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What Is OPEC+ and How Does It Affect Oil Prices?
The move follows a sharp drop in OPEC+ market share as Gulf producers cut output and global rivals expanded supply, Kpler said.
- On Tuesday, the United Arab Emirates announced it will leave the OPEC+ oil alliance on May 1, marking the largest producer departure since the UAE joined in 1967.
- The UAE joins three other nations that have exited recently, including Angola in 2024, as OPEC+ faces declining influence amid rising production from non-member rivals like the United States.
- Global crude seaborne exports from the alliance fell sharply from about 47 per cent in 2025 to 34.7 per cent in March, following output cuts by Saudi Arabia, Kuwait, Iraq, and the UAE.
- Crude production fell by nearly 8 million barrels per day in March as tensions surrounding the Iran war disrupted transit through the Strait of Hormuz, forcing reliance on alternative pipelines.
- President Donald Trump has historically criticized OPEC for "ripping off the rest of the world," arguing that while the United States defends member nations, they "exploit this by imposing high oil prices.
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Total News Sources23
Leaning Left3Leaning Right1Center18Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
14%
C 82%
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