Back to today’s briefing

Story perspectives

UAE Leaves OPEC+, Boosts Production, Lifts Oil Prices

5/1/2026

32 5 Full Breakdown

Summary

Story summary

The United Arab Emirates will exit OPEC and OPEC+ on May 1 2026.
The move lets the UAE raise output to about 5 million barrels per day.
Brent rose 3.3% to $114.93 and WTI jumped 3.8% to $103.65 after the announcement.
The UAE is tightening security and economic ties with the United States and Israel as Iranian drones damaged five sites, including Ruwais refinery, while Saudi Arabia pushes for tighter supply.

History

Historical Context

After the 1973 Arab oil embargo—sparked by the Yom Kippur War and driving crude prices from $3 to $12 per barrel—OPEC cemented its role as a price-setter. Saudi Arabia and other Gulf states then used production cuts to wield the “oil weapon.” On May 1 2026 the UAE will exit OPEC and OPEC+, adding roughly 5 million barrels per day, reshaping regional supply dynamics.

1 of 2

Story summary

The United Arab Emirates will exit OPEC and OPEC+ on May 1 2026.
The move lets the UAE raise output to about 5 million barrels per day.
Brent rose 3.3% to $114.93 and WTI jumped 3.8% to $103.65 after the announcement.
The UAE is tightening security and economic ties with the United States and Israel as Iranian drones damaged five sites, including Ruwais refinery, while Saudi Arabia pushes for tighter supply.

1 / 2