By Abiodun Folarin
WorldStage– In a dramatic twist in the global energy architecture, the Organization of the Petroleum Exporting Countries (OPEC) has lost one of its longest-standing members, as the United Arab Emirates (UAE) on Tuesday exited the organisation after six decades of membership.
The departure will leave the oil cartel with 11 members, increasing pressure on Saudi Arabia which produces about nine million barrels of oil daily to hold the remaining bloc together.
The UAE exit comes at a time of volatility in global oil prices caused by the Middle East conflict involving the United States, Israel, and Iran disrupting the global energy market supply.
In a post on X on Tuesday, Suhail Mohamed Al Mazrouei, the UAE’s Minister of Energy, said the country’s decision to leave OPEC aligns with evolving policy directions in the energy sector.
“The UAE’s decision to exit OPEC aligns with sector policy-driven developments and is consistent with long-term market fundamentals,” he said.
“We express our appreciation to OPEC and its member states for decades of constructive cooperation.”
The minister reaffirmed the UAE’s commitment to energy security by providing reliable, responsible, and low-emission energy supplies, while supporting global market stability.
The development comes amid ongoing geopolitical tensions in the Middle East, where the conflict between the United States, Israel, and Iran has significantly disrupted the global economy and driven energy prices to elevated levels.
The UAE, which produces about 2.9 million barrels of oil per day according to OPEC data, joined the cartel in 1967.
OPEC currently has 12 members Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela which collectively account for roughly 30 percent of global oil supply.
