UAE Withdrawal from OPEC+ Could Increase Oil Supply, Deepen Middle East Rift - La Repubblica
One of world's largest oil producers to exit oil cartel from May 1, amid severe global energy crisis
Quick Look
- The United Arab Emirates has announced its withdrawal from OPEC and OPEC+ effective May 1, marking one of the world's largest oil producers leaving the oil cartel amid the severest energy crisis in decades.
- The move could lead to increased oil supplies in the medium term as Abu Dhabi may scale up production without quota restrictions, while potentially deepening divisions among Middle East countries and undermining regional stability.
AI-generated summary
ROME, April 28. /TASS/. The decision of the United Arab Emirates to withdraw from OPEC and OPEC+ may lead to an increase in oil supplies to the market and deepen the rift among Middle East countries, La Repubblica newspaper says. The announcement on the withdrawal of one of world's largest oil producers from associations takes place in a "dramatic moment" when the world faces the severest energy crisis of the last decades, it notes. At the same time, "an opportunity appears for the greater oil offer in the market in the midterm, if Abu Dhabi decides to scale up production, without abiding by restrictions anymore," the news outlet reports. The latest developments in the region, including the step taken by the UAE today, deepen the rift among Middle East countries and undermine its stability, it adds. The UAE will withdraw from OPEC and OPEC+ since May 1 of this year, WAM state agency said earlier.
