuses on production levels, whereas Saudi Arabia emphasizes price stability.

Analysts suggest the decision is driven more by political motives than economic ones. Ellen Wald of the Atlantic Council indicated that the UAE may be seeking to weaken OPEC, historically viewed as hostile by Trump, in exchange for U.S. security assurances against Iran. The exit of OPEC’s third-largest producer raises questions about the 65-year-old alliance’s future and signals intensifying regional competition between Saudi Arabia and the UAE.

Bangladesh’s Commerce Minister Khandaker Abdul Muktadir announced an increase in edible oil prices on Wednesday during a press conference at the ministry’s conference room. The price of bottled soybean oil has been raised by four taka per liter, from 195 to 199 taka, while loose soybean oil will now sell for 179 taka per liter, up from 175 taka.

The minister explained that the adjustment reflects global market conditions, as product prices at the source have risen worldwide. He expressed hope that consumers would understand the decision in light of the global situation and that the supply situation in the domestic market would become more stable as a result.

The announcement highlights the government’s effort to align domestic pricing with international cost pressures while maintaining supply stability in the edible oil market.

Finance Minister Amir Khasru Mahmud Chowdhury announced that promising export sectors such as gold and diamond industries will receive the same facilities as the ready-made garment sector. He made the statement on Wednesday at the 46th meeting of the National Board of Revenue’s advisory committee, jointly organized by the NBR and FBCCI at the Pan Pacific Sonargaon Hotel in Dhaka.

The minister said that while Bangladesh’s garment industry has achieved remarkable success, other sectors like gold and diamond remain underdeveloped. From now on, any promising export sector that submits a proposal will be granted equal benefits. He emphasized that fear of theft should not restrict business opportunities, and that corruption and inefficiency at ports will be addressed separately. He also highlighted the government’s focus on reforming the fragile economy through a large, quality budget aimed at poverty reduction and investment growth.

Chowdhury added that revenue collection will be strengthened through full digitization and the “One Citizen One Card” system to reduce direct contact between taxpayers and officials, thereby curbing corruption. He urged business associations to help bring untaxed entities into the tax network and reaffirmed the government’s commitment to democratizing the economy.

French energy company TotalEnergies has announced the restart of operations at the SATORP oil refinery in Saudi Arabia. The facility had been shut down as a precaution after sustaining damage during an Iranian attack on April 8. According to the company, operations resumed on April 14, and the refinery is now running at a capacity of 230,000 barrels per day.

TotalEnergies stated that three units of the refinery were damaged in the incident, prompting a full shutdown for safety reasons. The unaffected units have since been brought back online. The refinery is jointly owned by Saudi Aramco, holding 62.5 percent, and TotalEnergies, with 37.5 percent.

The attack occurred amid ongoing regional tensions in the Middle East, targeting one of the area’s key energy installations. The resumption of operations marks a significant step toward restoring stability in Saudi Arabia’s oil production network.