UAE OPEC exit is not without precedence. Who could be next?

Venezuela is another possible contender, said market watchers. With output recovering faster than expected and a potentially more U.S.-friendly political environment emerging, Caracas could seek greater flexibility.

“Venezuela could be next off the rank in wake of leadership change there to a more U.S. friendly position,” said Saul Kavonic, energy analyst at MST Marquee.

Kpler’s Smith also said that Venezuela was a potential candidate because it has been ramping up production and exports at a quicker pace than expected. Venezuela’s oil exports rose above a million barrels per day in March for the first time since September.