UAE's exit from OPEC could dramatically alter dynamics of global oil market

Abu Dhabi, April 29 -- The UAE is set to exit OPEC and the wider OPEC alliance next month, ending nearly six decades of membership in a move that could dramatically reshape the dynamics of the entire global oil market.

Officials in Abu Dhabi said the decision reflects a shift towards prioritising long-term national goals, following major investments to expand production capacity. Outside the quota system, the Emirate will be able to increase output and respond more quickly to changes in global demand.

As per energy analysts, the departure will mark the exit of one of the cartel's most import and reliable members, as Abu Dhabi alongside Saudi Arabia, is one of the only two nations in the bloc to possess significant spare capacity.

The UAE...