Business from Sunday, May 3rd, 2026

OPEC+ agreed on Sunday a modest oil output hike for June, an increase that will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz.

ADNOC announced on Sunday plans to award contracts worth AED200 billion over the next three years, as part of efforts to expand production capacity and strengthen the UAE’s industrial base.