Possibility of the United Arab Emirates leaving OPEC
The Wall Street Journal, citing unnamed Emirati officials, reported that amid the growing rift between Saudi Arabia and the United Arab Emirates, the UAE is now discussing leaving OPEC. However, the UAE Ministry of Energy has not yet commented.
This would have a significant impact on the global influence of this oil cartel and would also allow the United Arab Emirates to pursue its oil production plans according to its own interests.
Abu Dhabi has long wanted to increase its oil production for more revenue, but under the OPEC+ production agreement led by Saudi Arabia, the largest oil producer in the group, it has been prevented from doing so.