The United Arab Emirates (UAE) announced on Tuesday that it would be leaving. OPEC (Organization of the Petroleum Exporting Countries) from May 1, allowing it to produce and sell oil independent of the group’s decisions. However, experts say the move is unlikely to impact India significantly in the short term and might even have benefits in the long term given the UAE is now free of the grouping’s constraints.
For India, which imports over 85% of its crude oil, the decision matters because the UAE is among its key suppliers, accounting for about 9% of India’s crude imports. Even when supplies are not disrupted, shifts in Gulf oil politics can influence fuel prices, inflation, and India’s overall energy security.
