UAE Announces Exit from OPEC and OPEC+
On 28th April 2026, the United Arab Emirates announced it will leave Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ effective May 1, 2026.
Key Points:
- It comes amid the Iran-Israel-US war.
- In 2025, OPEC+ produced nearly 50% of the world’s oil and oil liquids, according to to the International Energy Agency.
- OPEC was formed in 1960 by five countries – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – to defend the interests of major oil exporters by coordinating production to ensure steady revenue for its members.
- It also includes Algeria, Equatorial Guinea, Gabon, Libya, Nigeria and the Republic of Congo. The UAE joined in 1967.
- There are an additional 10 non-OPEC members in wider OPEC+ alliance, including Russia.