UAE's OPEC Exit: The Beginning of the End?
Five charts explain how OPEC influences oil prices and what the UAE's departure could mean for global markets
L'essentiel
- 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.
Résumé généré par IA
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.
