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, as it looks to generate more revenue and exercise greater autonomy.

The Middle Eastern nation 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.

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 increasin...