Global Oil & Digital Shake-Up: UAE Exit from OPEC, Showmax Shutdown and Key Business Updates to Watch

This week’s global business landscape is shaping up with major developments across energy, media, and economic policy. From oil market disruptions to digital platform restructuring and transport innovations in Nigeria, several key stories are expected to influence markets between May 4 and May 9, 2026. Investors and analysts are closely monitoring shifts that could impact both global supply chains and local economies.

In a major surprise move, the United Arab Emirates (UAE) has announced its exit from the Organization of the Petroleum Exporting Countries (OPEC), ending nearly six decades of membership. The country also confirmed its withdrawal from OPEC+, citing evolving energy policy directions. The decision, communicated by UAE Energy Minister Suhail Mohamed AlMazrouei, signals a potential reshaping of global oil alliances at a time of already fragile energy stability.

Meanwhile, Nigeria is preparing for important economic data as the National Bureau of Statistics (NBS) is set to release its fourth-quarter 2025 debt report on May 6. The country’s public debt has already surged to N159.27 trillion, driven by both domestic and external borrowing. With rising debt levels and economic pressure, policymakers and investors are expected to closely analyze the new figures for fiscal direction and sustainability.

In the media and tech space, MultiChoice has officially shut down Showmax, migrating its content library to DStv Stream. The transition ensures that selected Showmax Originals remain accessible through a dedicated section on the new platform. At the same time, Nigeria’s transport sector is seeing innovation as ride-hailing companies introduce affordable “korope” minibuses and tricycles to ease commuting costs amid rising living expenses.

On the global energy outlook, the World Bank has projected a possible decline in oil supply by 7 million barrels per day in Q2 2026, driven largely by geopolitical tensions in the Middle East. Additional disruptions through critical routes like the Strait of Hormuz could further reduce output. Analysts say these combined developments highlight a volatile period ahead for global energy markets.

source: The cable