UAE To Leave OPEC In Days Amid Global Oil Crisis
The United Arab Emirates (UAE) plans to leave OPEC on May 1, marking a significant shift after six decades of membership. This decision is influenced by rising tensions with Saudi Arabia and the ongoing Iran war, which has affected oil exports in the region. The UAE aims to enhance its energy production capabilities and respond to current market pressures.
- ▪The UAE has been a member of OPEC since 1967 and will exit the group on May 1.
- ▪The departure will result in a loss of approximately 15 percent of OPEC's capacity.
- ▪The UAE's exit is seen as a response to increased rivalry with Saudi Arabia and the impact of the Iran war on oil exports.
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By Matthew Robinson, Brendan Cole, and Mandy TaheriShareNewsweek is a Trust Project memberSee more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.The United Arab Emirates (UAE) has announced plans to leave the group of the world's leading oil exporters, OPEC and OPEC+, on May 1.The abrupt decision by the UAE, which has been a member of OPEC for six decades, reflects intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gulf countries exporting oil.The move could deliver a boost for U.S. President Donald Trump, who has accused the group of "ripping off the rest of the world" by inflating oil prices.
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