EnergyReader · 2026-08-03 00:16

UAE Departure Cuts OPEC's Market Share Below 30% as Group Vows to Hold Together

By EnergyReader Newsroom · August 3, 2026

The UAE officially left OPEC on May 1, 2026, and the oil market's muted reaction may have said more than any price move. ICE Brent crude front-month traded at $83.92 per barrel on Sunday (2026-08-02), up a fraction on the day, while Dubai crude sat at $76.75 per barrel — neither level suggesting traders expect an immediate supply shock from the departure.

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