Haitham Al Ghais

Notable Quotes

OPEC expects the global market to be balanced in 2026. Non-member supply will rise by 1.3 million barrels per day, while global demand is set to grow by 1.6 million barrels per day.

from Global oil markets enter oversupply era · Updated May 27

Stories

OPEC+ sets oil policy without the UAE for the first time

Built World

Chairing the alliance through its first post-UAE meeting

For decades, every OPEC+ output decision had the United Arab Emirates in the room, usually pushing to pump more. On Sunday, ministers met in Vienna without it for the first time. The UAE's exit took effect May 1 and pulled about 3.5 million barrels a day out of the group's quota math.

Updated Jun 7

UAE exits OPEC after 59 years, removing 13% of cartel capacity

Money Moves

Managing institutional response to second major exit in two years

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.

Updated May 31

Global oil markets enter oversupply era

Money Moves

Defending bullish demand forecasts against IEA projections

Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.

Updated May 27