economy
April 30, 2026
OPEC ‘very likely’ to disintegrate
The UAE has long diversified its economy and is no longer entirely dependent on oil hydrocarbons, Obaid Ahmed Al-Zaabi says
TL;DR
- The UAE is set to leave OPEC and OPEC+ on May 1.
- A former UAE diplomat predicts other countries will follow suit.
- The UAE's economy is diversified and no longer solely dependent on oil.
- The diplomat argues OPEC acts as a tax on global productivity.
- Geopolitical factors, including Iran's actions, may influence the UAE's decision.
- Defections from OPEC reduce incentives for remaining members to restrict production.
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