UAE to Leave OPEC and OPEC+ on May 1; Analysts Warn of Downside Risk for Oil

BlockBeats reported on April 28 that the United Arab Emirates said it will withdraw from OPEC and the OPEC+ alliance effective May 1. Nordic Bank analyst Jan von Gerich said the UAE is looking to ramp up oil output, a shift he expects to weigh on prices. He added that once the Iran conflict ends, OPEC may no longer be able to steer oil prices the way it has in the past. Monica Malik, chief economist at Abu Dhabi Commercial Bank, said the decision positions the UAE to gain global market share as geopolitical tensions ease, and could ultimately support consumers and the wider global economy. (Jinshi)