UAE exit weakens OPEC+ power over oil market but group to stay together
London – 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 UAE is the fourth-largest producer in the Organization of the Petroleum Exporting Countries and said it would quit the group on Tuesday after nearly 60 years as a member. That will free Abu Dhabi from the oil production targets imposed by OPEC and its allies to balance supply and demand.
The UAE's exit came as a shock, said five OPEC+ sources, who asked not to be named as they are not allowed to speak to the press.
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