UAE Exits OPEC After 59 Years, Lifts All Oil Production Quotas

BTCC / BTCC Square / Global Cryptocurrency /

Author:

Release Time:

2026-05-01 19:44:02

BTCCSquare news:

The United Arab Emirates has formally withdrawn from OPEC and the OPEC+ alliance, ending a 59-year membership effective May 1, 2026. Abu Dhabi immediately abolished all oil production ceilings, signaling a strategic shift toward unfettered output growth.

The decision leverages the UAE's 2 million barrel/day Habshan-Fujairah pipeline, which bypasses the volatile Strait of Hormuz. State ambitions now target 5 million barrels daily by 2027—a volume previously constrained by collective cartel quotas.

Energy markets face renewed volatility as the departure coincides with escalating Middle Eastern tensions. The WAM news agency framed the move as necessary for achieving Abu Dhabi's "own long-term strategic and economic vision" beyond OPEC's production limits.

By:

Log in to Reply

ChangeNOW Releases Documentary "Beyond the Hype" to Showcase Crypto Vision

Articles on this site are sourced from public networks or curated by AI for informational purposes only and do not represent BTCC’s views. Original rights belong to the respective authors. For copyright concerns, please contact [email protected]. BTCC assumes no liability for the accuracy, timeliness, or completeness of this information, and disclaims all liability arising from reliance on such content. This content is for reference only and should not be taken as investment, legal, or commercial advice.