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Informist, Tuesday, Apr. 28, 2026

 

--NDTV Profit: UAE leaves OPEC, OPEC allies from May 1 

 

MUMBAI – The United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries and its allies from May 1, according to state-run media WAM news agency. The move comes at a time when major oil producers in the Persian Gulf region are going through a record loss of supply following the outbreak of hostilities between the US-Israel combine and Iran, causing a historic energy shock around the world.

"During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners, and global energy markets," the UAE said.

 

The decision reflects the country's long-term strategic plans and evolving energy profile, including higher crude oil production. It follows a comprehensive review of the country's production policy and its current and future capacity and is "based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs", it said.

 

 

The UAE said it would bring additional output to the global market in a gradual manner, in line with demand and market conditions. Crude oil production from OPEC plummeted by 7.9 million barrels per day in March to 20.79 million barrels per day, according to OPEC's April Oil Market Report. Production from the UAE fell by 1.5 million barrels per day to 1.9 million barrels per day last month. With the Strait of Hormuz still closed, more loss in supply is expected this month. The International Energy Agency's chief Fatih Birol had said earlier this month that the loss of supply in April is likely to be "twice" that in March.

 

The UAE and Saudi Arabia, de facto leader of the group, have had disagreements in OPEC meetings in recent years. Disagreements over production issues and other matters have brought the UAE to the verge of leaving the group earlier also. At 1848 IST, Brent Crude futures on the Intercontinental Exchange were up 3.1% at $111.54 per barrel.  End

 

US$1 = INR 94.54

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Rajeev Pai

 

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