General · 28 April 2026
UAE quits OPEC after nearly 60 years
The UAE is walking out of OPEC and OPEC+ after almost six decades. The exit takes effect on 1 May, with UAE Energy Minister Suhail Al Mazrouei saying the move reflects a long-term strategy and is unrelated to tensions with Saudi Arabia. The departure follows weeks of Iranian missile and drone attacks on the UAE and a 44% slump in its oil output during the Hormuz closure.
Reported by CNBC · How we write briefs