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Blow to global oil market, United Arab Emirates announces withdrawal from OPEC and OPEC+

2026-04-28 18:11:57Biznes SHKRUAR NGA REDAKSIA VOX
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The United Arab Emirates said on Tuesday it was leaving OPEC and OPEC+, dealing a major blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the war with Iran has caused a historic energy shock and roiled the global economy.

The loss of the United Arab Emirates, a longtime OPEC member, could create disarray and weaken the group, which has typically tried to present a united front despite internal disagreements on issues ranging from geopolitics to production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision was made after a careful review of the country's energy strategies.

Asked whether the UAE had consulted Saudi Arabia, he said the country had not raised the issue with any other state.

"This is a political decision, taken after a careful review of current and future policies related to the level of production," the energy minister said.

Oil producers in the Persian Gulf, part of OPEC, have already had difficulty exporting through the Strait of Hormuz, a key point between Iran and Oman through which a fifth of the world's crude oil and liquefied natural gas usually passes, due to Iranian threats and attacks on ships.

Mazrouei said this decision will not have a major impact on the market due to the situation in the strait.

However, the Emirates' departure from OPEC constitutes a victory for US President Donald Trump, who has accused the organization of "stealing from the rest of the world" by keeping oil prices high.

Trump has also linked US military support for Gulf countries to oil prices, saying that while the US protects OPEC members, they "take advantage of this by setting high oil prices."

This decision came after the United Arab Emirates, an important business hub in the region and one of Washington's most important allies, criticized other Arab states for not doing enough to protect them from numerous Iranian attacks during the war.

Anwar Gargash, diplomatic adviser to the president of the United Arab Emirates, criticized the Arab and Gulf response to the Iranian attacks at a session of the Gulf Influencers Forum on Monday.

“The Gulf Cooperation Council states have supported each other logically, but politically and militarily, I think their stance has historically been the weakest,” Gargash said.

"I expect such a weak stance from the Arab League and I am not surprised by it, but I did not expect it from the Gulf Cooperation Council and I am surprised by it," he added.


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