UAE withdraws from OPEC and OPEC+

ALBAWABA - The United Arab Emirates announced its decision to withdraw from OPEC and OPEC+, Emirates News Agency (WAM) reported Tuesday.

WAM added that the Guld country's decision to exit OPEC and OPEC+ aligns with the state's long-term strategic and economic vision. The decision will be effective starting from May 1, 2026.

OPEC, the Organization of the Petroleum Exporting Countries, is a permanent intergovernmental organization founded in 1960 to coordinate petroleum policies, stabilize oil markets, and secure fair returns for producers. Controlling over 40% of global production and 80% of proven reserves, its 12 member countries influence prices by adjusting output.