Key points of global economic news on April 29, 2026

United Arab Emirates: Decision to leave OPEC is purely strategic: On April 28, Minister of Energy and Infrastructure Suhail Al Mazrouei stated that the United Arab Emirates’ decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) was “purely strategic” in anticipation of the country’s future. The UAE, the world’s seventh-largest oil producer, officially announced their withdrawal from OPEC after more than fifty years of membership. This decision takes effect on May 1, the day before the OPEC meeting in Vienna on April 29. The UAE has also withdrawn from their obligations within the OPEC+ alliance, which includes non-OPEC countries under the leadership of Russia.

Memory chip crisis redefines global competition in the smartphone market: According to industry sources, the tightening of memory chip supply is reshaping the global smartphone market landscape. Major players like Samsung Electronics and Apple are leveraging their control over the supply chain to increase their market share, while Chinese manufacturers face dual pressures on costs and production volumes. According to the International Data Corporation (IDC), global smartphone shipments in the first quarter of 2026 are expected to decrease by 4.1% compared to the previous year, reaching 289.7 million units – the first decline at the start of the year since 2023.

Elon Musk and OpenAI officially clash in court: On April 28, billionaire Elon Musk and OpenAI CEO Sam Altman officially clashed in a federal court in California (United States). Observers believe that this historic lawsuit could have significant implications for the entire artificial intelligence (AI) sector and force the creator of the ChatGPT chatbot to completely rethink his business model. The dispute revolves around allegations that OpenAI has failed to fulfill its commitments since its inception. Musk’s lawyers argued before the jury that the defendants had misled him about their mission to serve humanity. Instead of personally claiming $134 billion in damages and interests as originally planned, the billionaire has pledged to donate all profits to the non-profit organization OpenAI.

UK government bond yields highest in 18 years: The cost of credit in the UK has reached its highest level since 2008 due to disruptions in oil supply from the Middle East. On the morning of April 29, the yield on 10-year UK government bonds stood at 5.06%. This is the third time that the yield on this type of bond has exceeded 5% since the Iranian conflict and the highest level since the 2008 financial crisis. At this rate, the total interest expenses of the British government for the current fiscal year are expected to reach £111.2 billion ($150 billion), accounting for 8.3% of public spending.

Massive gold accumulation by central banks in the first quarter of 2026: Central banks worldwide have increased their gold reserves at the fastest pace in over a year during the first quarter of 2026. The drop in gold prices triggered a strong buying frenzy, offsetting sales by some other financial institutions. According to estimates released by the World Gold Council (WGC) on April 29, total net purchases by the official sector reached 244 tons in the first three months of 2026, a significant increase from the 208 tons in the previous quarter. Poland, Uzbekistan, and China were the main buyers, alongside several other transactions not officially disclosed.

OECD: Sharp increase in export restrictions on essential raw materials globally: A recent report published by the Organisation for Economic Co-operation and Development (OECD) shows that export restrictions on essential raw materials have increased by about fivefold since 2009, despite efforts by many developed economies to diversify their supply chains. The OECD analysis focusing on critical materials for defense, technology, and clean energies reveals an expansion of the scope of control measures, with a significant increase in the number of countries affected.