Global Press on the UAE’s Exit from OPEC: The Biggest Split in History

Middle East News Network: In a move described by the international press as “shocking” and “the largest of its kind in the organization’s history,” the United Arab Emirates announced its withdrawal from both OPEC and OPEC+, effective May 1, 2026.

The decision came just days after public American support for Abu Dhabi and amid the Iran war that led to the closure of the Strait of Hormuz. Below is a summary of how major international newspapers and magazines covered this withdrawal and its implications.

The magazine notes that OPEC will discuss, during its April 29 meeting, the withdrawal of one of its oldest members, as the UAE will officially leave on May 1, just one day after the meeting. The immediate reason is attributed to the war in Iran and the blockade of the Strait of Hormuz, which severely disrupted energy exports across the region and caused significant damage to the UAE and its Gulf neighbors, pushing the third-largest oil exporter in OPEC to act independently.

The magazine adds that the decision highlights long-standing tensions within the organization, tensions that were worsened by the war. Despite the significance of the withdrawal, The Economist believes that this move “may not break the club,” and that OPEC can continue functioning despite this major split.

Fortune describes the decision as “a severe blow to the organization and to Saudi Arabia, its de facto leader,” calling it the biggest split in OPEC’s history. The magazine notes that the decision came only days after U.S. Treasury Secretary Scott Bessent publicly supported a $20 billion dollar swap line for Abu Dhabi.

Fortune emphasizes that the UAE’s case is different from previous withdrawals by Qatar and Angola, as the UAE is OPEC’s third-largest producer. Disagreements between Saudi Arabia and the UAE had been growing for years over production quotas and regional policy, and these tensions intensified during the current war.

The magazine also points out that the Governor of the UAE Central Bank sought during a visit to Washington to “support the stability of the regional financial system,” while Bessent defended the arrangement before Congress and pledged assistance. The UAE had reportedly threatened to price part of its oil sales in yuan if dollar liquidity declined, which could have accelerated the erosion of the petrodollar’s dominance.

On the political background, Fortune says the move reflects Abu Dhabi’s frustration with Gulf states offering logistical support rather than political and military backing. Meanwhile, Washington held security talks with the UAE, Israel deployed the Iron Dome on Emirati territory for the first time during an active conflict, and the U.S. expanded its military presence at Al Dhafra Air Base. The UAE also reportedly insisted that any U.S.-Iran settlement must guarantee freedom of navigation through Hormuz, effectively giving it veto power over ceasefire negotiations.

Regarding the petrodollar system, Fortune says it is under threat, with the dollar’s share of global reserves dropping to 57%, its lowest level in 25 years. Iran has reportedly been charging ships in Bitcoin and increasing oil sales to China in yuan, prompting Deutsche Bank to warn that the current war could be “the catalyst for the beginning of the petroyuan era.”

However, experts caution against exaggeration, noting that Gulf sovereign wealth funds still invest more than $2 trillion in the United States, and Gulf currencies remain pegged to the dollar.

The newspaper says the UAE delivered a major blow to top oil producers by announcing its withdrawal from an organization that has spent decades trying to control prices and supplies. It notes that OPEC’s influence has weakened in recent years due to rising production from non-member countries, especially the United States.

Before the Iran war, the UAE was one of OPEC’s largest producers after Saudi Arabia, Iraq, and Iran, producing around 3.6 million barrels per day, about 3% of global supply. Its withdrawal does not currently affect prices because the war forced Gulf producers to reduce output, but it may increase volatility later.

The New York Times adds that the UAE gave less than one week’s notice, announcing its departure on Friday in a surprise move that reflects the scale of the break. The UAE aims to raise its production capacity to 5 million barrels per day by 2027 and is expected to pump more once shipping through the Strait of Hormuz resumes.

The UAE also has a pipeline that bypasses the strait, but it was still forced to cut production by more than one-third in March, according to the International Energy Agency.

The newspaper quoted UAE Energy Minister Suhail Al Mazrouei as saying: “The world needs more energy and more resources, and the UAE wanted not to be constrained by any groups,” stressing that his country “will remain a responsible producer.”

Source: RT