Economists Propose 'Reverse OPEC' to Counter Energy Crisis
Seven OPEC+ countries have agreed to raise oil output by approximately 188,000 barrels per day in June. The UAE departed the coalition on May 1. The planned increase comes as oil exports are projected to decline by 1.5 million barrels per day in the second quarter of 2026. University of Massachusetts Amherst economists Gregor Semieniuk and Isabella Weber have proposed a buyers' coalition as a counterweight to OPEC. The proposal mirrors the International Energy Agency's 1974 founding purpose. Semieniuk noted the United States achieved a record energy surplus of 9.3 quadrillion British thermal units in 2024.
Greg Abel Leads First Berkshire Meeting as CEO
Greg Abel presided over his first Berkshire Hathaway annual meeting as CEO in Omaha, Nebraska, with Warren Buffett watching from the audience after stepping down in January. Berkshire's stock has underperformed the S&P 500 by 39 percentage points since last year's meeting, while the company faces a $373 billion cash pile largely uninvested for a decade and a 6 percent decline in operating profit for 2025. Greg Abel, 63, fielded shareholder questions for 2.5 hours following a one-hour address, with surveyed investors expressing confidence in his operational skills but noting he lacks the storytelling prowess that made Buffett and Munger must-watch.
Iran Hardliners Revolt Against U.S. Nuclear Talks
Hardliners in Iran's political elite are criticizing parliamentary speaker Mohammad Bagher Ghalibaf for negotiating nuclear terms with the United States without building consensus first. Mahmoud Nabavian, a Paydari-affiliated lawmaker, said "Negotiations are now harmful and no one should participate in them." Despite the opposition, 261 of Iran's 290 parliament members signed a statement supporting the negotiating team. Iran proposed reopening the Strait of Hormuz to end the conflict, but a second round of talks collapsed after Tehran demanded the U.S. blockade be lifted before discussions could proceed.
Israel Intercepts Gaza Aid Flotilla, Detains Australians
The Israeli military intercepted the Global Sumud Flotilla carrying 173 international activists aboard 22 vessels bound for Gaza. Six Australians alleged they were beaten with rifle butts and batons during two days' detention aboard an Israeli naval vessel, with three requiring hospital treatment. Two remaining flotilla leaders from Brazil and Spain were brought to Israel for questioning, with authorities linking the Spanish national to an organization the United States has designated as a Hamas front. Israel's Foreign Minister defended the operation while organizers called the interception in international waters "piracy."
Trump likens own naval blockade to 'piracy' amid Hormuz crisis
President Donald Trump defended U.S. naval operations as acting "like pirates" while enforcing a blockade of Iranian ports. The destroyer USS intercepted and boarded the Iranian-flagged cargo vessel Touska on April 19, seizing its oil shipment. The blockade entered its third week on Friday as oil prices surged past $120 per barrel for the first time since 2022. The Strait of Hormuz handles roughly one-fifth of global crude oil and liquefied natural gas shipments. Iran condemned the seizures as illegal piracy, warning of an unprecedented response.
Gas hits highest since 2022 as Hormuz closure squeezes pumps
Gas prices have hit their highest levels since early 2022 following the US and Israel attack on Iran on February 28, 2026. Iran subsequently blocked the Strait of Hormuz, a critical passage transporting a fifth of the world's oil and gas. Pump prices in California have climbed above $1.59 per litre, compared with roughly $1.20 before the conflict. Trump has defended the military action as necessary to prevent Iran from acquiring nuclear weapons, though polls show a majority of Americans disapprove.
More
- Hormuz Bypass Pipelines Fall Short as Strikes Mount. Two months into the Iran war, the vital strait carries a fraction of its normal traffic. Existing bypass pipelines provide only a quarter of normal throughput, and both routes have been struck by drones.
- US Warns Foreign Governments of Chinese AI Theft. The State Department ordered global posts to alert governments after Anthropic alleged Chinese firms used 24,000 fraudulent accounts to steal data for training rival AI models, including DeepSeek and Moonshot AI.
- China surges ahead in humanoid robot deployment. Major firms are rolling out thousands of humanoid robots as China's aging workforce threatens to leave 300 million positions unfilled.
- Berkshire Hathaway cash hits record $397bn under new CEO Abel. Greg Abel presided over his first annual shareholder meeting in Omaha, where he extended the company's streak of net equity sales to 14 consecutive quarters while holding $397 billion in cash.
- China Orders Refineries to Ignore U.S. Sanctions on Iranian Oil. Beijing's Ministry of Commerce explicitly told five Chinese firms they need not comply with American penalties for purchasing discounted Iranian crude, directly challenging Washington's enforcement authority ahead of a scheduled Trump-Xi meeting.