The United Arab Emirates announced today a historic decision to withdraw from OPEC and OPEC+ effective May 1, 2026. The UAE has been a member of the cartel since 1967—first through the Emirate of Abu Dhabi, and after the official formation of the federation in 1971, it continued its full membership. The decision is driven by national interests and a desire to gain greater flexibility in production policy, without having to adhere to the production quotas imposed by the cartel.
Source: Official Message Provided, via JavierBlas on X
The UAE currently produces approximately 4 million barrels of oil per day and plans to increase this figure to 5 million barrels by 2027. Following its exit from OPEC, the Emirati producer announced that it would gradually and responsibly increase production in line with market conditions—without strict quota restrictions. An additional factor is the ongoing crisis in the Persian Gulf and disruptions in the Strait of Hormuz, which have been destabilizing oil supplies to the global market for months.
Crude oil prices fell slightly immediately after the announcement, though the market quickly recouped some of its losses. The price of WTI retreated from around $105–106 to $103.98, with all three EMAs (50, 100, 200) still trading below the market price. Analysts, including those from UBS, warn that the UAE’s departure weakens OPEC’s ability to defend oil prices during economic slowdowns. The UAE is one of the cartel’s largest producers. Source: xStation
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