Main points of global economic news for April 29, 2026

1. United Arab Emirates: The decision to leave OPEC is purely strategic: On April 28, Minister of Energy and Infrastructure Suhail Al Mazrouei said the United Arab Emirates’ (UAE) decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) was “purely strategic”, in anticipation of the future of the country. The world’s seventh largest oil producer, the UAE has officially announced its 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 also withdrew from its obligations within the OPEC+ alliance, which brings together non-OPEC countries under the aegis of Russia.

2. Memory chip crisis redefines global competition in smartphone market: According to industry sources, the tightening supply of memory chips is changing the landscape of the global smartphone market. Major players, such as Samsung Electronics and Apple, are leveraging their control over the supply chain to increase market share, while Chinese manufacturers face dual pressures on costs and production volumes. According to research firm 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, to reach 289.7 million units – the first decline at the start of the year since 2023.

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

5. Massive accumulation of gold by central banks in the first quarter of 2026: Central banks around the world accelerated their gold reserves at the fastest pace in more than a year during the first quarter of 2026. The fall in gold prices triggered a strong buying frenzy, fully offsetting sales by a few 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 tonnes in the first three months of 2026, a significant increase from 208 tonnes in the previous quarter. Poland, Uzbekistan and China were the main buyers, alongside several other unofficially disclosed transactions.

6. OECD: Sharp increase in export restrictions on essential raw materials globally: A recently released report by the Organization for Economic Co-operation and Development (OECD) shows that export restrictions on key raw materials have increased approximately five-fold since 2009, despite efforts by many economies developed to diversify their supply chains. OECD analysis of critical materials for defence, technology and clean energy reveals an expansion in the scope of control measures, with a significant increase in the number of countries concerned.