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UAE exits OPEC, signaling cracks in the oil crown
On April 29, 2026, the United Arab Emirates announced it would leave OPEC, with departure taking effect on May 1, 2026. The move ends nearly six decades of UAE membership and removes one of the group’s largest producers. OPEC traces its origins to a September 1960 Baghdad meeting of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Why It Matters
The UAE’s exit shifts OPEC’s dynamics and could influence global oil supply and pricing.
Timeline
3 Events
UAE departure from OPEC takes effect
May 1, 2026
Effective May 1, 2026, the UAE’s departure from OPEC takes effect, removing one of the group’s largest producers.
UAE announces departure from OPEC
April 29, 2026
The United Arab Emirates announces it will leave OPEC, with the move taking effect on May 1, 2026, ending nearly six decades of membership and removing one of the group’s largest producers.
Founding origins of OPEC in Baghdad
September 1960
OPEC traces its origins to September 1960, when representatives from Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela gathered in Baghdad to discuss control of oil production and revenues.