United Arab Emirates will leave OPEC in a blow to the oil cartel

UAE announces exit from OPEC, dealing a blow to the cartel's influence over global oil markets and prices. | Contesto: cronaca

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• United Arab Emirates will leave OPEC in a blow to the oil cartel

Contesto

The United Arab Emirates announced Tuesday that it will withdraw from the Organization of the Petroleum Exporting Countries effective May 1, stripping the oil cartel of its third-largest producer and further eroding its grip on global oil supplies and pricing. The decision, confirmed by Emirati officials, marks the first departure of a major OPEC member since Qatar left in 2019 and underscores growing fissures within the 13-nation group that has long sought to coordinate production levels to stabilize crude prices. The UAE’s exit had been widely rumored in recent months as the country increasingly chafed against OPEC production quotas that it argued were too restrictive, preventing it from maximizing its crude sales to meet rising global demand. As one of the world’s top oil producers, with capacity exceeding 4 million barrels per day, the UAE has invested heavily in expanding its output infrastructure and sought to monetize those assets more aggressively. The quota system, which allocates production limits to each member, has been a source of tension, particularly as the UAE pushed for a higher baseline from which to calculate its allowed output—a request that met resistance from OPEC’s de facto leader, Saudi Arabia. The departure weakens OPEC’s collective bargaining power and its ability to influence oil prices by adjusting supply. Without the UAE, the cartel’s total production capacity drops significantly, and its remaining members—led by Saudi Arabia, Iraq, and Kuwait—will face greater challenges in enforcing discipline among producers. Analysts note that the UAE’s move could embolden other members to seek similar exits or demand larger quotas, potentially unraveling the fragile consensus that has underpinned OPEC’s decisions for decades. The organization’s share of global oil output has already declined in recent years due to the rise of non-OPEC producers like the United States, which has become the world’s largest crude producer through shale oil development. The timing of the announcement is particularly significant as OPEC and its allies, including Russia, prepare to meet later this year to set production targets amid volatile markets. The UAE’s...

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Categoria: cronaca