The Rundown
The Rundown

UAE Quits OPEC, Starbucks Soars As Turnaround Plan Pays Off

April 29, 2026

AI Summary

5 min read

UAE Quits OPEC, Starbucks Soars As Turnaround Plan Pays Off

Oil prices have now climbed for seven straight days, with Brent crude above $114 a barrel and WTI above $103, pushing US gas prices to their highest level in four years at an average of $4.18 a gallon. The market is starting to take notice again of the Iran conflict, with negotiations stalled and the US reportedly looking to extend its naval blockade of Iranian ports. That backdrop made the UAE's announcement all the more striking: the United Arab Emirates is leaving OPEC effective this Friday, the first time a top producer has ever walked away from the oil cartel.

Why the UAE Walked Away From OPEC

The move was genuinely surprising when it broke. OPEC has been a coordinated oil price control mechanism since 1960, but its influence has been shrinking over the last 15 years, largely because the US fracking revolution made America the world's largest oil producer. The UAE's frustration is specific and financial. Under OPEC rules, the UAE was only allowed to produce about 3.4 million barrels a day, even though it has the capacity to produce up to 4.8 million barrels a day. That is a lot of oil the Emiratis have been forced to leave in the ground.

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Open in App

What you'll learn

  • 1 (00:35) **Market Recap: Stocks Pull Back, Tech Hit by AI Slowdown Fears** - The S&P 500 dropped 0.5% and the Nasdaq fell nearly 1%, with tech as the worst-performing sector after a report that OpenAI's growth is slowing.
  • 2 (02:06) **Fed Meeting and Major Earnings on Deck** - The FOMC meeting wraps up today, with the Fed unlikely to change rates but all eyes on Jerome Powell’s press conference for rate-cut timing signals.
  • 3 (03:03) **UAE Quits OPEC: A Historic Break from the Oil Cartel** - The United Arab Emirates announced it is leaving OPEC effective this Friday, marking the first time a top producer has ever walked away from the cartel.
  • 4 (04:18) **Starbucks Turnaround Plan Shows Results** - Starbucks reported earnings with Q1 revenue jumping 9% to $9.5 billion and profits surging 33%, beating estimates.
  • 5 (06:21) **Visa Beats Earnings, Consumers Still Spending** - Visa shares are up this morning after revenue jumped 17% to $11.2 billion, the biggest increase since 2022.
  • 6 (07:08) **Robinhood Misses on Revenue and Earnings** - Robinhood shares are down after revenue of $1.07 billion missed the $1.14 billion estimate, dragged down by a 47% drop in crypto trading revenue.
  • 7 (08:18) **Disney Decides Not to Spin Off ESPN** - Disney's new CEO Josh Damaro has decided to keep ESPN inside the company despite years of investor pressure to spin it off as a declining cable asset.

+ Full timestamped outline available in the app

Show Notes

Market update for Wednesday April 29

Check out the Public app for incredible investing tools and to support the show (LINK)

Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.

  • In today’s episode:
  • Oil prices rip higher for a 7th straight day
  • The UAE quits OPEC. what it means for oil prices and the future of the cartel
  • Starbucks crushes earnings and raises its full-year outlook
  • Visa beats across the board as consumer spending stays resilient
  • Robinhood misses estimates as crypto revenue plunges 47%
  • Disney decides to keep ESPN
The Rundown

More from this podcast

The Rundown →