General · 29 April 2026
What are OPEC and OPEC+, and why has the UAE quit?
OPEC is a cartel of oil-producing nations that controls global prices. OPEC+ includes additional producers like Russia, expanding its market reach. The UAE announced its exit from both groups effective May 1, citing national interests and longstanding frustration with production quotas. The timing was driven by the ongoing Iran war, which has disrupted oil exports through the Strait of Hormuz.
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