The Know Daily - Monday 1 June 2026

_{Read in 4m 12s ∙ Listening to Cameron Whitcomb ∙}

The Eden Project has relaunched a partnership with the Seychelles, selling a special pink flower called ‘Ray of Hope’ to help fund conservation projects on the islands. Originally bred to help protect endangered native plants, the bloom is now supporting nature recovery once again – proving that even a humble houseplant can make a world of difference 🌸

🛢️ OPEC

Oil prices affect everything from petrol and flights to food and household bills. One of the organisations that has played a major role in shaping the global oil market is OPEC.

So what is OPEC?
OPEC stands for the Organisation of the Petroleum Exporting Countries. Founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, it was created to give oil-producing nations more control over the global oil market. Today, its members work together to coordinate how much oil they produce, with the aim of influencing supply and helping keep prices stable.

Why was it created?
Before OPEC existed, much of the world's oil industry was dominated by a handful of large Western companies that controlled production and pricing. Oil-producing countries felt they had little say over how their natural resources were managed or how revenues were shared.

As explained by The Week, OPEC was formed so producer nations could negotiate from a position of greater strength and have more control over oil prices and production decisions. However, critics argue that OPEC can behave like a cartel because member countries coordinate oil production levels, so when supply is restricted, this pushes up global oil prices, leading to higher fuel and energy costs for consumers.

What makes it so influential?
Oil remains one of the world's most important commodities, and even relatively small changes in supply can have a big impact on prices. Because several of the world's largest oil producers are members, OPEC has often been able to influence global energy markets by increasing or reducing production.

As reported by Forbes, its power was most dramatically demonstrated during the 1973 oil crisis, when Arab oil producers imposed an embargo on countries supporting Israel during the Yom Kippur War. Oil prices surged, causing inflation, fuel shortages and economic disruption across much of the world.

Does OPEC still have that much power?
Not quite. OPEC still matters, but the global energy market has become far more complex. Countries such as the US have dramatically increased oil production through shale drilling, while major producers like Russia are not formal OPEC members. To maintain its influence, OPEC created OPEC+ in 2016 – a broader alliance that includes Russia and several other major oil-producing nations. Together, OPEC+ controls roughly 40% of global oil production, giving it significant influence over supply and prices.

So why is it back in the news?
Questions have recently been raised about how much influence the group still has. The UAE's decision to leave OPEC earlier this year highlighted growing tensions between some members over production targets and market strategy. At the same time, OPEC faces growing competition from major producers outside the group, particularly the US, as well as longer-term uncertainty over future demand for fossil fuels. Some analysts argue OPEC's ability to act as the world's "oil price manager" is weaker than it once was, although it remains one of the most important players in global energy markets.

💰 Money Monday: More people are turning to AI chatbots for money advice – but regulators are urging caution.

• The bigger story: Recent reporting highlights that 40% of Brits are using tools like ChatGPT to ask questions about savings, investing and budgeting. However, financial experts have highlighted that unregulated advisers and the information they provide isn’t tailored or protected in the same way as professional advice. While AI can offer general guidance, it doesn’t come with the same safeguards if something goes wrong.

💊 A daily pill can double the survival time in patients with pancreatic cancer, new clinical trials have shown. 

👩‍🎨 A new mural by a beloved children’s author and illustrator has been unveiled ahead of the opening of a new arts centre.

🇨🇴 Colombia’s presidential election is heading to a second round after voters backed a right-wing candidate in the first round yesterday – a result that could signal broader political shifts across Latin America.

🚗 Humanoid robots will be used by BMW for car manufacturing in Europe for the first time starting from this summer. 

☀️ Clean energy saved the EU €51 billion last year by lowering fossil fuel imports, according to a report by the International Energy Agency.

🔗 Last week’s most clicked: Restoring the UK’s “rudest” landmark, an Eiffel Tower-inspired gold dress & day trips from £48 across three iconic cities.

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