Brief by Shorts91 Newsdesk / 02:02pm on 28 Apr 2026,Tuesday Business
The Organization of the Petroleum Exporting Countries and OPEC+ face a major setback as the United Arab Emirates announced its exit effective May 1, citing long-term market strategy and policy flexibility. The move comes during a global energy crisis triggered by Middle East conflict and disruptions around the Strait of Hormuz. UAE’s departure weakens coordination within the bloc and challenges Saudi Arabia’s leadership. Officials indicated frustration over limited regional support amid tensions with Iran. Analysts warn the exit could destabilise oil prices, encourage further defections, and reshape global energy dynamics at a time when supply chains remain fragile and markets highly volatile worldwide. (PC: X)
