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UAE to quit Opec and Opec+ next month, signaling major shift in oil alliance
The United Arab Emirates plans to withdraw from Opec and the Opec+ grouping next month, ending almost six decades of membership. The move is framed as a way to meet long-term global energy demand and increase production flexibility, drawing commentary on potential shifts in oil markets and geopolitics.
Why It Matters
The UAE's departure could reshape Opec's influence, affect global oil supply dynamics, and open closer ties with the United States, impacting regional power balance and market volatility.
Timeline
6 Events
UAE to quit Opec and Opec+ next month
April 28, 2026
The UAE announced it will quit Opec and the Opec+ alliance next month (May 2026). The move would reduce Opec membership to 11 and leave Opec+'s wider alliance with 10 non-Opec members.
World Bank warns Middle East war hits oil supply
2026
The World Bank warned that the war in the Middle East has caused the biggest loss of oil supply on record, with energy prices expected to rise about a quarter in 2026.
January 2026: Trump urges lower oil prices
January 2026
The article notes that in January 2026, U.S. President Donald Trump urged Saudi Arabia and other Opec nations to bring down the cost of oil, and doubled down on threats to use tariffs.
UAE and Saudi oil production figures in 2024
2024
According to Opec data, the UAE produced about 2.9 million barrels per day in 2024, while Saudi Arabia produced about 9 million barrels per day.
UAE joins Opec in 1967
1967
The United Arab Emirates joined Opec in 1967.
Opec formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela
1960
Opec was formed in 1960 by five countries — Iran, Iraq, Kuwait, Saudi Arabia and Venezuela — to defend the interests of major oil exporters by coordinating production and ensuring steady revenue for members.