Oil market jitters as UAE makes unexpected move

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Crude oil prices climbed above $111 per barrel on Tuesday after the United Arab Emirates announced its decision to withdraw from the Organization of the Petroleum Exporting Countries.

The UAE’s exit from OPEC was confirmed in a statement released on Tuesday.

The country stated that the decision, which will take effect from May 1, 2026, was driven by its national interest.

“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to
meeting the market’s pressing needs,” UAE authorities said in a statement.

The announcement has introduced fresh uncertainty into the global crude oil market, which is already dealing with nearly two months of conflict involving Iran and the United States-Israel alliance.

Checks by ZINGTIE showed that crude oil prices rose by 3 percent, reaching $99.68 per barrel for West Texas Intermediate and $111.40 per barrel for Brent crude.

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