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Tue, 28 Apr 2026

Tue, 28 Apr 2026 United Arab Emirates to quit oil cartel Opec

The UAE's decision, after nearly 60 years of membership, is seen as a potential death knell for the oil cartel.

* The UAE will leave OPEC and OPEC+ next month after nearly 60 years of membership.
* The decision will give the UAE more flexibility in meeting growing global energy demand, according to its energy minister.
* Analysts say this is a blow to OPEC and could be "the beginning of the end" for the alliance.
* US President Donald Trump has been critical of OPEC and may see the UAE's departure as a win.
* The exit opens up the possibility for closer ties between the UAE and the US.
* The UAE will retain around 15% of OPEC's capacity, but one of its most compliant members is leaving.
* Energy prices are expected to rise by about a quarter this year due to ongoing conflicts in the Middle East.
* The World Bank warns that the poorest people who spend a high share of their income on food and fuels will be hit hardest.
* The UAE's departure may lead to higher oil production, but also increased volatility in the market in the coming decades.
* Other OPEC members may follow suit if countries like Russia and Saudi Arabia decide to ramp up production.
* The implications could be major if other member states leave or countries decide to increase production.