The United Arab Emirates Announces Withdrawal from OPEC and OPEC+

BlockBeats News, April 28th, the statement shows that the UAE has announced its withdrawal from OPEC and OPEC+. In response to this news, according to Bitget data, WTI and Brent crude oil experienced a sharp drop of over $2 before partially rebounding, with the latest prices at $101.38 and $104.18 per barrel.

Furthermore, according to the UAE News Agency, the UAE will gradually increase its oil production. (FXStreet)

BlockBeats Note: OPEC was founded in 1960 and is an organization made up of major oil-producing countries, responsible for coordinating production and stabilizing oil prices. OPEC+ is an expanded mechanism based on this foundation, forming partnerships with non-member countries like Russia to have a greater impact on global crude oil supply and prices through united production cuts or increases.