UAE to exit OPEC, OPEC+ from May 1--China Economic Net

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/He Canling)

DUBAI, April 28 (Xinhua) -- The United Arab Emirates (UAE) said Tuesday it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, with effect from May 1, 2026, the Emirates News Agency (WAM) reported.

The decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets, WAM reported.

It follows a comprehensive review of the UAE's production policy and its current and future capacity, and is based on the UAE's national interest and commitment to contributing effectively to meeting the market's pressing needs, it reported.