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newsApr 29, 20260:34

UAE quits OPEC after 60 years

7News Just In

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The United Arab Emirates has withdrawn from OPEC after 60 years of membership, dealing a significant blow to the oil cartel and Saudi Arabia. As OPEC's third-biggest producer, the UAE's departure could further destabilise global oil markets and weaken the organisation's influence during a major supply crisis. The US President has accused OPEC of inflating oil prices at the expense of the rest of the world.

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UAE quits OPEC after 60 years

7News Just In

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7News Just InUAE quits OPEC after 60 years. Machine-transcribed; use the interactive transcript above to jump the player to any line.

The Arab Emirates has quit the oil producing group of countries OPEC after 60 years as a member. It's a major setback to the oil cartel and its powerhouse Saudi Arabia as OPEC's third biggest producer, the UAE's Exit, could shake up international oil markets further and weaken the group's grip during an already major supply crisis. The U.S. President has accused the organization of ripping off the rest of the world by inflating oil prices.

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