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BP Q1 Profit Doubles While UAE Announces OPEC+ Exit

4/28/2026

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Summary

Story summary

BP reported Q1 underlying replacement-cost profit of $3.2 billion, more than double a year earlier, after an oil-trading result as Brent rose above $110 per barrel when the Iran-War began.
BP kept production steady at 2.3 million barrels per day by increasing U.S. output, prompting London shares to rise 3 percent.
The United Arab Emirates announced it will leave OPEC and OPEC+ on May 1, citing volatility and a shift toward higher domestic output.

History

Historical Context

The 1973 Arab oil embargo, led by Saudi Arabia and OAPEC, slashed output and drove world prices from $3 to $12 per barrel, reshaping global energy politics. OPEC, founded in 1960, has since used production quotas to steer markets. The United Arab Emirates’ May 1, 2024 exit from OPEC+ revives fears of supply shocks reminiscent of that 1970s crisis.

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Story summary

BP reported Q1 underlying replacement-cost profit of $3.2 billion, more than double a year earlier, after an oil-trading result as Brent rose above $110 per barrel when the Iran-War began.
BP kept production steady at 2.3 million barrels per day by increasing U.S. output, prompting London shares to rise 3 percent.
The United Arab Emirates announced it will leave OPEC and OPEC+ on May 1, citing volatility and a shift toward higher domestic output.

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