United Arab Emirates to quit oil cartel Opec

the uae is leaving opec and opec+ next month after nearly 60 years of membership. the gulf state said the exit would give it more flexibility to meet growing global energy demand, following recent investments to boost production capacity. one analyst called it "the beginning of the end of opec." the uae produced 2.9 million barrels of oil a day in 2024. saudi arabia, opec's de facto leader, produced 9 million. the uae's departure leaves the cartel with 11 members, plus 10 non-opec nations in the wider opec+ alliance. saul kavonic of mst financial said opec loses about 15% of its capacity and one of its most compliant members. the decision came as the world bank warned the middle east war has caused the biggest loss of oil supply on record, with energy prices expected to rise about a quarter this year. it could take six months for shipping through the strait of hormuz to return to pre-war levels. dr carole nakhle of crystol energy said the uae's move "has been a long time in the making," with abu dhabi often feeling constrained by group quotas amid uneven compliance by some members.