29 Apr UAE Quits OPEC
(Oilandgaspress) -–The United Arab Emirates will leave OPEC and OPEC+ – the world’s largest oil-producing blocs, which control roughly 40-50 per cent of global output and influence prices through production quotas – from May 1, the country’s state-run WAM news agency reported on Tuesday.
This signals likely significant shifts in oil prices – rather than production levels – immediately after the UAE’s exit. India is among the countries looking to benefit, particularly with New Delhi looking to diversify import sources to offset uncertainty in the Middle East.
Abu Dhabi announced its exit against turmoil in the global energy trade brought on by the US and Israel’s war on Iran; fighting that began February 28 spread quickly to Gulf countries as oil and gas fields, refineries, and depots, were targeted.
UAE energy sites were hit – despite American air defence cover – by Iran, including the Ruwais refinery that can process 922,000 barrels of crude daily, the Fujairah Port that is a critical export terminal, and the Habshan gas fields that are one of the region’s biggest.
Information Source: Related News
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