United Arab Emirates quits OPEC as Iran war raises gulf tensions

BREAKING NEWSApr. 28, 2026, 12:46 PM UTCEnergyEnergyUnited Arab Emirates quits OPEC as Iran war raises gulf tensions The UAE is the third largest oil producer in OPEC, behind Saudi Arabia and Iraq. Leaving the group is likely a precursor to increasing oil production.Listen to this article with a free account00:0000:00The Dubai skyline, including the Burj Khalifa skyscraper, center, in the United Arab Emirates. Christopher Pike / Bloomberg via Getty Images fileShareAdd NBC News to GoogleBy Steve KopackThe United Arab Emirates said Tuesday that it would leave OPEC, the Organization of the Petroleum Exporting Countries, which coordinates oil output among leading energy producing nations. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The departure from OPEC will likely lead the UAE to boosting energy output. Although with the Strait of Hormuz closed, it's not clear how fast any increased production would be able to reach global markets."Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions," its state-run news agency said.In recent years, the UAE's oil output was the third largest in OPEC, behind only Saudi Arabia and Iraq. While Abu Dhabi had joined OPEC in 1967, the full United Arab Emirates has been a member since its creation in 1971.“While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term,” the UAE added in the statement posted to the website of its state-run news agency. Meanwhile, the price of U.S. crude oil surpassed $100 per barrel for the first time since April 10, after peace talks with Iran failed show meaningful progress and the United Arab Emirates said it would leave OPEC.After breaking above $100, which is s...