United Arab Emirates formally withdraws from OPEC amid regional war

On April 29, 2026, the United Arab Emirates announced its immediate departure from OPEC, a move dubbed 'UAExit.' President Sheikh Mohamed bin Zayed al-Nahyan cited the need for the UAE to take full control of its oil production to counteract the economic collapse caused by the ongoing war with Iran. The collapse of the region's tourism and property sectors has necessitated maximizing oil revenues, which were previously restricted by OPEC-imposed production quotas.

Date:

Country: United Arab Emirates

Conflict: US-Iran Conflict

Severity: HIGH

Source: The Spectator

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