{"id":635016,"date":"2026-04-28T22:08:10","date_gmt":"2026-04-28T22:08:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/635016\/"},"modified":"2026-04-28T22:08:10","modified_gmt":"2026-04-28T22:08:10","slug":"live-updates-uae-to-quit-opec-in-blow-to-worlds-leading-oil-exporters-as-iran-war-roils-energy-sector","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/635016\/","title":{"rendered":"Live updates: UAE to quit OPEC in blow to world\u2019s leading oil exporters, as Iran war roils energy sector"},"content":{"rendered":"

\"Cracking<\/p>\n

\n The United Arab Emirates will withdraw from Organization of the Petroleum Exporting Countries (OPEC) on May 1, the UAE\u2019s state news agency WAM said.\n <\/p>\n

\n \u201cThis decision aligns with the United Arab Emirates\u2019 long-term strategic and economic vision and the development of its energy sector, including accelerating investment in domestic energy production,\u201d the statement said.\n <\/p>\n

\n OPEC is a cartel of major oil-producing nations that coordinates production policies to influence global oil supply and prices.\n <\/p>\n

\n The UAE is also leaving OPEC+, which includes Russia, the statement said.\n <\/p>\n

\n The move marks a major blow to OPEC and its leading member, Saudi Arabia. The cartel collectively accounts for 36% of the world\u2019s oil production and together controls almost 80% of the world\u2019s total proven reserves.\n <\/p>\n

\n \u201cThe UAE\u2019s decision to exit from OPEC reflects a policy-driven evolution aligned with long-term market fundamentals,\u201d Suhail Al Mazrouie, the UAE\u2019s energy minister, said in a statement on X. \u201cWe remain committed to energy security, providing reliable, responsible, and lower-carbon supply while supporting stable global markets.\u201d\n <\/p>\n

\n The UAE has long pushed for higher OPEC production quotas as it sought to expand capacity well beyond the levels assigned to it by the cartel.\n <\/p>\n

\n OPEC was established in 1960 by Saudi Arabia, Iran, Iraq, Venezuela and Kuwait. The UAE joined seven years later.\n <\/p>\n

\n The UAE is among the world\u2019s ten largest oil producers, accounting for some 3% to 4% of the world\u2019s oil.\n <\/p>\n","protected":false},"excerpt":{"rendered":"The United Arab Emirates will withdraw from Organization of the Petroleum Exporting Countries (OPEC) on May 1, the…\n","protected":false},"author":2,"featured_media":635017,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,26791,160084],"class_list":["post-635016","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-hnk","tag-int"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/635016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=635016"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/635016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/635017"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=635016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=635016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=635016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}