UAE to quit global oil cartel OPEC, citing 'national interests'
Summary
The United Arab Emirates (UAE) will leave the global oil group OPEC and OPEC+ on May 1, 2026. The UAE said it will focus on its own national interests as energy prices rise due to the ongoing conflict involving Iran in the Middle East.Key Facts
- The UAE announced it will quit OPEC and OPEC+ oil cartels starting May 1, 2026.
- The decision is to prioritize the UAE’s long-term strategic and economic goals.
- The UAE is one of the world’s largest oil producers.
- Rising energy prices are linked to the ongoing conflict involving Iran.
- Iran has blocked the Strait of Hormuz, a key route for oil shipments near the UAE.
- This conflict has affected relations between the UAE and Saudi Arabia, the top oil exporter in OPEC+.
- The UAE has previously disagreed with OPEC+ production limits.
- The official news agency WAM reported the UAE’s decision.
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