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Posted on 04/28/2026 4:26:04 PM PDT by BenLurkin
The shock announcement Tuesday comes after the UAE was the target of missile and drone attacks for weeks by fellow OPEC member Iran. Tehran’s attacks on shipping in the Strait of Hormuz has also severely constrained the UAE’s ability to export oil, threatening the foundation of its economy.
The UAE has played an influential role in OPEC’s decisions over nearly six decades. It was the group’s third-largest oil producer in February behind Saudi Arabia and Iraq. The UAE’s OPEC membership originated with the Emirate of Abu Dhabi in 1967, seven years after the organization was founded.
The UAE came to the conclusion that exiting the group was in its national interest following a comprehensive review of its production policy and capacity, the Energy Ministry said in a written statement.
...
The UAE has the ambition to achieve 5 million barrels per day of capacity by 2027 and wants more freedom of action to pursue that goal, the energy minister added. The decision to leave OPEC is not a response to years of production cuts led by Saudi Arabia, he said.
“This has nothing to do with any of our brothers or friends within the group,” Al Mazrouei said. “We’ve been working together for years and years. We have the highest respect for the Saudis for leading OPEC.”
(Excerpt) Read more at cnbc.com ...
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OPEC’s end will be a win for humanity and America — another Trump miracle
Huge development.
Isn’t OPEC like their NATO, but for oil price fixing instead of defending against the Soviet Union?
eh... still not time yet for me to make a move on oil futures, waiting for the price to jump higher
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