New Delhi, May 1 -- The United Arab Emirates (UAE) announced its decision to leave the Organisation of the Petroleum Exporting Countries (OPEC) on 1 May 2026, after being a member since 1967. It currently produces around 3 million barrels per day, accounting for about 3% ofglobal oil supply, according to reports. The plan is to increase production capacity to 5 million barrels per day by 2027.

Market analysts believe that the UAE seeks greater autonomy. OPEC's production quotas were intended to stabilise prices. Member countries typically agree to restrict production to maintain price stability, but this also limits the amount each country can sell. The UAE believes it can generate more revenue by increasing production levels, even if pr...