United Arab Emirates announces withdrawal from OPEC oil cartel effective May 1

In a historic shift, the United Arab Emirates announces its withdrawal from OPEC effective May 1, reshaping global oil dynamics. | Contesto: cronaca

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• United Arab Emirates announces withdrawal from OPEC oil cartel effective May 1

Contesto

The United Arab Emirates announced today that it will withdraw from the Organization of the Petroleum Exporting Countries, effective May 1, marking a significant realignment in global oil politics. The decision, confirmed by official sources, ends the UAE’s decades-long membership in the cartel that has coordinated petroleum policies among major oil-producing nations since 1960. The move comes amid growing tensions within OPEC over production quotas and the UAE’s ambitions to boost its crude output capacity. Industry analysts view the withdrawal as a strategic shift by Abu Dhabi, which has long pushed for a higher production baseline within OPEC to reflect its expanding oil fields. The UAE, the third-largest producer in OPEC after Saudi Arabia and Iraq, has invested heavily in increasing its maximum sustainable capacity to 5 million barrels per day, up from current levels of around 4 million. Disagreements over quota allocations, particularly during the 2021 OPEC+ negotiations, have strained relations between the UAE and the cartel’s de facto leader, Saudi Arabia. The departure underscores a broader trend of fragmentation within OPEC, which has faced challenges in maintaining unity amid rising U.S. shale output and global energy transition pressures. The UAE’s exit could embolden other members to seek greater autonomy, potentially weakening the cartel’s ability to influence oil prices. However, experts note that the UAE is likely to maintain cooperation with OPEC on an informal basis, as it remains a key player in the OPEC+ alliance that includes Russia and other non-OPEC producers. For the global oil market, the announcement introduces a new element of uncertainty. The UAE’s decision to go it alone may allow it to ramp up production more aggressively, potentially adding downward pressure on prices at a time when demand growth is slowing. Conversely, the move could exacerbate tensions within OPEC+, leading to further discord over production targets. The timing is particularly sensitive, coming just weeks before the next OPEC+ ministerial meeting scheduled for early June. The UAE’s oil sector has been a cornerstone of its economy, driving rapid development and...

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Categoria: cronaca