Daily Market Updates: UAE plans exit from OPEC+ effective May 1

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UAE plans exit from OPEC+ effective May 1

The UAE departure reduces OPEC's share of crude oil production and capacity, according to the EIA.

Reported · Written up by our desk · Energy

The EIA said the United Arab Emirates announced it will leave OPEC effective May 1, after previously being part of the group.

The EIA noted that OPEC has a stated goal of coordinating and unifying petroleum policies among member countries, and that it is closely tied to global crude oil price dynamics.

Latest closeWTI crude $74.03 ▲5.1%

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EIAUAE's exit from OPEC+ reduced the group's share of crude oil production and capacity

Commodities

UAE plans exit from OPEC+ effective May 1

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