After quitting OPEC and OPEC+, the United Arab Emirates (UAE) is set to grow its oil production faster when the current Hormuz crisis is over, according to analysts at Barclays
Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates’ shock decision to quit the cartel raised questions about its future amid a historic supply disruption caused by the Iran war.
The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
OPEC crude production registered a record plunge last month as conflict in the Middle East throttled exports from key members, the group’s data showed.
A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, the UAE (United Arab Emirates), Kuwait, Kazakhstan, Algeria, and Oman have decided to boost production by more than 200,000 barrels per day next month.
Crude oil production by OPEC members dropped by 7.2 million barrels daily last month, according to a Reuters survey using data from platform LSEG and analytics information providers, including Kpler, the publication reported.
Oil wavered as traders balanced expectations of modest OPEC production hikes in April and bearish US government data against increasing pressure on Iran over its nuclear program.
OPEC+ is likely to consider increasing oil output by 137,000 barrels per day (bpd) for April 2026, ending a three-month pause in hikes as they prepare for peak summer demand and navigate market share strategies
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Oil prices steadied on Wednesday after a sharp 4% slide the day before, with Brent trading near $63.08 and WTI around $58.80 at 11:01 a.m. ET, as traders reassessed the latest OPEC shift toward a more balanced 2026 market outlook. The passage of the U.S. funding deal that ended the government shutdown removed one macro problem, but crude remained focused on supply signals rather than broader risk sentiment.