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CommoditiesMediumUpdated×3•Originally published 28 April 2026•Updated 30 April 2026•

1 min read

UAE Exits OPEC+ to Boost Production Capacity as Russia Dismisses Price War Risks

Key Facts

1Saudi Aramco is expected to slash its June official selling price (OSP) for flagship Arab Light crude to Asia by $5 to $12 per barrel.

2The anticipated price cut follows record-high premiums of $19.50 per barrel seen for May-loading cargoes.

about 1 month ago

Version History

2 additional sources confirmed this story

Version 3about 1 month ago

What changed: The narrative shifted from Saudi pricing adjustments to the UAE's surprise exit from OPEC+ and Russia's subsequent dismissal of price war concerns.

Version 2about 1 month ago

What changed: Updated to reflect the easing of spot crude premiums as refiners draw on inventories and reduce processing rates.

Version 1about 1 month ago

What changed: The story was updated to include Goldman Sachs revising its Brent price forecast upward to $90, citing geopolitical risks in the Strait of Hormuz and reduced regional output.

The energy market faced a major shift as the United Arab Emirates announced its departure from OPEC and the OPEC+ alliance effective May 1 to pursue national interests and boost production capacity to 5 million barrels per day. Russian Deputy Prime Minister Alexander Novak responded by stating that Russia does not anticipate a price war following the UAE's surprise exit. This geopolitical fracture occurs as Saudi Aramco was already preparing to slash June official selling prices (OSPs) for its Arab Light crude to Asia to maintain market share. Amidst the uncertainty, Goldman Sachs raised its Brent crude forecast to $90 per barrel for the fourth quarter, citing regional supply risks. Market participants are now weighing the impact of increased UAE output against ongoing disruptions in the Strait of Hormuz and broader OPEC+ stability.