The United Arab Emirates confirmed it will exit OPEC and the broader OPEC+ alliance effective May 1, ending nearly six decades of participation in coordinated oil production agreements. The decision follows what UAE officials described as a comprehensive review of national production policy and long‑term capacity plans.

UAE Energy Minister Suhail Al Mazrouei stated that leaving OPEC will provide greater flexibility to manage output as the country works toward expanding production capacity to 5 million barrels per day by 2027. Officials emphasized that the timing of the exit was chosen to minimize disruption and reiterated a continued commitment to acting responsibly in global energy markets, even amid heightened geopolitical risks and supply constraints in the Strait of Hormuz.

Source: CNBC