U.A.E. leaves OPEC May 1 to reach 5 million bpd

Business Apr 29, 2026

The U.A.E. just announced it's leaving OPEC starting May 1, mainly to chase its own economic goals and because of the instability from the U.S.-Iran conflict.
With concerns over oil export routes like the Strait of Hormuz, the U.A.E. wants more control over its future, and plans to ramp up oil production to 5 million barrels a day by 2027, backed by a massive $150 billion investment.

U.A.E. exit could unsettle oil markets

This move could shake up global oil markets: OPEC might lose some of its influence, and we could see more price swings and competition.
The U.A.E. will be free from OPEC's production limits once the exit takes effect on May 1, so other members (like Saudi Arabia) might start rethinking their own strategies too.