The UAE has been a member of the oil cartel since the country was founded in 1971, but in recent years, it has grown frustrated with OPEC quotas to produce less in order to keep prices high enough to appease Saudi Arabia,

The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

The UAE's 2026 exit from OPEC and plans to hit 5 million barrels per day by 2027 signal a shift as the Hormuz closure drives prices. Learn why OPEC's power is weakening.

Oil prices surge as Gulf production shut-ins and UAE’s OPEC exit rattle markets. WTI eyes $110 while natural gas struggles under heavy supply and mild weather.

The decision by the United Arab Emirates to leave the OPEC oil cartel has shaken up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe.

President Donald Trump, a longtime critic of the Organization of the Petroleum Exporting Countries (OPEC), who has accused the group of "ripping off the rest of the world,” on Wednesday praised the United Arab Emirates’ plan to leave the alliance by the end of the month and said he thinks it will ultimately lower the price of oil.

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.

LONDON, May 5 (Reuters) - U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S ...