The United Arab Emirates has announced it is withdrawing from OPEC, the Organisation of the Petroleum Exporting Countries, effective 1 May 2026 — ending nearly six decades of membership and sending immediate shockwaves through global energy markets. The move strips the cartel of its third-largest producer and arrives at one of the most volatile moments in modern oil history, with the US-Israel war on Iran having already triggered a historic supply collapse.
The announcement, carried by UAE state media, cited the country's 'long-term strategic and economic vision and evolving energy profile' as the driving force. 'The time has come to focus our efforts on what our national interest dictates,' the statement read. Within hours of the news breaking, US crude oil surpassed $100 (£74) per barrel for the first time since 10 April, while international benchmark Brent jumped to nearly $113 (£84) per barrel.
