The United Arab Emirates has announced its departure from OPEC, a move that experts interpret as a strategic alignment with US interests. The UAE seeks to increase its oil production beyond the limits set by the cartel, which could lead to lower global oil prices once the Strait of Hormuz shipping lane is fully operational again.
"The UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens," said an industry analyst.
This exit marks a significant shift in the global oil landscape, as the UAE has been a key member of OPEC for decades. The decision is expected to strengthen bilateral relations with the United States, which has long advocated for increased oil supply to stabilize markets.