ALBAWABA - The United Arab Emirates announced its decision to withdraw from OPEC and OPEC+, Emirates News Agency (WAM) reported Tuesday.
WAM added that the Guld country's decision to exit OPEC and OPEC+ aligns with the state's long-term strategic and economic vision. The decision will be effective starting from May 1, 2026.
According to experts, the withdrawal decision is expected to greatly affect the oil-exporting groups amid the ongoing Middle East conflict, the closure of the Strait of Hormuz and the effects on energy markets.
WAM added that after leaving OPEC, the UAE will continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions.
With a large and competitive resource base, the UAE will continue to work with partners to develop resources, supporting economic growth and diversification.
The UAE joined OPEC in 1967 through the Emirate of Abu Dhabi, and its membership continued after the establishment of the United Arab Emirates in 1971. During this period, the country played an active role in supporting the stability of the global oil market and promoting dialogue between producing countries.
OPEC, the Organization of the Petroleum Exporting Countries, is a permanent intergovernmental organization founded in 1960 to coordinate petroleum policies, stabilize oil markets, and secure fair returns for producers. Controlling over 40% of global production and 80% of proven reserves, its 12 member countries influence prices by adjusting output.
