The UAE's departure from OPEC reduces the group's global crude oil production share from 35% to 31%, with Saudi Arabia remaining the largest producer. Regional production is further disrupted by the Strait of Hormuz closure, affecting Iran, Iraq, Kuwait, and Saudi Arabia, despite the UAE and Saudi Arabia's ability to reroute exports.
UAE Energy Minister Suhail Mohamed Al Mazrouei stated the country's departure from OPEC and OPEC+ is driven by its economic vision and national interest, not political considerations or divisions with partners. The decision aims to maintain market stability and global energy security.
On April 28, the United Arab Emirates informed the Organisation of Petroleum Exporting Countries (Opec) it was leaving. Three days’ notice. No call to Riyadh beforehand, apparently. The grievance about production quotas was years old: Abu Dhabi had threatened to quit in 2021. What’s changed has nothing to do with the barrel count. It is about who underwrites Abu Dhabi’s security when it acts on a decision Riyadh opposes. After Iran struck UAE infrastructure, Abu Dhabi sent only a foreign...
We have selected seven stories from the SCMP’s coverage of Asia over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. More Singaporeans are choosing jobs below their qualifications. Here’s why A new survey shows 19.4 per cent of Singapore’s resident workforce had academic qualifications beyond what was required for their job in 2025. 2. Why UAE’s exit from Opec is good news for...
The UAE's decision to leave OPEC is being described as "the beginning of the end" for the oil producers' group, coming amid unprecedented market volatility triggered by the US-Israel war with Iran. The UAE was the world's third biggest oil exporter and OPEC's fourth biggest producer at 3.1 million barrels per day in 2025. Analysts suggest the UAE could increase production by around one million barrels daily now that it has exited the group, while OPEC's share of global crude production has fallen from 52.5% in 1973 to just 36.7% in 2025.
The United Arab Emirates is expected to continue making high-risk geopolitical moves with potentially high rewards, following its exit from the Opec oil cartel, as the small but extremely wealthy Gulf state strives to become a global power. Framed by Emirati officials as an orientation towards strengthening economic autonomy, the UAE’s decision to leave the Organisation of Petroleum Exporting Countries (Opec) on Tuesday coincided with the downgrading of its diplomatic participation in the Gulf...
Russian Deputy Prime Minister Alexander Novak stated that an oil price war is unlikely despite the UAE's decision to exit OPEC and OPEC+, citing current global supply shortages in the industry.
US President Donald Trump commented positively on the UAE's decision to withdraw from OPEC and OPEC+, effective May 1, saying it will help lower fuel and oil prices. Trump noted that OPEC is experiencing problems, while the UAE assured it remains committed to stabilizing the global fuel market.
The UAE's plan to leave OPEC is being described as "the beginning of the end of the organisation" by analysts, occurring amid unprecedented oil market volatility. The US-Israel war with Iran has triggered the biggest loss of oil supply on record according to the World Bank, with the Strait of Hormuz effectively closed for eight weeks. The UAE is the world's third biggest oil exporter and fourth biggest producer at 3.1 million barrels per day, and could increase production by around one million barrels daily once outside the group. OPEC's share of global crude oil has fallen from 52.5% in 1973 to 36.7% in 2025, with the US now the dominant producer at 13.6 million barrels per day.
Venezuelan oil expert Miguel Jaimes claims the UAE's decision to exit OPEC starting May 1, 2026 is influenced by US strategic interests, specifically to transform the UAE into a forward base to confront Iran and complicate Tehran's negotiations within OPEC. He argues the US is actively seeking to undermine OPEC+ cohesion by applying pressure on member countries over the Ukraine conflict. The UAE has reaffirmed its commitment to stabilizing the global fuel market despite withdrawing from the oil cartel.
The UAE’s break with OPEC could flood markets, rattle prices, and redraw power lines from Riyadh to Moscow Read Full Article at RT.com
The UAE plans to leave OPEC, with analysts describing it as "the beginning of the end" for the oil producers' group. The departure comes amid significant oil market volatility, with the US-Israel war with Iran triggering the biggest loss of oil supply on record. The UAE is the world's third biggest oil exporter and OPEC's fourth biggest producer at 3.1 million barrels per day.
Multiple $3.3 million sell walls sit between $80,400 and $82,000 as oil volatility and rising real rates keep Bitcoin trapped.
The UAE’s departure from OPEC signals that oil prices may fall, which would be unprofitable for the United States, a country that relies on consistently high oil prices as an exporter, Vladimir Dzhabarov said
UAE Energy Minister Suhail Mohamed Al Mazrouei has clarified that the country's decision to withdraw from OPEC and OPEC+ effective May 1, 2026 is not related to Saudi Arabia's proposal on oil production cuts. In a CNBC interview, the minister emphasized the UAE's respect for Saudi Arabia's leadership of OPEC and OPEC+ and assured that the country remains committed to stabilizing the global fuel market.
Kremlin Spokesman Dmitry Peskov confirmed Ukrainian drone strikes caused a massive fire at the Tuapse oil facility, stating the oil was intended for export under Russia's contractual obligations. He announced Moscow's Victory Day parade will proceed without military equipment due to security threats from Kiev. Regarding the UAE's withdrawal from OPEC, Peskov said Russia respects the sovereign decision and does not intend to leave OPEC+ itself.
Top stories from the Russian press on Wednesday, April 29th
Sagar Adani of Adani Green Energy suggests that a potential UAE exit from OPEC could be positive for India, highlighting the necessity of expanding energy capacity and diversifying sources to ensure economic resilience.
Sagar Adani, Executive Director of Adani Green Energy, says India's priority should be building energy resilience amid uncertainty from the UAE's exit from OPEC. Speaking at The Economist Impact Resilient Futures Summit in New Delhi, he noted that India-UAE relations remain strong and will likely be net-positive. The Adani Group has committed $100 billion toward energy transformation, focusing on renewable energy, transmission, and thermal power. The company is developing the world's largest single-location renewable project in Khavda, Gujarat, with 30,000 MW capacity.
The United Arab Emirates will exit OPEC on May 1, Energy Minister Suhail Al Mazrouei told CNBC, citing desire for more freedom to reach their goal of 5 million barrels per day of capacity by 2027. The shock decision is reverberating across global energy markets, with analysts warning it could expose fractures in the cartel and prompt other members to exit. Oil prices traded flat while Asian stocks and European futures were muted. Meanwhile, all eyes are on the Federal Reserve for what is likely Chairman Powell's final decision, with Kevin Warsh's nomination advancing in the Senate.
European stock markets are expected to open lower on Wednesday, with the FTSE 100 seen down 0.15%, as investors digest the UAE's shock announcement to exit OPEC on May 1 and await key earnings reports from major companies including UBS, Deutsche Bank, and TotalEnergies. The move complicates global oil supply outlook amid continued Strait of Hormuz blockade concerns.
The UAE has left OPEC following weeks of Iranian missile and drone strikes that disrupted exports through the Strait of Hormuz, putting pressure on its economy. Analysts warn that countries frustrated with production quotas could follow, with Kazakhstan, Nigeria and Venezuela flagged as potential 'flight risks'. The exit highlights deepening fractures in the cartel as members with excess capacity resist quota constraints.
This multi-story news digest covers: Iran's plan to adopt law on Strait of Hormuz after parliament reconvenes; UAE's exit from OPEC seen as serious blow to Arab solidarity; ongoing Russia-Ukraine military operations including liberation of Ilyinovka and Ilyichovka; US-Iran tensions with Trump criticizing European allies; Putin's comments on sanctions, election security, and North Korean soldiers; Iranian army stating war with US and Israel not over; Pentagon acknowledging lack of defense against hypersonic weapons; Indian tycoon Ambani offering to rescue Escobar's hippos; and SCO military cooperation discussions.
