UAE pulls out of OPEC oil cartels citing 'national interests'

13 Sept 13:58 Key points summarised by AI

The United Arab Emirates announced its withdrawal from OPEC and OPEC+ to prioritize its "national interests" and align with its evolving energy profile.
This significant decision, made amidst soaring energy prices and Middle East conflict, is expected to weaken OPEC's influence and potentially lead to a more volatile global oil market.
As a top oil producer, the UAE seeks freedom from production quotas, especially given current restrictions on oil shipments through the Strait of Hormuz and past tensions with Saudi Arabia.
Analysts suggest the UAE's departure, representing 13% of OPEC's production capacity, could challenge Saudi Arabia's role as the market's central stabilizer and diminish OPEC's capacity to manage supply imbalances.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.