UAE OPEC Exit: The May 1 Break That Could Reset Oil Prices
The United Arab Emirates plans to exit OPEC and OPEC+ as of May 1, ending more than 50 years in the cartel and opening the door for Abu Dhabi to chart its own path on oil output. The Energy Ministry framed the move as a response to evolving demand needs, saying production will increase, but only in stages. The timing isn’t great for energy traders. Brent crude pushed up to roughly $112 a barrel on Tuesday, while U.S. West Texas Intermediate climbed past $100. Supply jitters haven’t eased, with the Iran war and uncertainty at the Strait of Hormuz fueling the latest rally.