What UAE's OPEC Exit Means for Oil and the World

The United Arab Emirates will leave OPEC next month, in a significant blow to the group that raises questions about its future at a time when the industry is grappling with the massive supply disruption caused by the Iran war. #iran #uae #oil #opec #worldnews #politics #usa The UAE’s exit May 1 after six decades of membership is the culmination of years of tension with OPEC leader Saudi Arabia both over oil output policy and competition for regional political influence. It’s also the latest indication of how the conflict is reshaping global energy markets: While the UAE has talked in the past about quitting OPEC, Energy Minister Suhail Al Mazrouei said in an interview that the disruption caused by the war created an opportune time for the move. “This is a decision that we took after a very careful and long review of all our strategies” he said. “The decision is taken at the right time in our view because it’s not going to hugely impact the market: the market is undersupplied.” Read more: https://www.bloomberg.com/news/articles/2026-04-28/uae-to-leave-opec-and-opec-next-month-to-pursue-new-strategy ---------- Like this video? Subscribe https://www.youtube.com/@Bloomberg-News Bloomberg News is the first word in business news. Visit bloomberg.com for the latest on global business, markets and more. Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals Bloomberg on YouTube: https://www.youtube.com/@business https://www.youtube.com/@markets https://www.youtube.com/@BloombergTechnology https://www.youtube.com/@BloombergPodcasts Connect with us on social: https://www.instagram.com/bloombergbusiness https://www.linkedin.com/company/bloomberg-news https://www.tiktok.com/@bloombergbusiness https://www.facebook.com/bloombergbusiness