After nearly 60 years, the United Arab Emirates is officially walking away from OPEC (Organization of the Petroleum Exporting Countries). Since its founding, the group has sought to shift power from Western oil majors back to producer states, which have been shaping and controlling the global energy order for decades.
The UAE’s exit on May 1 is shaking up a 65-year-old alliance that controls around 40% of the world’s crude oil, raising fresh questions about the future of oil markets and global energy geopolitics.