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The UAE announced Tuesday it would exit the OPEC and OPEC+ oil cartel effective May 1, ending nearly six decades of membership that began when Abu Dhabi joined the organization in 1967, several years before the UAE became a unified country in 1971.

Sultan Ahmed al-Jaber

The UAE announced Tuesday it would exit the OPEC and OPEC+ oil cartel effective May 1, ending nearly six decades of membership that began when Abu Dhabi joined the organization in 1967, several years before the UAE became a unified country in 1971.

The UAE was OPEC's third-largest producer, with a production capacity of 4.8 million barrels per day, though its quota under the OPEC+ agreement limited output to around 3.4 million barrels per day. The country has set a target of 5 million barrels per day by 2027.

The UAE was OPEC's third-largest producer, with a production capacity of 4.8 million barrels per day, though its quota under the OPEC+ agreement limited output to around 3.4 million barrels per day. The country has set a target of 5 million barrels per day by 2027.

UAE Energy Minister Suhail Al Mazrouei said the decision followed a review of the country's production policy and was taken to cause minimal disruption. "Our exit at this time is the right time for it, because it will have a minimum impact on the price," he told CNBC.

UAE Energy Minister Suhail Al Mazrouei said the decision followed a review of the country's production policy and was taken to cause minimal disruption. "Our exit at this time is the right time for it, because it will have a minimum impact on the price," he told CNBC.

The UAE's departure removes 13% of OPEC's production capacity, according to the International Energy Agency. Rystad Energy's head of geopolitical analysis Jorge Leon said the exit "takes a real tool out of the group's hands" and leaves Saudi Arabia doing more to support price stability.

The UAE's departure removes 13% of OPEC's production capacity, according to the International Energy Agency. Rystad Energy's head of geopolitical analysis Jorge Leon said the exit "takes a real tool out of the group's hands" and leaves Saudi Arabia doing more to support price stability.

Tensions between the UAE and Saudi Arabia over production quotas, Yemen and regional politics contributed to the split. The UAE energy minister confirmed Abu Dhabi did not consult Saudi Arabia or any other country before announcing the decision.

Tensions between the UAE and Saudi Arabia over production quotas, Yemen and regional politics contributed to the split. The UAE energy minister confirmed Abu Dhabi did not consult Saudi Arabia or any other country before announcing the decision.

The UAE's exit follows earlier departures from OPEC by Qatar in 2019, Ecuador in 2020 and Angola in 2023, though analysts note the UAE is a significantly larger producer than any of those countries. UBS analyst Matthew Cowley said the move "would weaken OPEC's ability to defend price floors."

The UAE's exit follows earlier departures from OPEC by Qatar in 2019, Ecuador in 2020 and Angola in 2023, though analysts note the UAE is a significantly larger producer than any of those countries. UBS analyst Matthew Cowley said the move "would weaken OPEC's ability to defend price floors."

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The UAE announced it would exit OPEC and OPEC+ effective May 1, ending nearly six decades of membership that began when Abu Dhabi joined the organization in 1967, several years before the UAE became a unified country in 1971.

The UAE announced it would exit OPEC and OPEC+ effective May 1, ending nearly six decades of membership that began when Abu Dhabi joined the organization in 1967, several years before the UAE became a unified country in 1971.

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UAE to Leave OPEC, OPEC+ on May 1

UAE to Leave OPEC, OPEC+ on May 1

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UAE to Leave OPEC, OPEC+ on May 1

UAE Quitsto Leave OPEC, AfterOPEC+ 57on Years,May Shaking Oil Cartel1

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