Crude oil prices climbed above $111 per barrel on Tuesday amid supply concerns, with the United Arab Emirates (UAE) announcing its exit from the Organization of the Petroleum Exporting Countries.
The United Arab Emirates (UAE) announced in a statement on Tuesday that it will exit the Organization of the Petroleum Exporting Countries, citing national interest. The move takes effect from May 1, 2026.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to
meeting the market’s pressing needs,” UAE authorities said in a statement.
The UAE’s announcement has stirred uncertainty in the global crude oil market already grappling with nearly two months of war between Iran and the United States-Israel.
Crude oil prices gained about 3 per cent, with Brent crude trading at $111.40 per barrel and West Texas Intermediate (WTI) at $99.68.
