OPEC announced another increase in oil production capacity amid a crisis in the oil market, without mentioning the United Arab Emirates' decision to leave the group.
On 3 May 2026, the Organization of the Petroleum Exporting Countries (OPEC) issued a statement that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman would increase oil production by 188,000 barrels per day, reaffirming their commitment to market stability.
OPEC’s statement further noted that these seven countries will meet on 7 June and continue monthly meetings to review market conditions, without referencing the United Arab Emirates’ (UAE) decision to withdraw from the organization.
Meanwhile, the Iran war and the de facto closure of the Strait of Hormuz have impacted oil exports of OPEC members, including Saudi Arabia, Iraq, and Kuwait.
On Tuesday, the UAE announced plans to leave OPEC, stating the decision followed a review of "current and future production capacity" and was "in the national interest," according to a statement from Emirates News Agency.
Jorge Leon, head of geopolitical analysis at consultancy Rystad, said at the time that the UAE’s withdrawal "represents a significant shift among oil-producing countries."
An Emirati expert told CNN that the UAE was "chained" by OPEC and forced to adhere to production quotas that were "unreasonable for the country’s economic strategy."
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Source:CNN