Overview
- The UAE has left OPEC and OPEC+, ending nearly six decades of membership and stepping out of the cartel’s quota system.
- Brent crude has traded above $110 per barrel during the Iran conflict, with the exit adding fresh uncertainty for buyers and producers.
- Abu Dhabi was pumping about 3.4–3.5 million barrels a day and could add more than 1 million more as it builds toward roughly 5 million barrels a day of capacity.
- The split underscores a deepening rift with Saudi Arabia over quotas and strategy, which analysts say weakens OPEC’s ability to coordinate supply and steady prices.
- Importers such as India face higher fuel costs and inflation risk in the near term, though extra UAE barrels later could ease budgets if shipping risks subside.