Briefly

OIL MARKET

UAE to exit OPEC,OPEC+ from May 1

The United Arab Emirates said on Tuesday it will withdraw from the Organization of the Petroleum Exporting Countries and the wider OPEC+ alliance, with effect from May 1, the Emirates News Agency reported. The decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable and forward-looking role in global energy markets, the agency reported. It follows a comprehensive review of the UAE's production policy and its current and future capacity, and is based on the UAE's national interest and commitment to contributing effectively to meeting the market's pressing needs, it said.

SOUTH KOREA

Court convicts wife of ex-president Yoon

An appeals court has raised to four years the sentence for the wife of South Korea's ousted president Yoon Suk-yeol for corruption, about two months after her husband was sentenced to life in prison for rebellion. In January, former first lady Kim Keon-hee was sentenced to 20 months in prison by a district court for receiving gifts, including a Graff diamond necklace and a Chanel bag, from the Unification Church in return for promises of political favors. However, she was acquitted of involvement in a stock price manipulation scheme before she became first lady. Both parties appealed, and on Tuesday, the Seoul High Court raised her jail term to four years by convicting her of receiving another Chanel bag from the church and of price rigging.

IRAQ

Ali al-Zaidi named as PM-designate

Iraqi President Nizar Amedi officially named Ali al-Zaidi as the prime minister-designate on Monday night, tasking him with forming a new government within 30 days. The official Iraqi News Agency reported that Amedi assigned the mandate to al-Zaidi after the latter was nominated by the Coordination Framework, the largest parliamentary bloc and an umbrella alliance of Shiite parties."In accordance with our constitutional responsibilities, we have tasked the candidate of the largest parliamentary bloc, Ali al-Zaidi, with forming the new government," Amedi said on X. Ali al-Zaidi is a prominent figure with a career spanning the financial, academic and media sectors. He currently serves as chairman of the Board of the National Holding Company.

Xinhua - Agencies