economy
United Arab Emirates says it will permanently leave OPEC on May 1
Updated on: April 28, 2026 / 10:47 AM EDT / CBS News
TL;DR
- UAE is leaving OPEC and OPEC+ after more than 50 years.
- Decision follows a review of production policy, future capacity, and geopolitical fluctuations.
- UAE wants more flexibility to increase oil production.
- Country joined OPEC in 1967.
- UAE has had disagreements with Saudi Arabia over OPEC quotas.