UAE

UAE left Opec to pump more as end of oil era looms, presidential adviser says

The decision can have a major impact on the organisation’s control over supplies when oil flows normalise

Brent crude futures and US West Texas Intermediate  gained more than 7 per cent last week as hopes of a peace deal dimmed.

Oil touches 2-week high after drone attack on UAE nuclear power plant

The drone attacks and rhetoric from the US and Iran raised concerns of an escalation in the conflict

Smoke billows from Jebel Ali port after an Iranian attack, following United States and Israel strikes on Iran, United Arab Emirates, on Mar 1.
COMMENTARY

The end of Dubai? After the war, the UAE faces a hard road back to its shining past

Not just energy flows, but business confidence also needs to return – and that will take time

Emaar’s portfolio includes some of Dubai’s best-known developments, including the Burj Khalifa, Dubai Mall and large master-planned communities across the emirate. 

Dubai ruler tightens grip on Emaar in US$6.5 billion reshuffle

Dubai Holding acquires a 22.27% stake in the city’s biggest developer from the Investment Corporation of Dubai

The UAE today is not a pure petrostate. Thus, while high oil prices will boost the country's oil revenue, they also hurt the global economy that drives the rest of the Emirati portfolio.
THE BOTTOM LINE

Why the United Arab Emirates walked away from Opec

The economic logic of the decision is just as important as the political one

Upper Zakum is a grade that can produce a higher amount of diesel and jet fuel when processed, and is typically loaded from a port at Zirku Island in UAE.

Asian buyers offer big premium for diesel-rich crude from UAE

May-loading shipments have attracted a premium to official selling prices, which are set significantly higher than April

The United Arab Emirates has dealt a severe blow to Opec with its plans to quit the oil cartel.
COMMENTARY

UAE’s Opec exit: Shockwaves will be felt beyond oil prices

Cartel crack-up reflects growing friction and regional rivalry between the Saudis and the Emiratis

With the UAE leaving, Opec+ includes 21 members, including Iran, but in recent years, only the seven nations plus the UAE have been involved in monthly production decisions.

Opec+ likely to agree another oil output hike without UAE: sources

The increase is similar to last month’s hike of 206,000 bpd

Opec’s power has been eroded in recent years as new production flooded the market, particularly from US shale.

UAE exit blindsides Opec and threatens to shake its grip on oil

The departure of one of the group’s most influential members will still raise wider questions

The UAE will will withdraw from the Opec and Opec+ alliances on May 1.

UAE to leave Opec and Opec+ in major blow to global oil producers’ group amid Iran conflict

Move comes after the UAE criticises fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war