The United Arab Emirates announced on Tuesday, 28 April, that it will leave the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, removing one of the group’s top producers and further testing the cartel’s influence over global oil markets. The decision, shared through the UAE’s state-run news agency WAM, also includes the country’s withdrawal from the broader OPEC+ alliance, which coordinates with other producers like Russia to help manage oil supplies and prices. In its statement, the UAE described the move as part of its long-term economic strategy and shifting energy priorities. Energy Minister Suhail al-Mazrouei noted the country’s respect for Saudi Arabia’s leadership in OPEC and stressed that the exit was not the result of a dispute with Riyadh. The UAE, which joined OPEC in 1967 through its emirate of Abu Dhabi, currently ranks as the cartel’s third-largest producer. Before recent regional conflicts, it was producing around 3.4 million barrels of crude per day, with the potential to reach about 5 million barrels. Why Now? Analysts point to the UAE’s desire for greater flexibility and freedom. The country has felt constrained by OPEC’s production quotas and… This content is for members only. Visit the site and log in/register to read.The post UAE to Exit OPEC, Putting Pressure on Global Oil Markets first appeared on Egyptian Streets.
