"Chinese refineries are cutting throughput, not expanding it"

"Once the strait reopens, a UAE pumping freely towards 4.8 million barrels per day represents a real shift of 1 to 2 per cent of global demand"

"China imported approximately 11 million barrels per day in 2025"

"China may be able to tap the former's oil quickly if they are in favour of buying in the spot market"

"This is the clearest example yet of the UAE striking out on its own. And it comes as it's had this major rift with its bigger neighbor, Saudi Arabia, which leads OPEC"

"supply shortfalls demanded more flexibility than Opec's collective decision-making allowed"

"The Strait of Hormuz, which handles roughly 20 per cent of global oil and gas flows, remains effectively closed by the ongoing US-Israeli war against Iran"

"China may gain from the United Arab Emirates (UAE) withdrawing from the Organisation of Petroleum Exporting Countries (Opec), benefiting from additional supply as global oil markets face growing strain three months into the US-Israeli war in Iran. The UAE – Opec's third-largest producer, accounting for about 12 per cent of its total output – will formally leave the bloc on May 1. UAE Energy Minister Suhail Mohamed al-Mazrouei told CNBC that it was the 「right time」 to exit, adding that supply shortfalls demanded more flexibility than Opec's collective decision-making allowed"

"For a buyer, any potential supply increase is positive as it means pressure on prices. I would expect China to increase purchases from the UAE"

"The UAE has been an OPEC member for nearly 60 years. But it's been dissatisfied with OPEC's production quotas and its curbs on output for a while now. One clear example was back in the COVID-19 crisis, when the UAE said it believed that OPEC—which stands for the Organization of the Petroleum Exporting Countries—and its alliance with Russia, which is now known as OPEC+, needed to increase their production. And it called the quotas unfair. Now, those quotas are there to keep oil prices from swinging too high or too low, ensuring that supply meets demand. But what we saw today was the UAE saying, that's it. It's leaving the group as of May 1 this Friday"

"Abu Dhabi and Riyadh had a fall out over the war in Yemen, which they had initially joined in together against the Houthis there. But Saudi Arabia four months ago publicly accused the UAE of threatening its national security by arming and supporting southern separatists in Yemen"

"The UAE produces 3.4 million barrels per day under OPEC quotas but has capacity to reach 4.8–5 million barrels per day, a 1.4–1.6 million barrel swing"

"This supply boost exerts downward pressure on long-term oil prices for import-dependent Asian economies, but only after the Strait of Hormuz reopens, with the near-term picture remaining painful with Asian refineries already cutting runs sharply"

"Brent crude hit $118 per barrel on 29 April, up 69 per cent since the war began in late February"