China Iron and Steel Association said survey results show 60% of member companies expect steel demand to increase quarter-on-quarter in Q2, with most firms holding a broadly optimistic outlook on the market.

The UAE’s potential exit from OPEC+ may encourage other members to follow in breaking from production limits, Robin Mills, CEO of Qamar Energy, told CNN. “If there is a time to leave, now is the time,” Mills said, adding Kazakhstan could also consider exiting. The United Arab Emirates has pushed for higher quotas, with output capped near 3.2 million barrels per day, though Mills said production could nearly double without restrictions.

UK GOVERNMENT: ANY FURTHER ACTION BY RUSSIA WILL BE TREATED AS AN ESCALATION AND MET WITH A FIRM AND PROPORTIONATE RESPONSE