UAE to Leave OPEC and OPEC+ on May 1, Citing Economic Strategy

The United Arab Emirates will withdraw from OPEC and the wider OPEC+ framework effective May 1, describing the move as a sovereign economic decision aimed at gaining greater control over national oil output. Energy Minister Suhail Mohamed Al Mazrouei said the decision follows internal strategic reviews that found OPEC production quotas were limiting domestic industrial expansion. UAE officials have linked the shift to the country's "Make it in the Emirates" manufacturing strategy, which seeks to deepen the local industrial base and requires more autonomy over energy supply and production planning. The UAE was OPEC's third-largest producer. Analysts estimate the group could lose roughly 15% of its total production capacity once the UAE exits, weakening OPEC's role as a market manager. Angola exited OPEC in late 2023 following disagreements over quotas. Al Mazrouei has emphasized the withdrawal is a forward-looking business move rather than a response to diplomatic tensions, as the UAE prioritizes policy certainty and the ability to raise production in line with its capacity and economic goals.