economy

April 29, 2026

The Guardian view on the UAE quitting Opec: whatever importers pay, the price of fossil fuels is too high

The world must accelerate the shift to renewables, regardless of the economic effects of Abu Dhabi’s decision

The Guardian view on the UAE quitting Opec: whatever importers pay, the price of fossil fuels is too high

TL;DR

  • The UAE has left Opec after 60 years, citing geopolitical reasons and disagreements with Saudi Arabia.
  • This departure is a significant blow to Opec, particularly during a major oil supply crisis.
  • The UAE has been pushing for higher oil production, while Saudi Arabia has advocated for curbing output to maintain prices.
  • Opec's global market share has decreased from around 50% in the 1970s to about 25% currently.
  • The UAE's exit will make it harder for Opec to influence markets and could lead to more price volatility.
  • The decision may also slow the global shift to renewable energy sources.

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