UAE quits OPEC, likely in a protest over the war. They will be leaving May 1.
Oil fell on this on what’s assuredly an algo-driven move. It’s quickly reversed.
For oil prices for now it’s meaningless, as OPEC will be pumping at full-bore for a long time after the war to rebuild inventories. For what it’s worth, the UAE produces 3.8 million barrels per day and already planned to boost that to 4.1 million barrels and there has even been talk of 5 million barrels.
