Oil's Not Well: UAE To Leave OPEC On May 1 | GFX

The United Arab Emirates (UAE) on Tuesday announced its intention to leave OPEC and OPEC+ effective May 1, 2026, citing long-standing disagreements over production quotas. (Image: News18 Creative)

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization that coordinates the oil production of its member nations to manage global oil prices and market stability. Its primary goal is to ensure the stabilization of oil markets to secure a steady income for producers and a regular supply for consumers. (Image: News18 Creative)

OPEC functions as a cartel, using its dominant market share (controlling about 80% of proven reserves) to influence the “balance" of the market. (Image: News18 Creative)

Leaving OPEC is usually a strategic “business decision" where a country’s national interests no longer align with the group’s collective restrictions. (Image: News18 Creative)