United Arab Emirates to quit oil cartel Opec
The United Arab Emirates (UAE) is set to leave the Opec and Opec+ oil cartels after nearly 60 years of membership. This decision aims to enhance the UAE's ability to meet rising global energy demands and is viewed as a significant setback for Opec's influence on oil prices. Analysts suggest that the UAE's exit could lead to increased oil production and market volatility in the future.
- ▪The UAE will officially quit Opec next month, marking the end of nearly 60 years of membership.
- ▪This departure is expected to reduce Opec's production capacity by about 15%.
- ▪The UAE's energy minister stated that leaving Opec will provide the country with greater flexibility in oil production.
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United Arab Emirates to quit oil cartel Opec29 April 2026ShareSaveAdd as preferred on GoogleNick Edser,Archie MitchellandJonathan Josephs,Business reportersAFP via Getty ImagesThe United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership.The UAE said its decision would help it meet growing global energy demand in the long term after recent investments to boost its production capacity. It is seen as a blow to the cartel, which oversees oil production and has a major influence on the global prices - with one analyst describing the exit as "the beginning of the end of Opec".The Gulf state's energy minister said being a country with no obligation under the group would give it more flexibility.The UAE's…
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