ABU DHABI – Web Desk: The United Arab Emirates (UAE) has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, effective May 1, 2026, according to the official Emirati news agency.
Officials said the decision will grant the UAE autonomy in setting its oil sales policy. The move is expected to have significant implications for global oil markets.
OPEC was established in 1960, with Saudi Arabia, Iran, Iraq, and Kuwait among its key members. OPEC+ was formed in 2016 when OPEC members allied with non-OPEC producers, including Russia. Together, the blocs control an estimated 40-50% of global oil production and influence pricing.
