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2026April › 28

OPEC

64 days ago

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.
As of May 1, the Organization of the Petroleum Exporting Countries (OPEC) will have lost one of its key members, weakening its leverage over global oil supplies and prices.
The Gulf state is the latest to quit the group, which was created to form a united ⁠front on oil pricing.
The United ‌Arab Emirates has announced it’s withdrawing from OPEC and OPEC+.
The UAE’s historic decision is a major blow to the alliance of oil producers, just as the global energy crisis is escalating over Iran’s blockade of the Strait of Hormuz, but the Gulf state insists i…
The UAE was the third-largest producer in OPEC in February, behind Saudi Arabia and Iraq.
This is a developing story.

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