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On 29 April 2026, the United Arab Emirates announced it is leaving OPEC, on day 61 of the Iran war. Asian stocks mostly gained and oil prices rose after the announcement. Russia said the exit will increase global production and bring oil prices down in future, and Kremlin spokesman Peskov said the UAE had not warned Russia and called for dialogue to balance energy markets.
Analysts gave differing assessments. HSBC said the near-term effect on the oil market would be limited, while Barclays expected UAE oil supply growth to accelerate outside OPEC. Handelsblatt wrote that the dispute between Riyadh and Abu Dhabi weakens the group. Iraq does not intend to leave OPEC or OPEC+, and Algeria confirmed its commitment to both.
by WorldBrief & Maksim Micheliov | AI-generated summary
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