Explainer-What is OPEC+ and how does it affect oil prices?
The United Arab Emirates is set to leave OPEC+ on May 1, marking a significant shift in the oil alliance that has historically influenced global oil markets. OPEC+, which includes OPEC members and allied producers like Russia, coordinates production to stabilize prices and accounted for nearly 50% of global oil output in 2025. Geopolitical disruptions, including the U.S.-Iran war and closure of the Strait of Hormuz, have recently reduced Gulf producers' output and export capacity. OPEC+ adjusts supply to balance markets, though critics accuse it of price manipulation, especially during past supply shocks like the 1973 oil embargo.
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Explainer-What is OPEC+ and how does it affect oil prices?Sign up now: Get ST's newsletters delivered to your inboxFILE PHOTO: An installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) is seen during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File PhotoPublished Apr 29, 2026, 01:03 AMUpdated Apr 29, 2026, 01:08 AMListenLONDON, April 28 - The United Arab Emirates, one of OPEC+'s largest producers, will leave the oil producers' alliance on May 1, it said on Tuesday.The Organization of the Petroleum Exporting Countries and allies, including Russia, are known collectively as OPEC+.
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