According to the Emirates News Agency, the United Arab Emirates will leave OPEC and OPEC+ on May 1 amid Iran war-related energy stress, with one report also linking the shock to Bitcoin falling below $76,000.
According to the Emirates News Agency, the United Arab Emirates said it will leave OPEC and OPEC+ on May 1 and gradually increase oil production after its departure. Reporting says the move comes during severe energy market stress tied to the Iran war, tensions over protection from Iranian attacks, and supply concerns around the Strait of Hormuz. Earlier reporting said oil prices turned volatile immediately after the news, initially falling 3% before rebounding above $100, while another source linked the disruption to Bitcoin falling below $76,000. One source also described the UAE as exiting OPEC after 59 years, though it provided no further attribution or supporting details beyond the headline-level claim.