Back to today’s briefing

Story perspectives

UAE Exits OPEC After Six Decades Amid War, Low Prices

4/29/2026

27 3 Full Breakdown

Summary

Story summary

The United Arab Emirates announced on April 28 it will leave OPEC after six decades.
UAE officials said the exit supports a plan to expand domestic energy and raise output with demand.
Professor Steve H. Hanke said the Iran war and lower oil price outlook prompted the UAE to accelerate production.
Iranian drone and missile strikes on the Ruwais refinery and Fujairah port have limited exports, raising incentive to sell.

1 of 1

Story summary

The United Arab Emirates announced on April 28 it will leave OPEC after six decades.
UAE officials said the exit supports a plan to expand domestic energy and raise output with demand.
Professor Steve H. Hanke said the Iran war and lower oil price outlook prompted the UAE to accelerate production.
Iranian drone and missile strikes on the Ruwais refinery and Fujairah port have limited exports, raising incentive to sell.