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demmiblue

(39,873 posts) Tue Apr 28, 2026, 08:30 AM 6 hrs ago

UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group

Source: Reuters

DUBAI, April 28 (Reuters) - The United Arab Emirates said on Tuesday it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran ‌war has caused a historic energy shock and unsettled the global economy.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.

OPEC ⁠Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.

But the UAE exit from OPEC represents a big win for U.S. President Donald Trump, who has accused the organisation of "ripping off the rest of the world" by inflating oil prices.

Read more: https://www.reuters.com/markets/commodities/uae-says-it-quits-opec-opec-statement-2026-04-28/

6 replies

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Highlight:

UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group (Original Post) demmiblue 6 hrs ago OP

The hand of Trump here? n/t Munu 6 hrs ago #1

Maybe Bonesaw Guy UpInArms 6 hrs ago #2

Well if shithole have a hand regarding this.................. Lovie777 6 hrs ago #3

Are we still planning to subsidize the U.A.E. due to the Iran war? herding cats 4 hrs ago #4

Paging Henry Kissinger... FakeNoose 4 hrs ago #5

Beginning of the end for Petro-dollar? angrychair 2 hrs ago #6

Munu

(246 posts)

1. The hand of Trump here? n/t

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 08:31 AM

6 hrs ago

UpInArms

(55,169 posts)

2. Maybe Bonesaw Guy

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 08:38 AM

6 hrs ago

has some new snuff videos

Lovie777

(23,356 posts)

3. Well if shithole have a hand regarding this..................

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 08:57 AM

6 hrs ago

everything he touches goes to shit.

Gas prices are on the rise, I guess Valenzuela's oil is not enough.

herding cats

(20,054 posts)

4. Are we still planning to subsidize the U.A.E. due to the Iran war?

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 10:27 AM

4 hrs ago

U.S. Considers Financial Support for Oil-Rich U.A.E.
President Trump acknowledged that the Gulf state has incurred significant damage during the war with Iran.

President Trump said on Tuesday that the United States was considering offering financial support to the United Arab Emirates, an oil-rich ally that has been contending with economic fallout from the war in Iran.

The war has damaged oil and gas infrastructure throughout the Middle East, dealing a blow to economies that rely on the Strait of Hormuz to transport crude around the world. The Emirates is an unlikely recipient of economic support, and the fact that it has inquired about assistance demonstrates the cascading effects of the conflict.

“It’s been a good ally of ours, and you know, these are unusual times,” Mr. Trump said on CNBC on Tuesday.

Mr. Trump added that the Emirates had been hit hard by Iranian retaliation and that it had pledged to make substantial investments in the United States. He noted that the country’s wealth made the need for support surprising.
https://www.nytimes.com/2026/04/21/business/economy/us-uae-financial-support.html?unlocked_article_code=1.eVA.kqi0._Ux1_i7xgBxK&smid=url-share

Poor, poor pitiful mega oil rich country has to finance its massacre in Sudan somehow, don't ya know.

FakeNoose

(42,063 posts)

5. Paging Henry Kissinger...

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 10:29 AM

4 hrs ago

Oops, never mind ....

angrychair

(12,401 posts)

6. Beginning of the end for Petro-dollar?

Reply to demmiblue (Original post)

Tue Apr 28, 2026, 12:02 PM

2 hrs ago

News media glazing these types of news stories like it's a good thing for the US is bonkers. OPEC is, very literally, the only thing holding up the dollar as a standard in oil trade.

Anyone that doesn't know, the only thing propping up the value of dollar's trade value is the oil being bought and sold with US dollars.

Without it we are likely to fall into serious debt and interest rates are likely to climb to rates not seen in decades.

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