Good morning. Here’s what happened overnight and what you need to know today.
1.
Words weigh: King Charles used a rare address to the US Congress to urge the US and the UK to “ignore the clarion calls to become ever more inward-looking”, as tensions over the war in Iran test the alliance. He framed the alliance in moral terms, telling lawmakers that while “America’s words carry weight and meaning”, “the actions of this great nation matter even more”, as he urged it to uphold shared values with partners in Europe and the Commonwealth, including Australia. The speech to mark 250 years since US independence is only the second time a British monarch has addressed Congress. The King also described the US-UK partnership as “one of the most consequential alliances in human history” and said it “cannot rest on past achievements”. He said “we meet in times of great uncertainty” with conflicts “from Europe to the Middle East” and stressed defence cooperation, noting NATO “answered the call together” after the September 11 attacks. He also called for “unyielding resolve” in defence of Ukraine. He made the remarks after meeting President Donald Trump at the White House, who he described as “a fantastic person”. (AP)(NYT)(Reuters)
2.
Cartel blow: The United Arab Emirates said it will leave OPEC after nearly 60 years, dealing a significant blow to the oil cartel. The UAE is one of the group’s largest producers. It said it planned to exit this Friday, 1 May, giving less than a week’s notice. Emirati officials have long complained that OPEC’s production quotas limited their ability to export more oil, The New York Times noted. Energy Minister Suhail Al Mazrouei said the move was a “policy-driven” decision following a review of energy strategy, and said the UAE wanted to be “unconstrained by any groups”. The decision follows years of tension with OPEC leader Saudi Arabia over output policy and comes as the Iran war disrupts oil markets and the Strait of Hormuz. The UAE’s departure is expected to weaken OPEC’s influence over global supply and could lead to greater market volatility over time, according to analysts. (Capital Brief)(WSJ)(Reuters)(Bloomberg)(NYT)(FT)(WAM)(UAE Energy Minister)
