United Arab Emirates to leave OPEC May 1 — Reuters
WikiBit 2026-04-29 08:39
The United Arab Emirates (UAE) will exit the Organization of the Petroleum Exporting Countries (OPEC) on May 1, dealing a blow to the oil producers' group
Finance
United Arab Emirates to leave OPEC May 1 — Reuters
The United Arab Emirates (UAE) will exit the Organization of the Petroleum Exporting Countries (OPEC) on May 1, dealing a blow to the oil producers group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations, Reuters reported on Tuesday.
The announcement Tuesday came after the UAE was the target of missile and drone attacks for weeks by fellow OPEC member Iran. Tehran‘s attacks on shipping in the Strait of Hormuz has also severely constrained the UAE’s ability to export oil, threatening the foundation of its economy.
“Our exit at this time is the right time for it, because it will have a minimum impact on the price and it will have a minimum impact on our friends at OPEC and OPEC+,” Energy Minister Suhail Al Mazrouei said.
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is up 2.15% on the day at $97.00.
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