TUE APRIL 28 2026-theGBJournal| The United Arab Emirate (UEA) announced today that it is quitting the Organization of Petroleum Exporting Countries (OPEC), effective May 1st.
The decision marks the end of its 59-year long membership of the organization, and comes after repeated drone and missile attacks by Iran.
UEA said its decision is ”based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs.”
Until the announcement, the UAE is responsible for 4.5% of global output, and it is the organization’s third-largest oil producer in February, slightly behind Saudi Arabia and Iraq.
The Gulf State said its decision reflects a policy-driven evolution in the it’s approach, enhancing flexibility to respond to market dynamic while continuing to contribute to stability in a measured and responsible manner.
It assured that it will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.
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