UAE OPEC Exit: Crude Projected To Remain Above $100 This Year
Edited By WION Video Desk
Published: May 02, 2026, 11:15 IST | Updated: May 02, 2026, 11:15 IST
Before the Iran war in late February, global oil markets feared a supply glut, with brent trading under 70 dollars a barrel as American production outpaced demand. This expected surplus was driven by increased production and OPEC quota adjustments. However, immediate threats to the strait of Hormuz have caused prices to spike over 70 percent to above 125 dollars a barrel now.
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