United Arab Emirates announces withdrawal from OPEC and OPEC+

On April 28, 2026, the United Arab Emirates announced their decision to exit both OPEC and OPEC+ effective May 1, 2026. Energy Minister Suhail Mohammed Al Mazrouei stated the move was a policy decision made to provide the nation with greater flexibility regarding its production strategies. The UAE did not consult with other nations, including Saudi Arabia, prior to the announcement. This decision follows long-standing tensions over production quotas and regional security, specifically concerning Iran's threats to shipping in the Strait of Hormuz, through which approximately 20% of global oil and LNG supplies pass. While some analysts suggest the move might reflect diplomatic friction within the Gulf Cooperation Council, others view it as a political victory for U.S. President Donald Trump, who has frequently criticized the cartel for maintaining high oil prices. The move comes amid a global energy shock exacerbated by the ongoing war in Iran. The withdrawal is expected to strain the unity of the oil-producing coalition led by Saudi Arabia and Russia.