CNBC Daily Open: UAE leaves OPEC adrift
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- UAE will exit OPEC on May 1, aiming to lift capacity to 5 million barrels per day by 2027.
- Suhail Al Mazrouei said the UAE respects Saudi leadership of OPEC even as it seeks production freedom.
- UBS posted a $3 billion Q1 profit beat.
- Santander saw net profit surge 60% in Q1.
- Airbus CEO warned the Iran conflict could spark a "long and non-linear crisis" for airlines despite no order cancellations.
- Federal Reserve is set for Chairman Powell’s final decision, while the Senate Banking Committee will vote on Kevin Warsh’s nomination as Chair.
Why it matters: UAE gains autonomy to hit its 5 million‑bbl‑per‑day target, while OPEC loses a top producer, tightening the cartel’s influence and prompting investors to reassess oil‑price risk.
