OPEC finished https://t.co/RtxJdZQeQh — zerohedge (@zerohedge) April 28, 2026 The official website of the Emirates News Agency (WAM) broke the story, stating that the UAE has decided to exit OPEC and OPEC+ as of May 1, in line with the country’s long-term strategic and economic plan. The move would represent a major rupture within OPEC, with direct implications for the remaining 11 members: Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, Nigeria, Libya, Algeria, Congo, Equatorial Guinea, and Gabon. Yes it was https://t.co/SqwLJlxmDV — zerohedge (@zerohedge) April 28, 2026 WAM said the decision reflects the “evolution of sector policies to enhance flexibility in responding to market dynamics, while continuing to contribute to market stability in a thoughtful and responsible manner.” OPEC was founded in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Its original purpose was to give oil-producing states more control over pricing and production after Western oil majors dominated global crude markets. Important to note: UAE ranks among the top producers in OPEC (~4.05 million bpd), making it a major player with growing capacity ambitions (targeting 5 million bpd by 2027). WTI futures fell on the news but have since rebounded. The move comes days after the UAE publicly requested [...]
