The UAE officially withdrew from OPEC and OPEC+ on May 1st, at which time it was the fourth largest oil producer in OPEC+. The effects of its withdrawal are already evident: in June, UAE crude oil production exceeded 3.8 million barrels per day, nearing historical highs. This is the highest level since April 2020 and significantly higher than pre-war production levels before the Iran-Iraq War, indicating that the UAE has indeed begun to expand production by taking advantage of the absence of quota constraints after its withdrawal. Although Venezuela possesses the world's largest proven oil reserves, it has long been affected by sanctions, insufficient investment, aging equipment, and infrastructure problems. While it has vast underground oil reserves, it is difficult to convert them into actual production in the short term.
