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United Arab Emirates withdraws from the Organization of Arab Petroleum Exporting Countries and "OPEC+"
The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on the 3rd, confirming that the United Arab Emirates has officially withdrawn from the organization. The statement said that the Secretariat of the Organization of Arab Petroleum Exporting Countries has received a letter from UAE Energy Minister Suhail Mazrouei to the current Chairman of the Ministerial Council of the organization, in which he announced the UAE’s decision to withdraw from the organization, effective May 1, 2026. Previously, on April 28, the UAE announced that it would withdraw from the Organization of Petroleum Exporting Countries and “OPEC+” starting May 1. The Organization of Arab Petroleum Exporting Countries was established in 1968 and is headquartered in Kuwait. It is intended to promote cooperation among member states and to work to maintain reasonable oil prices, among other goals. The organization includes member countries such as Saudi Arabia, Qatar, Kuwait, Algeria, Bahrain, Egypt, Iraq, and others.