Impact of U.A.E.'s OPEC Exit Will Be Longer Term -- Market Talk
Dow Jones04-28 22:20
1020 ET - The United Arab Emirates' departure from OPEC will have little near-term impact on the oil market with the Strait of Hormuz closed, says Neil Crosby of Sparta Commodities. The producer's exit from the group "was always on the cards at some point," he says. The U.A.E. can probably produce between 4.5 million and 4.8 million barrels a day sustainably once the strait reopens--above its 3.4 million b/d OPEC quota--but given the loss of 1 billion barrels of oil supply since the war in the Middle East started "this won't be a huge headache for a while." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 28, 2026 10:20 ET (14:20 GMT)
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