UAE to exit OPEC, OPEC+ on 1 May

The United Arab Emirates announced on Tuesday it will exit the Organisation of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance effective 1 May 2026, citing its long term strategic and economic vision and evolving energy profile.

The UAE said the decision followed a comprehensive review of its production policy, current and future capacity, and was based on national interest and its commitment to helping meet global market needs.

It said the move would give it greater flexibility to respond to market dynamics while maintaining a responsible approach to supply and supporting global oil market stability.

The UAE added it would continue bringing additional production to market gradually and in line with demand and market conditions, while maintaining investments across oil, gas, renewables, and low carbon energy solutions.

Attribution: Emirates News Agency (WAM)