An installation representing an oil barrel bearing the logo of the Organization of the Petroleum Exporting Countries (OPEC), during COP29 in Baku, Azerbaijan, on Nov. 19, 2024. (Credit: Maxim Shemetov / REUTERS)
BEIRUT — The United Arab Emirates (UAE) announced Tuesday its decision to leave the Organization of the Petroleum Exporting Countries (OPEC, and its wider OPEC+ alliance), dealing a blow to the world’s leading oil exporters.The UAE thus becomes the fifth country to permanently leave OPEC, which it joined in 1967, after Qatar in 2019 and Angola in 2024, amongst others.The move comes against a backdrop of growing tensions between Abu Dhabi and Riyadh, despite Emirati authorities saying the move has nothing to do with their counterparts within the group."The UAE’s decision to leave OPEC may look abrupt, but it has been building for years. Abu Dhabi has long been frustrated by production constraints despite investing heavily in expanding capacity, particularly amid uneven compliance within the group," said Carole Nakhle, CEO of...
BEIRUT — The United Arab Emirates (UAE) announced Tuesday its decision to leave the Organization of the Petroleum Exporting Countries (OPEC, and its wider OPEC+ alliance), dealing a blow to the world’s leading oil exporters.The UAE thus becomes the fifth country to permanently leave OPEC, which it joined in 1967, after Qatar in 2019 and Angola in 2024, amongst others.The move comes against a backdrop of growing tensions between Abu Dhabi and Riyadh, despite Emirati authorities saying the move has nothing to do with their counterparts within the group."The UAE’s decision to leave OPEC may look abrupt, but it has been building for years. Abu Dhabi has long been frustrated by production constraints despite investing heavily in expanding capacity, particularly amid uneven compliance within the group," said Carole Nakhle, CEO...
