UAE quits OPEC, OPEC+; concerns grow over global oil market

Reuters reported that the United Arab Emirates announced on Tuesday that it would withdraw from OPEC and the OPEC+ alliance, a decision that could affect the global oil market and the balance of power among producers.

OPEC+ is a coalition of OPEC members and several major oil-producing countries outside the organization that aims to coordinate production levels and control global prices.

According to the report, the UAE’s withdrawal—as one of OPEC’s key members—comes at a time when the global energy market is facing instability due to regional tensions and concerns about the security of oil supply.

Experts believe that the move could weaken cohesion within OPEC and increase disputes over production quotas.

The UAE’s energy minister described the decision as the result of an internal review of the country’s energy policies and as part of its future oil production plans. He stressed that the move was made without coordination with other countries.

Meanwhile, concerns about the security of the Strait of Hormuz—the route through which much of the world’s oil passes—remain.

UAE officials say the decision will not have a significant impact on the global oil market.