UAE Leaves OPEC, Shakes Global Oil Market
Global News Today | 2 Min News | The Daily News Now!
- Published
- April 29, 2026
- Duration
- 1:32
- Summary source
- description
- Last updated
- Apr 29, 2026
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Summary
The United Arab Emirates has left OPEC, the 65-year-old oil cartel that controls 40% of global crude production. Despite their commitment to gradually increase output, theyve exited the group due to tensions with Saudi Arabia over production quotas. This move weakens OPECs spare capacity and could lead to market fragmentation, making prices more volatile.…
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The United Arab Emirates has left OPEC, the 65-year-old oil cartel that controls 40% of global crude production. Despite their commitment to gradually increase output, theyve exited the group due to tensions with Saudi Arabia over production quotas. This move weakens OPECs spare capacity and could lead to market fragmentation, making prices more volatile. The real chokehold, however, is Irans blockade of the Strait of Hormuz, which has driven prices sky-high short-term. Long-term, this could eas
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