Smaller supply share tests OPEC’s ability to steer prices beyond 2026 Last updated: May 01, 2026 | 17:13 OPEC does not set oil prices directly but influences them by adjusting supply. Dubai: The exit of the UAE from OPEC reduces the volume of oil managed through coordinated quotas, narrowing the portion of the market through which the group can influence prices and raising questions about its ability to steer oil prices. Get updated faster and for FREE: Download the Gulf News app now - simply  click here OPEC does not set oil prices directly but influences them by adjusting supply, with its impact tied to how much production sits within its system. The UAE’s departure shifts part of that supply outside coordinated decision-making. Before exiting, the UAE accounted for roughly 13–14% of OPEC output or capacity and was producing about 3.6 million barrels per day (bpd), with capacity reaching as much as 4.85 million bpd by 2024.…