April 29, 2026, 10:35 GMT
United Arab Emirates has formally withdrawn from OPEC, delivering a major blow to the decades‑old producers’ alliance. Officials in Abu Dhabi cited the need for greater independence in energy policy and flexibility to pursue national production targets. The move underscores widening fractures within OPEC as members struggle to balance collective quotas with domestic economic priorities. Analysts warn the exit could weaken the group’s influence over global oil prices and embolden other producers to chart their own course, raising fresh uncertainty for energy markets already rattled by Middle East tensions.
(Source – Reuters)
—Agencies
Leave a Reply