Stories from UAE

Emirates is seeking to diversify its economy away from oil dependence. The move follows the country's exit from OPEC. Analysts suggest the country is looking for ways to mitigate regional tensions.

The United Arab Emirates is increasing production in other sectors to anticipate a global transition away from oil dependency. This strategy aims to diversify the national economy through investments outside the petroleum sector. The transition is being led by countries such as the Emirates and Qatar. The United Arab Emirates is actively working to diversify its economy and establish itself as an international financial center, moving beyond its reliance on oil. Saudi Arabia is also pursuing similar diversification efforts.

Emiratis are reportedly losing patience regarding long-term dealings with Iran after years of enduring Iranian strikes. A White House official reported that a meeting of oil executives chaired by President Trump heard the blockade could be maintained for months if needed. Oil prices reached over $117 a barrel, the highest this month. Tehran maintains it will continue disrupting shipping through the Strait of Hormuz. The Iranian Parliament Speaker and head of the Iranian negotiating delegation stated that the United States is using a naval blockade and media attacks to squeeze Iranian sovereignty. The benchmark Brent Crude hit a specific price per barrel following the news. TotalEnergies reported a 51% increase in results, which is partially attributed to rising oil prices. The Grenouille-Lorcher refinery in Normandy recorded $1.3 billion in additional profits compared to Q1 2025.

Brent crude prices continue to rise as the market sees no immediate end to the Middle East conflict. Donald Trump posted a message today inviting Iranians to submit to an agreement.

The United Arab Emirates has limited its crude oil production to approximately 70 million won, according to YTN Radio. The United Arab Emirates is actively constructing pipelines to bypass the Strait of Hormuz to mitigate geopolitical risks. The UAE is acting in a manner consistent with its own interests regarding OPEC and oil production. The UAE aims to immediately release full production capacity to compensate for economic losses caused by the blockade of the Strait of Hormuz. As an OPEC member, the UAE holds differing positions from Saudi Arabia regarding OPEC and OPEC+ management. The UAE argues that current quota-based management restricts its national infrastructure development and production expansion. The source notes that losing the UAE would be a impact for OPEC and OPEC+ groups.

The United Arab Emirates has announced its departure from the Organization of the Petroleum Exporting Countries (OPEC). Global demand is projected to increase by 1 to 2.5 million units annually over the next decade, potentially reaching 3 million. UAE production increases are expected to absorb this demand and offset production declines in countries with fewer investments. This move aims to avoid long-term production restrictions and bypass potential disruptions in the Strait of Hormuz by shipping via the Gulf of Oman. The move caused a momentary decrease in oil prices. The UAE is currently the world's third-largest energy exporter. This departure occurs during a period of existing market volatility. The move affects both the original and the extended versions of the organization. OPEC's primary objective is to maintain stable oil prices.

The Red Cross reports that essential medication is currently stuck in Dubai. This supply issue coincides with rising prices for specialized food in East Africa, including Kenya.

A senior UAE official, Garga, stated during a meeting ten days ago that the GCC holds its weakest political and military position in history. The UAE is currently re-evaluating its regional and international alliances to identify reliable partners.

The UAE is currently re-evaluating its regional and international relationships to identify reliable partners. The official said that strategic autonomy remains a long-term choice for the UAE. This assessment follows the outbreak of war in Iran.

A state-owned oil company in the United Arab Emirates has notified long-term customers that ship-to-ship transfers can occur in May at the Fujairah port outside the Persian Gulf.