According to sources, the United Arab Emirates (UAE) intends to terminate its membership in the Organization of the Petroleum Exporting Countries (OPEC) and its extended group, OPEC+, starting May 1. This decision comes during a challenging period for the organization, as Gulf countries face export difficulties through the Strait of Hormuz, a crucial maritime corridor between Iran and Oman that accounts for about 20% of global oil and liquefied gas shipments.
Regional oil producers are under significant pressure, and the departure of one of OPEC’s leading members, represented by the UAE, may weaken the cartel’s unity and its standing, particularly alongside Saudi Arabia, which effectively serves as the organization’s leader.
OPEC, as an organization, coordinates oil production among member countries to regulate global prices. At the same time, OPEC+ includes countries not formally part of OPEC, such as the Russian Federation.
Meanwhile, this development is considered a notable success for Donald Trump’s administration, as the US president had been critical of OPEC, accusing the group of excessive oil price hikes. President Trump also stated that US military support for Gulf countries directly affects fuel prices.
According to Reuters, the UAE’s withdrawal might lead to significant complications and potential disorganization within the cartel, which traditionally strives to present a united front despite internal conflicts over production quotas and geopolitical interests.