UAE Quits OPEC: What It Means For India's Oil Prices, Fuel Bills | Why UAE Quit OPEC, OPEC+
The United Arab Emirates will leave OPEC and OPEC+ - the world's largest oil-producing blocs, which control roughly 40-50 per cent of global output and influence prices through production quotas - from May 1, the country's state-run WAM news agency said Tuesday. This signals likely significant shifts in oil prices - rather than production levels - immediately after the UAE's exit. India is among the countries looking to benefit, particularly with New Delhi looking to diversify import sources to offset uncertainty in the Middle East. #UAE #OPEC #OPEC+
