The United Arab Emirates (UAE) has officially left the Organization of the Petroleum Exporting Countries (OPEC) after almost six decades of membership, ending on 1 May 2026. This move is a watershed in global energy politics, foreshadowing the unraveling of OPEC’s cohesion and the emergence of a more fractured, competitive oil market.
During the past few days, the international oil sector witnessed an intense controversy after the U.S. Senate committee has passed the “No Oil Producing and Exporting Cartels” or “NOPEC” bill. This bill could expose the members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners to lawsuits to intervene in the oil production volumes and thus control oil prices.
The US has agreed with its allies, the member countries of the International Energy Agency (IEA), to pump 60 million barrels of crude oil from their reserves into the market.
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