Event Overview
UAE Leaving OPEC at Right Time, Energy Minister Says
The United Arab Emirates (UAE) has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC), effective May 1, 2026. This move is expected to weaken OPEC's influence over global oil supplies and prices. The UAE has been a member of OPEC for over five decades. UAE Energy Minister Suhail Al Mazrouei stated that the timing is appropriate due to the ongoing war in Iran, which was highlighted by Bloomberg. Al Jazeera also noted the geopolitical context surrounding the UAE's withdrawal.
The UAE's exit from OPEC is anticipated to diminish the cartel's control over oil markets, potentially affecting global oil prices and supply dynamics, as noted by the Associated Press.
UAE Leaving OPEC at Right Time, Energy Minister Says
The United Arab Emirates is leaving OPEC on May 1, dealing a blow to the group and its leader Saudi Arabia. UAE Energy Minister Suhail Al Mazrouei tells Bloomberg's Joumanna Bercetche that the timing is right because of the war in Iran. Bercetche spoke to him on the phone and she reports on "Bloomberg Open Interest.".
UAE leaves OPEC in blow to oil cartel amid war on Iran
The United Arab Emirates has announced it’s withdrawing from OPEC and OPEC+.
United Arab Emirates says it will leave OPEC, a blow to the oil cartel
This is a locator map for United Arab Emirates with its capital, Abu Dhabi. (AP Photo) The logo of the Organization of the Petroleum Exporting Countries (OPEC) is displayed outside of OPEC’s headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, File) DUBAI, United Arab Emirates (AP) — The United Arab.
UAE announces it will leave OPEC
The United Arab Emirates said it would leave the Organization of the Petroleum Exporting Countries after being a part of the group that coordinates oil output among the world’s top producers for over five decades. NBC News’ Christine Romans reports on the motivations behind the UAE’s withdrawal.