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OPEC to have smaller influence on global oil prices after UAE withdrawal

Saudi Arabia is now left doing more of the heavy lifting on price stability, and the market loses one of the few shock absorbers it had left, he added

LONDON, April 28. /TASS/. The exit of the UAE from OPEC and OPEC+ will lead to a decline in their influence on global oil prices, Head of Geopolitical Analysis with Rystad Energy Jorge Leon told TASS in his statement.

"OPEC and OPEC+ have only ever been as strong as the members' willingness to hold barrels back from the market, and the UAE was one of those. Losing a member with 4.8 million barrels per day of capacity, and the ambition to produce more, takes a real tool out of the group's hands," Leon said.

"With demand nearing a peak, the calculation for producers with low-cost barrels is changing fast, and waiting your turn inside a quota system starts to look like leaving money on the table," the analyst noted.

"Saudi Arabia is now left doing more of the heavy lifting on price stability, and the market loses one of the few shock absorbers it had left," he added.

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Moldova supplies drones to Ukrainian army despite its neutral status — Russian ambassador

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Attempt made to seize power in Mali — PM

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Russia blacklisted EU representatives — Foreign Ministry

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Iran retains half of its missile arsenal — US secretary of state

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Transfer of enriched uranium to Russia to help Iran reach agreement with US — expert

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Source of drone threat identified by special services — Kremlin

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Iran conflict shows NATO unprepared for confrontation with Russia — newspaper

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By taking Taratutino Russian army penetrates 7 km deep into Ukrainian defenses — expert

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