The UAE's unexpected decision to leave OPEC after nearly 60 years has sent shockwaves through global energy markets, contributing to a decline in oil prices. Brent crude futures fell 1% to $111.25 a barrel as the market grapples with the implications of the UAE's departure and the ongoing conflict with Iran. The situation has intensified concerns over supply disruptions, particularly with the Strait of Hormuz currently closed, which is crucial for oil transport in the region. Major Gulf stock markets rose as investors weighed the stalemate in the Iran conflict and the UAE's exit, with Abu Dhabi's share index advancing 0.8% due to gains in ADNOC-linked companies. Analysts believe that while the UAE may gain production flexibility, the geopolitical landscape complicates the scenario, especially with the deepening rift between the UAE and Saudi Arabia, OPEC's de facto leader.
BUSINESSPublished 29 Apr 2026 • Published 9h ago • Updated 2h ago
UAE Exits OPEC, Impacting Global Oil Prices and Markets
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The UAE's exit from OPEC has intensified market reactions, with Gulf stock markets rising as investors assess the implications of the departure amid the ongoing Iran conflict. The UAE's move may allow for increased production flexibility, further complicating OPEC's influence on global oil prices.
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