The UAE's decision, after nearly 60 years of membership, is seen as a potential death knell for the oil cartel.

The UAE's decision, after nearly 60 years of membership, is seen as a potential death knell for the oil cartel.

The UAE's decision, after nearly 60 years of membership, is seen as a potential death knell for the oil cartel.

April 28 (UPI) -- The United Arab Emirates announced Tuesday that it would leave the Organization of the Petroleum Exporting Countries on May 1.

The UAE says it is leaving the Opec and Opec+ groups of major oil producing nations.

The UAE says it is leaving the Opec and Opec+ groups of major oil producing nations.

The UAE said it decided leaving OPEC was in its national interest after reviewing its production policy and capacity.

UAE announced it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move chafed frosty relations with Saudi

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…

DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move rumored for some time as the Emirates chafed under production restrictions and had increasingly frosty relations with neighboring Saudi Arabia. The UAE had been a […]

DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move rumored for some time as the Emirates chafed under production restrictions and had increasingly frosty relations with neighboring Saudi Arabia. The UAE had been a […]

The UAE’s decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low.

The United Arab Emirates said Tuesday that it would leave OPEC, the Organization of the Petroleum Exporting Countries, which coordinates oil output among leading energy producing nations. The departure from OPEC will likely lead the UAE to boosting energy output. Although with the Strait of Hormuz closed, it's not clear how fast any increased production would be able to reach global markets. "Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions," its state-run news agency said. In recent years, the UAE's oil output was the third largest in OPEC, behind only Saudi Arabia and Iraq. While Abu Dhabi had joined OPEC in 1967, the full United Arab Emirates has been a member since its creation as a sovereign nation in 1971. “While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth…

The United Arab Emirates announced Tuesday it will leave OPEC, the cartel that organizes production among the world's largest oil producers, on Friday.

The United Arab Emirates (UAE) announced on Tuesday that its 59 years of membership OPEC will come to an end, effective May 1.

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.

Every time gas inches above $4 a gallon, you start running the math at the pump. An extra $20 to fill the tank, $200 more a month if you commute.

Daijiworld Media Network - New Delhi New Delhi, Apr 28: The United Arab Emirates has announced its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, marking a significant shift in global energy dynamics. The move, which will take effect from May 1, .....

UAE To Quit Oil Exporting Groups OPEC, OPEC+ Amid Iran War

The exit of the United Arab Emirates from OPEC and OPEC+ will deal a heavy blow to the groups at a time when the war in Iran has caused a historic energy shock.

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.

It will have little effect on the current oil blockades, but it could change everything afterwards.

It will have little effect on the current oil blockades, but it could change everything afterwards.

It will have little effect on the current oil blockades, but it could change everything afterwards.

UAE energy minister says no direct consultations held on leaving cartels, including with Saudis; Gulf oil producers already struggling with exports due to Iran's Hormuz blockade

Crude oil prices surged above $111 per barrel on Tuesday following the United Arab Emirates, UAE, decision to exit the Organization of the Petroleum

OPEC still controls over a third of international oil production and holds about 79% of proven reserves. But its strength has always depended on unity.

The United Arab Emirates has announced its withdrawal from the OPEC oil producers’ cartel after nearly six decades of membership, a move that is expected to reshape global energy dynamics and weaken the influence of the group led informally by Saudi Arabia. The decision comes amid a period of heightened global energy instability linked to the ongoing Iran war, which has already disrupted oil and gas flows through the Strait of Hormuz.

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.

The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.

LONDON, April 28 : OPEC and its allies will lose some of their power over the oil market when the United Arab Emirates leaves the group on May 1, but the rest of the producer alliance is likely to stick together and continue to coordinate on oil supply policy, OPEC+ delegates and analysts said on Tuesday. The