The UAE will leave OPEC and OPEC+ from May 1 after saying it wants more control over production. The move could test OPEC’s pricing discipline while keeping India focused on oil costs and supply risks.

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, .....

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