UAE to exit OPEC after nearly 60 years
The United Arab Emirates has announced it will withdraw from OPEC and the broader OPEC+ next month, ending nearly six decades of membership. Authorities say the move is intended to give the country greater flexibility in managing its oil production, following significant investments aimed at expanding capacity. By operating outside the group’s quota system, the UAE will be able to respond more freely to global energy demand. The decision is widely viewed as a major development for the oil market. Some analysts consider it a significant setback for OPEC, which could lose influence as one of its key and historically compliant members exits. The UAE currently contributes a notable share of the group’s production capacity. Founded in 1960, OPEC was created to coordinate oil output among major exporting countries to stabilise prices and ensure steady revenues. The UAE joined in […]
