Commodity Compass - 5/1 - Grains Head Higher on Fertilizer Squeeze; UAE Leave OPEC+

This week, one of the most significant institutional developments of the Hormuz crisis arrived not with a missile strike or a diplomatic announcement — but with a formal letter. On April 28th, the United Arab Emirates announced its withdrawal from OPEC and the broader OPEC-plus alliance, effective today, May 1st. The UAE joined the organization in 1967. It has now left. The country produces roughly three and ahalf million barrels per day and represented approximately twelve percent of OPEC’s total output. The stated reason: a sovereign strategic choice to pursue its own production ambitions…