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UAE's exit from OPEC+ reduced the group's share of crude oil production and capacity
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook , June 2026 On April 28, 2026, the United Arab Emirates (UAE) announced that it was leaving OPEC, effective on May 1.
AI Summary
On April 28, 2026, the United Arab Emirates announced it would leave OPEC, with the exit taking effect on May 1. The UAE’s departure reduces OPEC’s share of global crude oil production and refining capacity. OPEC, founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela, was created to coordinate and unify petroleum policies among its members. The organization is widely recognized for its influence on worldwide crude oil prices.
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