10:30 - 29.04.2026

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April 29, Fineko/abc.az. The decision to withdraw from the organizations of the petroleum exporting countries OPEC and OPEC+ has been made by the UAE, ABC.AZ reports, referring to state news agency WAM.

The decision will enter into force on May 1, 2026. The UAE has been an OPEC member since 1967.

In addition to the UAE, OPEC includes Saudi Arabia, Iraq, Algeria, Kuwait, Equatorial Guinea, Gabon, Iran, Nigeria, the Republic of the Congo, Venezuela and Libya.

OPEC+ also includes Russia, Kazakhstan, Brazil, Sudan, South Sudan, Azerbaijan, Bahrain, Brunei, Malaysia, Mexico and Oman.

Organizations aim to monitor the situation on the oil market in order to stabilize oil prices.