United Arab Emirates to Quit Oil Cartel Opec

UAE to Exit OPEC, Putting Pressure on Global Oil Markets

The United Arab Emirates announced on Tuesday, 28 April, that it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, removing one of the group’s top producers and further testing the cartel’s influence over global oil markets. The decision, shared through the UAE’s state-run news agency WAM, also includes the country’s withdrawal from the broader OPEC+ alliance, which coordinates with other producers like Rus…

Albo backs UAE’s shock oil cartel exit

Anthony Albanese has weighed in on the United Arab Emirates’ decision to leave a cartel of major global oil producers.

Emiratis’ exit from OPEC will boost the flow of oil after the war

UAE’s defection will reduce the oil cartel’s influence over the global energy market and help make up for the billion barrels of oil lost because of the closure of the Strait of Hormuz.

Amid Iran war and tensions with neighbours, UAE goes its own way

The United Arab Emirates’ decision to leave Opec has rocked the region, underscoring how the country, at odds with Saudi Arabia, is increasingly charting its...

United Arab Emirates leaves OPEC amid energy crisis fueled by Iran war

The United Arab Emirates announced on Tuesday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, in a decision taking effect on May 1 that constitutes one of the most significant blows to the oil cartel in its more than six decades of existence. The announcement comes amid the largest energy crisis in years, triggered by the closure of the Strait of Hormuz during the war between the Un

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe