The United Arab Emirates said Tuesday it is pulling out of OPEC and OPEC+, a move that could reshape production strategy as global oil markets face supply constraints and rising demand expectations.

The departure frees the UAE from group production quotas, giving it greater flexibility to increase output and expand its role across crude, petrochemicals and natural gas markets. Officials signaled the shift is aimed at positioning the country for long-term global energy demand growth.

UAE Energy Minister Suhail al-Mazrouei told Reuters the decision followed a “careful look” at national energy strategy and was a “sovereign national decision” grounded in long-term economic priorities. He said operating outside the group will allow the UAE to better meet future global demand.

“Being a country with no obligation under the group will give us flexibility,” al-Mazrouei said, adding the move comes at a time when global consumers require stable supply and strategic reserves are being drawn down.

GORDON CHANG: US SHOULD EXPAND SANCTIONS ON CHINA-LINKED NETWORKS TO HIT IRAN OIL REVENUE

An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. (Reuters/Todd Korol / Reuters)

The timing also reflects ongoing constraints on global oil flows, particularly through the Strait of Hormuz — a key chokepoint between Iran and Oman that typically carries about one-fifth of the world’s oil and liquefied natural gas shipments. Disruptions and security threats in the region have tightened supply routes and added volatility to energy markets.

A meeting at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) with OPEC members and non-OPEC members in Vienna, Austria on December 7, 2018.  (JOE KLAMAR / AFP / Getty Images)

Al-Mazrouei said the UAE did not directly consult with other producers, including Saudi Arabia, before making the decision. He added the country believes the move can be made without significantly disrupting markets given existing supply constraints.

The exit raises questions about coordination among OPEC+ producers, which have historically relied on production limits to manage global supply and influence prices. The UAE has been a longtime member of the group.

Secretary-General of OPEC Haitham al-Ghais (R) and Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud (2nd L) hold a press conference after the 33rd OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC ministerial (Askin Kiyagan/Anadolu Agency via Getty Images / Getty Images)

UAE officials have expressed frustration with regional allies over their response to recent security threats. Anwar Gargash, diplomatic adviser to the UAE president, said Gulf Cooperation Council countries provided logistical support but fell short politically and militarily.

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“The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically,” Gargash said at a forum on Monday. “I expect this weak stance from the Arab League and I am not surprised by it, but I haven’t expected it from the (Gulf) Cooperation Council and I am surprised by it.”

The UAE’s departure will be effective May 1. 

Reuters contributed to this report. 

LAS VEGAS — Tom Cruise delivered one of the standout moments of CinemaCon 2026 on April 14, presenting the first teaser footage from his highly anticipated new film “Digger” and declaring 2026 a promising year for cinema during a high-energy appearance that reminded Hollywood of his enduring star power.

The 63-year-old actor, joined onstage by director Alejandro G. Iñárritu, shared glimpses of the Warner Bros. comedy described as “a comedy of catastrophic proportions.” Cruise, clearly energized, told the audience of theater owners that the industry has gotten off to a strong start and expressed excitement for the films still to come.

“Digger,” set for theatrical release on October 2, 2026, marks Cruise’s first project under his new multi-year deal with Warner Bros. Discovery. The film, shot over six months in the United Kingdom, features Cruise as a powerful figure on a frantic mission to prove he is humanity’s savior before a disaster of his own making destroys everything. The ensemble cast includes Jesse Plemons, John Goodman, Riz Ahmed, Sophie Wilde and Emma D’Arcy.

Cruise’s red-carpet appearance at the Dolby Colosseum in Caesars Palace drew cheers as he posed with industry figures including J.J. Abrams, Patton Oswalt and Alejandro González Iñárritu. Photos of the star smiling broadly circulated quickly online, with many noting his youthful energy and enthusiasm. He narrowly avoided an awkward encounter with ex-wife Nicole Kidman, who also attended the convention.

The “Digger” presentation highlighted Cruise’s ongoing commitment to big-screen theatrical experiences. Following the blockbuster success of recent “Mission: Impossible” entries, the actor continues pushing for original, event-style movies rather than streaming-first releases. Insiders say the Warner Bros. partnership gives him significant creative control and resources to deliver large-scale spectacles.

Cruise also addressed the audience about the broader state of the industry. “I had a lot of fun at CinemaCon seeing so many friends,” he posted afterward. “The year has already gotten off to a great start for cinema, and I’m looking forward to all the films still to come in the year ahead from countless hardworking and talented artists!”

Beyond “Digger,” Cruise has several major projects on the horizon. Paramount confirmed at CinemaCon that development is officially underway for “Top Gun 3,” with Cruise reprising his iconic role as Pete “Maverick” Mitchell. The sequel comes after the massive success of “Top Gun: Maverick” in 2022, which grossed nearly $1.5 billion worldwide.

Talks continue for other potential sequels, including “Edge of Tomorrow 2” with Emily Blunt and a possible follow-up to “Days of Thunder.” Cruise’s post-“Mission: Impossible – The Final Reckoning” (2025) slate shows a strategic mix of high-stakes action and more character-driven work with acclaimed directors.

The actor’s personal life also remains a point of public interest. Reports suggest Cruise has made reconnecting with daughter Suri, now 20 and attending Carnegie Mellon University under the name Suri Noelle, a priority in 2026. Sources close to the family describe ongoing efforts to rebuild their relationship after years of estrangement following his 2012 divorce from Katie Holmes.

Despite the personal headlines, Cruise’s focus appears firmly on work. His dedication to practical stunts and theatrical releases has earned him respect across Hollywood generations. At CinemaCon, theater owners gave him enthusiastic applause, viewing him as one of the few remaining stars capable of driving audiences back to cinemas.

Industry analysts see 2026 as a pivotal year for Cruise. With “Digger” positioned as a potential awards contender and box-office performer, followed by the “Top Gun” sequel, he could deliver multiple hits in a single calendar year. His ability to blend commercial appeal with artistic credibility under directors like Iñárritu positions him uniquely in today’s fragmented entertainment landscape.

Cruise’s influence extends beyond acting. His advocacy for practical effects and large-format exhibition continues shaping studio decisions. Warner Bros. executives praised his hands-on approach during production of “Digger,” noting his energy on set and commitment to storytelling.

As footage from the “Digger” teaser spreads online, anticipation builds for the October release. Early descriptions paint the film as a bold departure — a dark comedy with high-stakes elements that play to Cruise’s strengths while allowing Iñárritu’s signature intensity.

For fans, Cruise’s CinemaCon appearance offered reassurance that one of Hollywood’s most bankable and dedicated stars remains at the top of his game. Whether dangling from airplanes or delivering dramatic monologues, Tom Cruise continues proving that movie stars can still anchor major theatrical events in an era dominated by franchises and streaming.

With multiple projects advancing and a clear passion for the big screen, 2026 looks set to be another landmark year in Cruise’s remarkable career. As he told the CinemaCon crowd, the future of cinema remains bright — and he intends to play a starring role in it.

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British founders are being urged to think twice before accepting cheques from investors lured by tax breaks, after fresh analysis revealed that companies relying on the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are overwhelmingly failing to scale.

Antler, the Singapore-headquartered early-stage venture capital firm, has crunched the numbers on more than 40,000 UK funding rounds over the past decade and concluded that the schemes, long held up by successive chancellors as the jewels in the crown of British start-up finance, are doing the opposite of what was intended.

Just 12 per cent of all UK companies raise follow-on capital after their initial round, according to Antler’s research. For those backed exclusively by EIS or SEIS money, the picture is bleaker still: a mere 3.7 per cent ever go on to secure further investment.

Adam French, partner at Antler and a familiar face on the British venture scene, did not mince his words. The schemes, he argued, prioritise “quantity over quality” and fail to provide founders with the strategic backing they need to grow into the kind of businesses that genuinely move the dial.

“If you were an investor in an SEIS fund, you’re primarily excited about the fact that you’re going to get 30 to 50 per cent of your investment back as a tax benefit in your tax return, and you don’t care as much about the outcome of the business that you’re investing in,” Mr French said.

The contrast with conventionally backed start-ups is stark. Where a company secured at least one institutional co-investor or an active angel in its opening round, the proportion going on to raise more capital leapt to 25.7 per cent, almost seven times the rate seen by the tax-relief-only cohort.

“The only way to do a good job in venture capital is to find the companies that go on to be outliers, and the tax-incentivised funds don’t have that mandate,” Mr French added. “They’re not looking to take insane amounts of risk because that’s ultimately what you have to do in venture to make a lot of money.”

The SEIS was introduced in 2012 by then-chancellor George Osborne to turbocharge the flow of capital into Britain’s fledgling start-ups, building on the older EIS, which dates back to 1994. Both offer generous reliefs designed to compensate investors for the considerable risk of backing unproven businesses.

Under current rules, investors can deploy up to £1 million per tax year, rising to £2 million for so-called knowledge-intensive companies that pour resources into research and development. Hold the shares for at least two years and any losses can be offset against income tax, an arrangement that, in effect, allows the Treasury to underwrite a significant chunk of the downside.

For more than a decade the schemes have channelled billions of pounds into the British innovation economy, and they have plenty of defenders in Whitehall and the City. But Antler’s findings will reignite a long-simmering debate about whether tax-led investment is genuinely building the next generation of British scale-ups, or merely creating a cottage industry of tax-efficient portfolios that quietly run aground.

Antler’s analysis did find that companies raising $1 million or more in their opening round were more likely to attract further backing, suggesting that cheque size remains a meaningful signal. But Mr French was emphatic that the calibre of the investor on the cap table mattered more than the headline figure.

His message to founders is blunt. “My advice to founders is to make sure you’re very selective about who you’re taking money from,” he said. “Don’t go for the first capital that lands on your table, make sure you go for the right capital.”

For Britain’s army of seed-stage entrepreneurs, the warning lands at a delicate moment. With venture funding still well below the highs of 2021 and the cost of capital biting across the board, the temptation to grab whatever money is on offer has rarely been greater. Antler’s data suggests that succumbing to that temptation may be the surest route to a dead end.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.