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UAE to exit OPEC and OPEC+ May 1 as Iran crisis tightens oil supply fears
International
Published on 30 April 2026
A May 1 exit could redraw oil power overnight
The UAE says it will exit OPEC and OPEC+ effective May 1, sending another jolt through an already tight global energy market. The decision comes as tensions around the Iran conflict and the Strait of Hormuz raise fears of severe supply disruptions. With OPEC and OPEC+ shaping nearly half of global output, the move threatens fresh volatility for crude prices.
- UAE plans to leave OPEC and OPEC+ effective May 1
- The move heightens uncertainty amid Iran-related shipping fears
- Strait of Hormuz disruption risk could strain global crude supply
- OPEC and OPEC+ control a large share of world oil output
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times