UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group [View all]

Source: Reuters

DUBAI, April 28 (Reuters) - The United Arab Emirates said on Tuesday it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and ​their de facto leader, Saudi Arabia, at a time when the Iran ‌war has caused a historic energy shock and unsettled the global economy.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, ​which has usually sought to show a united front despite internal ​disagreements over a range of issues from geopolitics to production quotas.

OPEC ⁠Gulf producers have already been struggling to ship exports through the Strait of ​Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of ​the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.

But the UAE exit from OPEC represents a big win for U.S. ​President Donald Trump, who has accused the organisation of "ripping off the rest ​of the world" by inflating oil prices.

Read more: https://www.reuters.com/markets/commodities/uae-says-it-quits-opec-opec-statement-2026-04-28/