Nigeria’s oil revenue is facing fresh uncertainty following the United Arab Emirates’ decision to quit the Organisation of Petroleum Exporting Countries (OPEC).
The move, experts warn, could unsettle global crude prices and weaken market stability.
The UAE, one of the bloc’s major producers with significant spare capacity, may ramp up output outside OPEC quotas, increasing supply and putting downward pressure on prices. Analysts say the development poses risks for Nigeria, whose budget and foreign exchange earnings remain heavily dependent on crude oil exports.
The UAE energy ministry announced the quitting from OPEC in a statement on Tuesday.
The UAE is one of the largest oil-producing countries in OPEC, producing about 3.5 million barrels per day before the US/Israel war on Iran disrupted global oil production and distribution.
The UAE’s formal exit has been set for Friday, the 1st of May.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity, and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” it said.
