Global oil prices surge above $111 per barrel as UAE announces exit from OPEC

Crude lipid prices surged supra $111 per tube connected Tuesday pursuing the United Arab Emirates, UAE, determination to exit the Organization of the Petroleum Exporting Countries, OPEC.

DAILY POST reports that UAE’s determination to exit OPEC was announced successful a connection connected Tuesday.

The UAE said the move, which takes effect from May 1, 2026, was based connected the country’s nationalist interest.

“This determination follows a broad reappraisal of the UAE’s accumulation argumentation and its existent and aboriginal capableness and is based connected our nationalist involvement and our committedness to contributing efficaciously to
meeting the market’s pressing needs,” UAE authorities said successful a statement.

The UAE’s announcement has stirred uncertainty successful the planetary crude lipid marketplace already grappling with astir 2 months of warfare betwixt Iran and the United States-Israel.

Checks by DAILY POST showed that crude lipid prices surged by 3 percent to $99.68 and $111.40 per tube for West Texas Intermediate and Brent crude, respectively.

Global lipid prices surge supra $111 per tube arsenic UAE announces exit from OPEC