The UAE is withdrawing from OPEC and OPEC+, the state news agency WAM reports.
Energy
Latest Energy intelligence from 9 public ZettaWire signals, led by: 🚨 UAE withdraws from OPEC and OPEC+ - state media WAM
The United Arab Emirates is withdrawing from OPEC and OPEC+, according to a report by Reuters.
Goldman Sachs reports that Gulf crude production has fallen by 14.5 million barrels per day, a 57% decline from pre-war levels, with recovery expected to take months even after the Strait of Hormuz reopens.
U.S. crude futures declined by $1.15 to $98.78 a barrel as markets assessed the UAE’s decision to exit OPEC
US President Donald Trump stated that Americans should anticipate rising fuel costs, describing the increase as a consequence of the ongoing US-Israeli war on Iran.
The United Arab Emirates has announced its formal withdrawal from the OPEC and OPEC+ oil alliances, citing economic disruption linked to the ongoing conflict between the US, Israel, and Iran.
UAE Energy Minister Suhail Al Mazrouei stated that the country's decision to withdraw from OPEC is driven by national interests during exceptional circumstances.
Gasoline prices have more than doubled in 2026, surging 103% since January 1.
Novak: Around 12 million barrels per day of oil are not delivered to the market.
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