Saudi Minister of Energy
Appears in 1 story
Loses key OPEC+ ally; must decide whether to defend prices alone
The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency. Officials cite quotas that capped UAE output near 3.2 million barrels a day despite physical capacity at Abu Dhabi National Oil Company (ADNOC) closer to 5 million. The exit is the largest single departure since Angola left in 2024, and it reshapes the strategic balance between Riyadh and Abu Dhabi.
Updated Apr 30
No stories match your search
Try a different keyword
How would you like to describe your experience with the app today?
