United Arab Emirates announces withdrawal from OPEC due to Strait of Hormuz crisis
The United Arab Emirates (UAE) announced this Tuesday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance due to "disturbances in the Persian Gulf and the Strait of Hormuz" starting May 1, 2026, the official Emirati news agency WAM reported. The agency stated that [...]
TL;DR
- UAE is withdrawing from OPEC and OPEC+ on May 1, 2026.
- The decision is driven by national interests and concerns over disturbances in the Persian Gulf and Strait of Hormuz.
- The UAE aims to contribute to market needs and ensure stability amidst geopolitical volatility.
- The country will continue to invest in the entire energy value chain, including oil, gas, renewables, and low-carbon solutions.
- UAE emphasizes its commitment to global market stability and cooperation with producers and consumers.
- The withdrawal occurs during a period of tension with neighboring Arab states and amid US criticism of OPEC.