DUBAI: The United Arab Emirates (UAE) has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+.
According to a report by the Emirates News Agency, the UAE’s decision to withdraw from OPEC and OPEC+ will take effect from May 1, 2026. Saudi Arabia, Iran, Iraq and Kuwait are the main members of OPEC, while Russia and other countries are also involved.
The port said that the UAE’s decision is expected to have an impact on the global oil market. The decision aims to protect national interests and increase investment in local production, as well as meet the urgent needs of the global market.
OPEC was established by oil-producing countries in 1960.
What is OPEC?
The UAE’s withdrawal from May 1 will reduce OPEC’s membership to 11. The countries involved aim to stabilize oil prices and ensure supply in the global market, including Libya, Nigeria, Algeria, the Republic of Congo, Equatorial Guinea, Gabon and Venezuela.
OPEC members meet regularly to set oil production targets and regulate prices. Member countries produce 35 percent of the world’s crude oil and OPEC accounts for 50 percent of global trade.
The decline in oil prices led to the OPEC+ agreement with 10 other countries, including Russia, in 2016. The OPEC+ group is playing a key role in balancing oil prices in the global market.
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