economy
April 30, 2026
UAE announces withdrawal from OPEC
OPEC’s third-largest oil producer, the UAE, has announced that it is withdrawing from the organization
TL;DR
- The UAE is withdrawing from OPEC and OPEC+ on May 1st.
- This move is considered a serious blow to Saudi Arabia, the informal leader of OPEC.
- The announcement comes amid a Middle East crisis affecting crude exports and damaging Arab nations hosting US military bases.
- The UAE has historically had lower production quotas compared to Saudi Arabia and Iraq.
- Other countries like Angola, Ecuador, Indonesia, and Qatar have previously withdrawn from OPEC.
- Brent crude prices saw volatility, decreasing slightly after the UAE's announcement but remaining elevated due to stalled US-Iran peace talks.
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