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General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. | Photo Credit: Reuters On April 29, the UAE announced it would leave the Organization of the Petroleum Exporting Countries (OPEC), ending nearly six decades of membership. The decision, effective May 1, removes one of the group’s largest producers. OPEC…
The increase is similar to last month’s hike of 206,000 bpd minus the share of the United Arab Emirates. OPEC logo for representation | Photo Credit: Reuters Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure…
Read More “OPEC+ agrees in principle on small oil output quota hike without UAE, sources say” »
The UAE’s actual announcement took observers by surprise’ | Photo Credit: AFP Although in recent years the United Arab Emirates (UAE) has frequently threatened to leave the Organization of the Petroleum Exporting Countries (OPEC), its actual announcement, on April 28, took observers by surprise. It was also conspicuous in its context. It provided only three…
Read More “Abu Dhabi’s OPEC exit begins its ascent of ‘peak oil’” »
Since the U.S.–Israel war with Iran disrupted oil flows through the Strait of Hormuz, Gulf producers, including the UAE, have faced major logistical challenges in exporting oil. The United Arab Emirates (UAE) on Tuesday announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, effective May 1. The…