UAE OPEC Departure Reshapes Oil Landscapeactive

The reported decision by the United Arab Emirates to leave OPEC and OPEC+ is more than a dispute over oil production. It is a sign that the old architecture of oil power is being reshaped by national strategy, Gulf competition and Asian energy vulnerability. For years, OPEC+ worked because markets believed its key members could […] The post UAE’s OPEC exit signals new global oil order appeared first on Asia Times.

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The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.

In Ajai Malhotra's view, this opens up additional opportunities for major importing countries to negotiate more favorable supply terms

The United Arab Emirates has announced it will leave OPEC and OPEC+ on May 1, in a significant blow to the oil cartels.  In a statement, the Gulf country said it was doing so to focus on its national interest.  The country had often expressed frustration at production quotas set by the group, and its relationship with Saudi Arabia, OPEC's de facto leader, had become increasingly tense.

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels to focus on "national interests", it announced on Tuesday, causing fresh shockwaves as energy prices soar over the Middle East war. The UAE, one of the world's top oil producers, which has previously chafed at OPEC production quotas, will pull out on Friday, a statement carried by the official WAM news agency said. FRANCE 24's Camille Corcoran reports.

According to the report, 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

The decision to withdraw "does not alter the UAE’s commitment to global market stability or its approach based on cooperation with producers and consumers"

The United Arab Emirates announced on Tuesday it will quit the global oil cartel OPEC and OPEC+ to focus on "national interests" as energy prices continue to climb amid the ongoing Iran conflict.