The UAE formally left OPEC and OPEC+ on May 1; it had been the fourth-largest producer in OPEC+. After the exit, UAE crude output rose to over 3.8 mln b/d in June, near record highs and the highest since April 2020, indicating it is using freedom from quota constraints to expand production. By contrast, Venezuela—despite holding the world’s largest proven oil reserves—remains hampered by sanctions, underinvestment, aging equipment and infrastructure, limiting its ability to convert reserves into

The UAE formally left OPEC and OPEC+ on May 1; it had been the fourth-largest producer in OPEC+. After the exit, UAE crude output rose to over 3.8 mln b/d in June, near record highs and the highest since April 2020, indicating it is using freedom from quota constraints to expand production. By contrast, Venezuela—despite holding the world’s largest proven oil reserves—remains hampered by sanctions, underinvestment, aging equipment and infrastructure, limiting its ability to convert reserves into near-term output.