Amidst the oil crisis, UAE withdraws from OPEC - Airfares worldwide rise unusually

Due to the military situation that has developed in the Middle East region, especially centered on Iran, a global energy crisis and economic instability have emerged. The almost complete closure of the Strait of Hormuz, through which about one-fifth of the world's crude oil and liquefied natural gas (LNG) supply is transported, has severely impacted the global market.

Amidst this crisis, the United Arab Emirates (UAE) has made an urgent decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), effective May 1st. UAE Energy Minister Suhail Mohammed Al Mazrouei, who had been a member since 1967, stated that this was a political decision made based on their national interests and future energy strategies, without consulting any other country. They also expressed strong dissatisfaction with the insufficient support from Arab and Gulf regional countries in protecting their nation from Iranian attacks during the conflicts that began on February 28.

This decision is a severe blow to OPEC and its leader, Saudi Arabia. In recent times, certain disagreements had developed between Saudi Arabia and the UAE regarding foreign investments and regional political power, and the alliance formed against Houthi rebels in Yemen also collapsed. However, US President Donald Trump has hailed this withdrawal as a major victory. Currently, the price of Brent crude oil per barrel in the international market has risen by about 50% to $111, and the UAE, which hosted the COP28 climate summit in 2023, plans to increase its daily oil production to 5 million barrels in the coming years. Previously, Qatar, Ecuador, and Angola have also withdrawn from OPEC.

As a direct result of rising global fuel prices, airlines worldwide are taking steps to increase their ticket fares. Leading airlines such as Qantas, Air India, Cathay Pacific, Air New Zealand, and Vietnam Airlines have started revising their fares since early March, with Vietnam Airlines also requesting government support to cover fuel costs.

Meanwhile, air ticket prices in Argentina have further increased with the update of air travel security fees by the National Civil Aviation Administration (ANAC). According to the new gazette numbered 258/2026, these funds will be used for the modernization of airport fire services, infrastructure development, and staff training. Under this, the fee for domestic flights has increased from 20 to 6500 pesos, regional flights from $4.42 to $5, and international flights from $8 to $9.

A clear increase in air ticket prices is observed due to these fee revisions and rising global fuel prices. For example, an Air Europa flight from Buenos Aires to Madrid on April 27, before the war began, cost $1288.70, which has now increased by $112.2 to $1400.90. Similarly, the price of an Aerolíneas Argentinas ticket from Buenos Aires to Rio de Janeiro has increased by $118.1, from $327.90 to $446.