NEW YORK, April 29. /TASS/. The United Arab Emirates’ (UAE) exit from OPEC would be painful for the oil cartel, undermining Saudi Arabia’s ability to influence global oil prices through it, the Canadian newspaper The Globe and Mail said.
"OPEC will find the loss of the UAE highly damaging. Given its wealth, ambition and spare capacity, the UAE is bound to transform itself into a much bigger producer, one that can only damage Saudi Arabia’s ability to use OPEC to influence global prices," according to the publication. The UAE has sustainable production capacity of 4.85 million barrels a day, the paper said, adding that "under OPEC’s (read: Saudi Arabia’s) quota system, the UAE’s production is capped at 3.4 million barrels."
The UAE gave "only nebulous reasons" for leaving OPEC, but they relate to long-standing disputes within OPEC over how much oil its members are allowed to produce, The Globe and Mail said. "The exit of the world’s seventh-largest oil producer is a blow to OPEC and its taskmaster, Saudi Arabia," the publication said.
Earlier, the Emirati state news agency WAM reported that the UAE had decided to withdraw from OPEC and OPEC+ effective May 1, 2026. The country assured though that it shares the desire to stabilize the global fuel market. Its oil production policy will take into account global supply and demand, according to the WAM publication.
Canada, which is a major oil producer, has had observer status in OPEC for many years.