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Wed, 29 Apr 2026

Wed, 29 Apr 2026 In five charts - How UAE's exit could affect Opec's influence over the oil price

The BBC takes a look in charts at what the UAE's departure could mean for the oil cartel and more widely.

* UAE's departure from Opec is a significant blow to the organization, described as "the beginning of the end of Opec".
* Opec was formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to coordinate oil production and maintain steady revenue for its members.
* The organization has fluctuated over the years, with the current membership including Algeria, Equatorial Guinea, Gabon, Libya, Nigeria and the Republic of the Congo.
* Opec's goal is to influence global oil prices by agreeing on production levels among its members. When they agree to sell more, it aims to lower prices; when they reduce supply, it tries to keep prices high.
* Historically, Opec has struggled to enforce agreements among its members, with many producing more or less than agreed upon due to technical difficulties or desire for market share.
* The UAE was the 4th largest oil producer in Opec and accounted for 3.1 million barrels of oil per day in 2025.
* With the UAE's departure, experts suggest it could increase production by around 1 million barrels daily.
* Opec's influence on global oil markets has decreased over time, with its share of internationally traded oil declining from 52.5% in 1973 to 36.7% in 2025.
* The US is now the largest oil producer globally, producing 13.6 million barrels per day, while Russia is the second-largest at 9.1 million barrels per day.
* Opec's ability to set prices has been compromised due to the loss of major producers like the UAE and Gulf members' inability to export oil due to the Strait of Hormuz blockade.
* Analysts predict that Opec will continue but with significantly reduced influence over global oil prices.