The United Arab Emirates have announced their intention to leave OPEC

The UAE’s withdrawal is a direct consequence of the plan launched ten years ago to increase the country’s oil production, with the aim of raising output from 3 to 5 million barrels per day. The target of 5 million barrels per day, originally set for 2030, was recently brought forward to 2027, causing tensions with Saudi Arabia. In 2021, the UAE had already threatened to leave the organisation and had secured an increase in quotas. In practice, the UAE was producing in excess of its quotas. Its departure from the organisation is therefore unlikely to affect oil prices in the short term and will make Saudi Arabia’s dominance over OPEC even more hegemonic. However, it will weaken the organisation, whose share of global production is falling. Four producer countries have recently left OPEC (Angola, Qatar, Indonesia and Ecuador).