UAE exit signals OPEC’s declining grip on oil markets

Author: aljazeera.comPublished on: April 30, 2026Country: United Arab Emirates

Business & Economy

UAE exit signals OPEC’s declining grip on oil markets

The UAE's exit from OPEC frees one million barrels of spare capacity, according to Chris Weafer, CEO of Micro-Advisory Partners. He warns that Kazakhstan and Venezuela may follow suit, potentially diminishing OPEC's influence on global oil pricing significantly.

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