UAE withdrew from OPEC

The UAE has announced its withdrawal from OPEC and the OPEC+ format effective May 1, 2026, ending nearly sixty years of participation in the oil-producing nations' alliance.

As reported by BAKU.WS with reference to the WAM agency, amid the changes, OPEC+ countries decided to increase the total oil production limit by 82 thousand barrels per day.

According to available information, one of the factors that influenced Abu Dhabi's decision was the situation surrounding the Strait of Hormuz. The country's authorities emphasized the need for greater independence and flexibility amid declining strategic fuel reserves.

Despite analysts' expectations of a potential decline in prices, the market reacted differently: the price of Brent crude exceeded the $115 per barrel mark for the first time since late March, continuing its upward trend.