UAE announces withdrawal from OPEC and OPEC+

The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+.

According to a report by the Emirates News Agency, the UAE’s decision to withdraw from OPEC and OPEC+ will take effect from May 1, 2026. Saudi Arabia, Iran, Iraq, and Kuwait are the main members of OPEC, while Russia and other countries are also involved.

The port said that the UAE’s decision is expected to have an impact on the global oil market. The decision aims to protect national interests and increase investment in local production, as well as meet the urgent needs of the global market.

OPEC was established in 1960 by oil-producing countries.

What is OPEC?

OPEC was established in 1960 by oil-producing countries. Its main goal is to stabilize oil prices and ensure steady supply in the global market.

After the UAE’s departure, the total number of OPEC member countries will fall to 11. Other members include Libya, Nigeria, Algeria, Republic of the Congo, Equatorial Guinea, Gabon, and Venezuela.

OPEC members regularly meet to set oil production targets and help manage prices. Together, they produce around 35% of the world’s crude oil and account for nearly 50% of global oil trade.

What is OPEC+?

In 2016, after falling oil prices, OPEC formed OPEC+ with Russia and 10 other oil-producing countries. The group has played an important role in balancing oil prices in the international market.