Crude oil prices rose more than 3% [3] overnight on April 28, 2026, following the United Arab Emirates' decision to exit OPEC and OPEC+.
This shift occurs as the global energy market faces simultaneous pressures from geopolitical instability and a fundamental change in the membership of the world's most influential oil cartel. The UAE's departure threatens to disrupt the coordinated production quotas that have historically stabilized global prices.
Brent crude reached $111.60 per barrel [1], while West Texas Intermediate (WTI) climbed to $100.12 per barrel [2]. While prices jumped, gold and silver markets saw a decline during the same period.
The UAE's exit from the organization will be effective May 1, 2026 [4]. This move is significant because OPEC members collectively account for about 40% of global crude production [5].
Market volatility is currently driven by a combination of factors. Investors are monitoring the next steps for US-Iran peace talks and ongoing disruptions in the Strait of Hormuz. Some analysts said that the supply constraints caused by the Hormuz disruptions have outweighed the potential impact of the UAE's exit.
In response to the shifting landscape, sources said OPEC+ may consider a larger output boost of 411,000 barrels per day [6] to offset the instability. The organization continues to navigate the tension between diplomatic efforts in the Middle East and the loss of a key member state.
“Crude oil prices rose more than 3% overnight”
The UAE's departure from OPEC marks a pivot toward independent production strategy for one of the world's largest exporters. By removing itself from the cartel's quota system, the UAE gains autonomy over its output, but the move creates a vacuum in OPEC's ability to manage global supply. When coupled with the volatility of the Strait of Hormuz, this transition increases the risk of price swings, as the market can no longer rely on a unified production front to counter geopolitical shocks.
