The United Arab Emirates announces its withdrawal from the Organization of the Petroleum Exporting Countries, saying the move will help it meet growing global energy demand. Analysts describe it as the beginning of OPEC’s decline.
The UAE officially announces its withdrawal from OPEC and OPEC+, dealing a major blow to the oil cartel amid escalating regional tensions.
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.
The UAE announced it will formally exit OPEC and OPEC+ on May 1, marking the most dramatic member departure in the organization’s history and threatening to reshape global energy dynamics.