The United Arab Emirates (UAE) announced on the 28th (local time) that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and its expansion agreement OPEC+ from next month. This has created a major rift in the global oil cartel system led by OPEC.
Relatively small producing countries such as Qatar in 2019, Ecuador in 2020, and Angola in 2024 have recently left OPEC, and Indonesia also withdrew in 2009 and rejoined and withdrew again in 2016. However, the UAE's withdrawal has not caused a major shock like this.
OPEC was formed in the 1960s, and the UAE, a federation of emirates, joined OPEC in 1971 when the federation was founded.
Abu Dhabi, which accounts for 95% of the UAE's crude oil reserves, has been an OPEC member country since 1967.
The UAE was the third largest oil producer among OPEC members, after Saudi Arabia and Iraq.
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