UAE exits OPEC after 59 years, removing 13% of cartel capacity

2026-04-28T15:08:18+00:00
Money Moves, Status: developing

Abu Dhabi's departure weakens Saudi-led price discipline as Iran war pushes Brent crude above $110

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel and the cartel was seven years old. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.

Officials cite quotas that capped UAE output near 3.2 million barrels a day despite physical capacity closer to 5 million. The exit lands mid-Iran war, with Brent above $110, and degrades the Saudi-led alliance's ability to set prices precisely when that ability matters most. It is the largest single departure since Angola left in 2024, and reshapes the strategic balance between Riyadh and Abu Dhabi.