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UAE to Exit OPEC in 2026 Over Hormuz Navigation Demand

4/30/2026

35 7 Full Breakdown

Summary

Story summary

UAE will leave OPEC and OPEC+ on 1 May 2026, ending nearly six decades of membership.
The departure is tied to a demand that any U.S.–Iran settlement guarantee free navigation through the Strait of Hormuz.
Before exiting, the UAE produced about 3.4 million barrels per day, three percent of crude, making it OPEC’s fourth-largest producer.
A UAE official said the country is reviewing its multilateral memberships and does not plan further withdrawals.

History

Historical Context

The 1973 Arab oil embargo, which lifted crude from $3 to $12 a barrel, showed how OPEC could wield supply as a political tool. Saudi Arabia has since guarded market share by moderating prices. Now, after announcing on 28 April 2026 that it will leave OPEC on 1 May 2026, the United Arab Emirates follows earlier exits such as Indonesia’s 2008 withdrawal, reshaping the cartel’s production calculus.

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Story summary

UAE will leave OPEC and OPEC+ on 1 May 2026, ending nearly six decades of membership.
The departure is tied to a demand that any U.S.–Iran settlement guarantee free navigation through the Strait of Hormuz.
Before exiting, the UAE produced about 3.4 million barrels per day, three percent of crude, making it OPEC’s fourth-largest producer.
A UAE official said the country is reviewing its multilateral memberships and does not plan further withdrawals.

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