UAE announced its withdrawal from OAPEC on 04‑05‑2026, following its April 28 exit from OPEC and OPEC+ to boost own oil output.
ADNOC disclosed plans to award projects worth 200 billion dirhams (≈ $55 bn) for 2026‑2028, supporting its five‑year capex strategy.
The exit underscores UAE’s shift away from multilateral oil frameworks amid heightened Iran‑related tensions and the Strait of Hormuz closure.
OAPEC, founded in 1968, does not set production quotas, unlike OPEC, highlighting the strategic nature of the UAE’s move.