The United Arab Emirates, on 28 April 2026, announced its exit from OPEC amid the Iran war. The UAE will exit OPEC on 1 May 2026. Media reports state that the UAE is leaving OPEC to meet its national interests and free itself from the obligations to meet oil production demands under the OPEC agreement. The UAE was the third-largest producer in OPEC, trailing behind Saudi Arabia and Iraq.
The decision to leave OPEC and OPEC+ was taken after examining the country's energy strategies, said the UAE Energy Minister Suhail Mohamed al-Mazrouei. The UAE has ambitious goals of achieving 5 million barrels of oil per day capacity by 2027, and the country seeks more freedom to pursue that goal, the energy minister added.
In this article, let us understand what OPEC and OPEC+ are along with their member countries and objectives.
What do OPEC and OPEC+ stand for?
OPEC full form is the Organisation of the Petroleum Exporting Countries, while OPEC+ represents a broader alliance comprising the original OPEC members and several key non-OPEC oil-producing countries.
The OPEC was formed in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. OPEC is a permanent intergovernmental organisation headquartered in Vienna, Austria.
In 2016, a broader alliance comprising the OPEC members and 10 additional non-OPEC members was formed called OPEC+.
Before OPEC formed, the international oil market was dominated by the “seven sisters” group of multinational energy companies.
OPEC and OPEC+ controls roughly 40 to 50 per cent of global crude oil production and holds over 80 per cent of proven oil reserves. The oil cartel holds immense influence over global oil prices.
OPEC and OPEC+ Member Countries
After the exit of the UAE, the OPEC will comprise 11 member countries, namely:
- Algeria
- Republic of the Congo
- Equotorial Guinea
- Gabon
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Saudi Arabia
- Venezuela
Former member countries that have left OPEC include Angola, Ecuador, Indonesia, and Qatar.
The OPEC+ comprises 11 member countries, namely:
- Azerbaijan
- Bahrain
- Brunei
- Brazil
- Kazakhstan
- Malaysia
- Mexico
- Oman
- Russia
- South Sudan
- Sudan
OPEC and OPEC+ Objectives
The objectives of OPEC and OPEC+ include "to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers, an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry”.
Key objectives include:
- Stabilise global oil markets by coordinating production levels and policies of member nations
- Secure stable and fair prices for petroleum products
- Ensure an efficient and regular supply of petroleum to consuming nations
- Provide a reasonable return on capital to investors in the petroleum industry
