The United Arab Emirates (UAE) announced on Tuesday (April 28, 2026) that effective May 1 it will leave OPEC+ — an alliance of oil-producing countries — in a move seen as a major determinant of both short-term and long-term crude oil prices. The exit is especially notable because it comes amid the Iran-Israel-US war.

The Organisation of the Petroleum Exporting Countries (OPEC) and allies, including Russia, are collectively known as OPEC+. In 2025, the bloc produced nearly 50% of the world’s oil and oil liquids, according to the International Energy Agency.