Post #23985

❗️More countries ‘very likely’ to exit OPEC after UAE withdrawal: ex-diplomat More countries are “very likely” to leave OPEC following the UAE’s decision to withdraw, former UAE diplomat Obaid Ahmed Al-Zaabi said in remarks to RT. The UAE announced it will exit OPEC and OPEC+ from 1 May, a move Zaabi described as “a long time coming,” citing what he said were disproportionate production restrictions on the country compared to other members. He argued that the UAE is less dependent on hydrocarbons and has broader global investments, while describing OPEC as a constraint on productivity that imposes higher costs on the Gulf state. Zaabi also pointed to “other geopolitical realities” behind the decision, referencing retaliatory strikes that targeted Gulf states during the US–Israel war on Iran, and questioning coordination on oil policy under such conditions. He added that further departures could follow, saying that as more members leave or ignore output limits, incentives for countries like Kuwait to maintain production cuts would weaken.