Prince Abdulaziz bin Salman

Stories

OPEC+ sets oil policy without the UAE for the first time

As of June 2026: De facto leader of OPEC+ output policy

For decades, every OPEC+ output decision had the United Arab Emirates in the room, usually pushing to pump more. On Sunday, ministers met in Vienna without it for the first time. The UAE's exit took effect May 1 and pulled about 3.5 million barrels a day out of the group's quota math.

Updated Jun 7

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

Money Moves

As of May 2026: Loses key OPEC+ ally; must decide whether to defend prices alone

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. 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.

Updated May 31