UAE announces withdrawal from OPEC and OPEC+ starting May 1

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The logo of the Organization of the Petroleum Exporting Countries (OPEC) which adorns the organization's headquarters, Vienna, October 4, 2022. /VCG

The United Arab Emirates announced on Tuesday that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ mechanism, effective on May 1, 2026.

UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said the country has long been a member of OPEC and OPEC+, adding that global demand for energy will continue to grow and the world will require greater energy supply.

Al Mazrouei said the decision will allow the UAE to cooperate more flexibly with partners and investors, ensuring it can meet future global market demand for crude oil, petrochemical products, natural gas and other energy sectors.

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