Business

UAE announces exit from OPEC, OPEC+ amid Iran war tensions

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.

Published

4 months ago

April 28, 2026

OhiBaba

230 Views

The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.

Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.

This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.

When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.

The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.

The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.

Related Topics:Featured Uae opec membership withdrawal

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Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

2 days ago

August 21, 2026

OCHEFA

26 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

2 days ago

August 21, 2026

OCHEFA

32 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.