Adnoc to Speed Spending Post-OPEC with $55 Billion in Awards

The United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.

The UAE Quit OPEC Because Its Sovereign Wealth Now Dwarfs Oil

The UAE left OPEC because its $1.7 trillion sovereign wealth portfolio now matters more than the price of crude. Higher oil prices can hurt Abu Dhabi as much as help it.

What Is OPEC, and How Does It Operate?

The group of oil-producing countries supplied more than 25 percent of the world’s oil before the war in Iran. Its members have influenced energy markets through the years.

The UAE’s OPEC bombshell signals a new Middle East order

After bearing the brunt of Iran’s counterattack, the financial powerhouse is strengthening ties with Israel and challenging Saudi Arabia.

The UAE Leaves OPEC: Here's What It Could Mean

The UAE's 2026 exit from OPEC and plans to hit 5 million barrels per day by 2027 signal a shift as the Hormuz closure drives prices. Learn why OPEC's power is weakening.

Loss of Emirates Further Weakens OPEC’s Influence

The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
Council on Foreign Relations

Why the UAE Walked Out on OPEC—and What It Means for the Cartel

The United Arab Emirates (UAE) announced on Tuesday that it is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC).