The UAE is entering “a new chapter” in which it is reshaping its place in the global economy with “confidence, clarity, and ambition”, said Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement.
For ADNOC’s portfolio of listed companies, the UAE’s decision to conclude its membership of OPEC and OPEC+ removes a constraint that has historically limited how investment in capacity translates into activity and earnings, said a WAM news agency report.
The eight OPEC+ countries, namely the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, have announced an adjustment to oil production levels, reaffirming their joint commitment to supporting stability in global oil markets, said a report.
The United Arab Emirates’ planned exit from OPEC and OPEC+ from May 2026 is expected to have limited immediate impact on oil markets in the near term but could weaken the group’s supply management over time, HSBC said, while OPEC+ sources signalled the alliance would remain broadly intact.
In a shock move poised to rattle global oil markets, the UAE has announced it will exit the Organisation of the Petroleum Exporting Countries and its wider Opec+ grouping, effective May 1, 2026.
The UAE’s decision to exit Opec and Opec+ marks a significant turning point in global oil markets, said a leading market analyst, highlighting shifting geopolitical dynamics and evolving supply expectations. The UAE is leaving the alliance effective May 1, ending nearly six decades of membership.
Opec lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer group's monthly oil report showed in its first public assessment of the Iran war's impact on the market.
Opec oil output plunged in March to its lowest level since the height of the Covid-19 pandemic in June 2020, a Reuters survey found, as the US-Israeli war against Iran effectively closed the Strait of Hormuz and forced export cuts.
The Opec-GECF held its Sixth High-Level Dialogue in Vienna, reinforcing cooperation among top oil and gas exporters. They noted record consumption levels and the need for sustained investment in hydrocarbons. Opec projects a 23 per cent rise in global energy demand by 2050.
