CRMI alerts stakeholders on risks of UAE OPEC exit
The Chartered Risk Management Institute of Nigeria (CRMI) has issued a policy advisory following the United Arab Emirates’ (UAE) exit from the Organisation of the Petroleum Exporting Countries (OPEC), effective May 1, 2026. In a statement signed by its Registrar/CEO, Mr. Victor Olannye, the institute described the move as a major shift in global oil […]
chartered risk management institute (crmi)
The Chartered Risk Management Institute of Nigeria (CRMI) has issued a policy advisory following the United Arab Emirates’ (UAE) exit from the Organisation of the Petroleum Exporting Countries (OPEC), effective May 1, 2026.
In a statement signed by its Registrar/CEO, Mr. Victor Olannye, the institute described the move as a major shift in global oil governance that could trigger market volatility, geopolitical tensions, and disruptions in energy supply chains.
Olannye urged corporate organisations, public institutions, financial players, and risk professionals to reassess their strategies and strengthen resilience.
He identified key risks to include weakening of OPEC cohesion, oil price volatility, geopolitical instability, supply chain disruptions, macroeconomic uncertainty, and the possibility of other member states exiting the bloc.
On Nigeria, he noted potential gains such as increased production flexibility, expanded market share, and improved revenue prospects, but warned of exposure to price volatility, heightened competition, and fiscal instability.
The institute advised corporate organisations to strengthen risk management frameworks, adopt hedging strategies, and diversify portfolios, while urging financial institutions to reassess energy-related risks and improve disclosure.
It also called on policymakers to build fiscal buffers, accelerate economic diversification, and promote renewable energy, while encouraging risk professionals to upskill in geopolitical analysis and energy economics.
CRMI added that the development could lead to fragmentation in global oil governance, more market-driven pricing, and a faster transition to alternative energy.