The United Arab Emirates announced this Tuesday (April 28, 2026) that it will leave the (Organization of Petroleum Exporting Countries) from May 1st. The government announced the decision through the state news agency WAM. The country justified the measure by its “long-term strategic and economic vision”.
The government announced that it is also leaving OPEC+, an alliance established in 2016 that brings together the 12 (now 11) core members of OPEC and 10 other major producers, including Russia, Mexico and Kazakhstan.
The official statement mentioned the conflict in Iran initiated by the United States and Israel in February 2026. The conflict has limited the transport of oil through the Strait of Hormuz.
The United Arab Emirates indicated a “short-term volatility” in the market and the desire to expand investments in domestic energy production.
Leaving OPEC will give the UAE more flexibility to respond to market dynamics. The country will be able to increase oil production as leaders deem appropriate. From May 1, 2026, the country will no longer be linked to the organization’s production coordination decisions.
The United Arab Emirates is the 3rd largest oil producer in OPEC, behind Saudi Arabia and Iraq. Abu Dhabi National Oil Company produced 2.94 million barrels per day in 2023. The company has set a target of increasing its crude oil production capacity to 5 million barrels per day by 2027.
OPEC member countries produce approximately 35% of the world’s crude oil. The group’s oil exports represent around 50% of all oil traded internationally.
The UAE follows the example of Angola, which left OPEC on January 1, 2024, citing disagreements over reduced oil production quotas.
Updated list of OPEC countries:
- Algeria
- Congo (Republic of Congo)
- Equatorial Guinea
- Gabon
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Saudi Arabia
- Venezuela
Recent former members:
- Qatar (2019)
- Ecuador (2020)
- Angola (left in 2023)
- United Arab Emirates (2026)
OPEC+ allied countries:
- Russia
- Kazakhstan
- Oman
- Azerbaijan
- Bahrain
- Brunei
- Malaysia
- Mexico
- Sudan
- South Sudan
Impact on markets
The price of Brent oil rose 4% to above US$ 105 per barrel on Tuesday morning (Apr 28, 2026). The rise came with the news that President Donald Trump (Republican Party) is dissatisfied with Iran’s proposal to reopen the Strait of Hormuz. The price fell to US$104 per barrel after the United Arab Emirates announced its exit from OPEC.
OPEC was founded in 1960 with the aim of coordinating its members’ oil policy and seeking market stability. In general, the group increases production when global supply is tight and reduces pumping when prices fall or there is excess supply. By defining how much its members produce at a given time, the organization is able to influence global energy markets. Decisions often have a quick impact on fuel prices, inflation and the world economy.
Trump has already accused OPEC of “explore the rest of the world”. The president argued that many members of the group receive military protection from the United States “for free”while at the same time they would be “exploring” the country.
The International Energy Agency (IEA), the energy monitoring body for developed economies, has been on a collision course with the organization in recent years. The disagreements involve projections for global oil demand and OPEC’s decisions to restrict supply. The Abu Dhabi National Oil Company maintains plans to expand its production capacity to 5 million barrels per day by 2027. Outside of OPEC, the company will no longer be subject to the production limits defined by the group.
