web counter
LEXO PA REKLAMA!

SHKARKO APP

App Store
Google Play

E fundit!

x

The United Arab Emirates will leave OPEC

2026-04-28 15:18:00, Kosova & Bota CNA

The United Arab Emirates will leave OPEC

The United Arab Emirates (UAE) has announced that it is leaving the groups of major oil-producing countries, OPEC and OPEC+, after nearly 60 years.

The UAE said the decision reflected its "long-term strategic and economic vision and evolving energy profile."

The decision is seen as a blow to the cartel, with one analyst describing the exit as "the beginning of the end for OPEC".

The Gulf state's energy minister said that being a country without obligations according to the groups would offer more flexibility.

The United Arab Emirates joined OPEC in 1967 and their departure will leave the oil cartel with 11 members.

Saul Kavonic, head of energy research at MST Financial, said it was "the beginning of the end for OPEC."

"With the departure of the UAE, OPEC loses about 15% of its capacity and one of its most compliant members."

According to the latest figures from OPEC, the United Arab Emirates produces 2.9 million barrels of oil per year. Saudi Arabia, OPEC's de facto leader, produces nine million barrels of oil.

"Saudi Arabia will have difficulty holding the rest of OPEC together and will actually have to do most of the heavy lifting itself in terms of internal compliance and market management," Kavonic said, adding that other OPEC members could follow suit.

"This represents a fundamental geopolitical reshaping of the Middle East and oil markets," he added./CNA, translated by BBC





Lajmet e fundit nga