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29 Apr 2026
UAE exit blindsides Opec and threatens to shake its grip on oil
The departure will dilute their ability to manage oil prices by adjusting supply
[DUBAI] The shock decision by the United Arab Emirates to quit Opec blindsided its partners of six decades. Now the cartel will have to fight to stay relevant in a fast-shifting global oil market.
Officials from other member countries were left stunned on Tuesday (Apr 28), as longstanding tensions between Abu Dhabi and the group’s de facto leader Saudi Arabia culminated in the sudden announcement that Opec’s third-largest producer will exit in a matter of days.