UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.
Chris Weafer says the UAE's OPEC exit leaves the organisation less influential on global oil pricing.
As oil markets shift, OPEC's grip is under pressure, US exports rise, and China drives the push towards renewables.
The United Arab Emirates’ decision to leave a global cartel of major oil-exporting countries is seen to reflect a widening fracture within the Gulf Cooperation Council (GCC). The UAE announced on Tuesday that it would leave the Organisation of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance, effective on Friday. The country joined the group in 1971, though one of its emirates – Abu Dhabi – joined in 1967. The UAE’s Ministry of Infrastructure said in a statement that the...
The UAE announced it’s withdrawing from OPEC on May 1st.
The decision by the United Arab Emirates comes during the worst global energy crisis of modern times.
UAE signalling intent to pursue independent economic policies and reshape Gulf oil politics.
The BBC takes a look in charts at what the UAE's departure could mean for the oil cartel and more widely.
China may gain from the United Arab Emirates (UAE) withdrawing from the Organisation of Petroleum Exporting Countries (Opec), benefiting from additional supply as global oil markets face growing strain three months into the US-Israeli war in Iran, analysts said. The UAE – Opec’s third-largest producer, accounting for about 12 per cent of its total output – will formally leave the bloc on May 1. UAE Energy Minister Suhail Mohamed al-Mazrouei told CNBC that it was the “right time” to exit, adding...
The move reflects a widening confrontation with Saudi Arabia and a fundamental realignment of alliances.
The United Arab Emirates (UAE) is quitting oil cartel Opec after nearly 60 years of membership.
Trump says Iran is in a 'state of collapse' as Gulf leaders meet in Saudi Arabia.
Asia’s oil import-dependent economies will benefit from the United Arab Emirates’ (UAE) exit from Opec, though the ongoing closure of the arterial Strait of Hormuz may not offer any immediate relief from soaring prices, analysts say. Global oil prices continued to surge on Wednesday, with benchmark Brent crude oil prices hitting US$111 a barrel and US West Texas Intermediate (WTI) approaching US$100 a barrel. Before the Iran war, Brent was trading around US$70 a barrel, while WTI was about US$65...
The UAE’s decision to quit OPEC to prioritise its ‘national interests’ deals a blow to the oil group.
The Gulf state is the latest to quit the group, which was created to form a united front on oil pricing.
From the UAE’s OPEC exit to India’s heatwave, SCO meet updates and the Jakarta train crash, we bring you the top stories that matter with clarity and context.
The United Arab Emirates has announced it’s withdrawing from OPEC and OPEC+.
It will have little effect on the current oil blockades, but it could change everything afterwards.
The United Arab Emirates announced on Tuesday that it will leave the Organization of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance effective May 1, a move that signals a push for greater control over its production strategy. The decision followed “a comprehensive review” of the country’s production policy and capacity, the Ministry of Infrastructure said in a statement, adding that it was based on national interests and a commitment to help meet global market...
This is a developing story.