DUBAI — The United Arab Emirates (UAE) said on Tuesday (April 28, 2026) it quit Organisation of the Petroleum Exporting Countries (OPEC) and OPEC+, dealing a heavy blow to the oil exporting countries led by Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.
The UAE said the decision reflected its “long-term strategic and economic vision and evolving energy profile”.
The Gulf state’s Energy Minister Suhail Al Mazrouei said that being a country with no obligation under the groups would provide more flexibility.
In a public statement shared on X, Mazrouei said: “The UAE’s decision to exit OPEC aligns with sector policy-driven developments and is consistent with long-term market fundamentals.”
“We express our appreciation to OPEC and member states for decades of constructive cooperation. We reaffirm our commitment to energy security by providing reliable, responsible, and low-emission supplies, supporting global market stability,” he added.
OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, because of Iran-US war.
The exit of the UAE is expected to weaken the oil exporting countries at a time when the Persian Gulf countries have taken a huge hit to their exports due to the closure of the Strait of Hormuz by an embattled Iran. The UAE accounts for around 15 per cent of the OPEC oil exports.
Analysts see the exit of the UAE from the OPEC as a huge gain for US President Donald Trump, who has been lashing out at the group for inflating oil prices at the cost of other countries. Trump has accused the group of “ripping off the rest of the world” by jacking up oil prices.
According to the latest OPEC data, the UAE produces 2.9 million barrels of oil a year. Saudi Arabia, the de facto leader of OPEC, produces nine million barrels of oil
The OPEC was formed in 1960 by five countries — Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela — with the aim of coordinating production to ensure that the prices do not fall below their desired level, leading to enhanced revenue for its members.
The number of countries in the group has fluctuated over the years, but in addition to the five founding members, it also includes Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, and the Republic of the Congo.
Following the UAE’s exit from the group effective May 1, OPEC will continue with 11 active members. Other members who have left in the last decade are Qatar, Angola, Ecuador, and Indonesia.
The OPEC+ includes other oil-producing nations like Azerbaijan, Bahrain, Brunei, Brazil, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. — With inputs from IANS
