UAE to leave OPEC amid West Asia conflict:Move can impact oil supply price

The United Arab Emirates (UAE) said on Tuesday, 28 April, 2026 that it will leave the OPEC and OPEC+ groups from May 1 2026, giving a huge blow to the oil exporting groups and ​their leader, Saudi Arabia, especially at a time when the Iran ‌war has caused an unprecedented rise in energy prices, unsettling the global economy, news daily, Reuters, reported. The exit of the longstanding OPEC member – UAE, could weaken the group, ​which is otherwise known for putting up a united front, especially during geopolitical uncertainties, said the news agency. Reuters quoted Anwar Gargash, the diplomatic adviser for the UAE president as saying, “The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest ⁠historically. I expect this weak stance from the ​Arab League and I am not surprised by it, but I haven’t expected it from the (Gulf) ​Cooperation Council and I am surprised by it.” What is OPEC? The Organisation of the Petroleum Exporting Countries (OPEC), was formed in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. The organisation has since expanded to 13 members. UAE’s latest move can impact oil supply and prices. OPEC member countries produce roughly 35% to 40% of the world’s total crude oil. The UAE had been a longtime member of OPEC, first through its emirate of Abu Dhabi in 1967 and later when the UAE became its own country in 1971. While, Saudi Arabia long has been considered a heavyweight of OPEC, an oil cartel based in Vienna that has seen some of its market power wane as the United States increased its production of crude oil in recent years.