OPEC+ Holds Emergency Meeting to Set Oil Quotas After UAE Exit

An emergency meeting of OPEC+ is underway to determine new oil production quotas following the exit of the United Arab Emirates from both OPEC and the wider alliance.

According to a report by Al Jazeera published on Sunday (May 3), this marks the first meeting since the UAE formally withdrew from the group.

The report said seven OPEC+ member countries are participating in the meeting, where discussions are expected to focus on setting new output quotas. Traders suggest the participating nations may agree to increase production by around 188,000 barrels per day.

The UAE, one of the world’s major oil producers, officially exited the alliance on Friday, ending nearly six decades of membership in OPEC. The decision came into effect on May 1.

Officials in Abu Dhabi said the move reflects long-term strategic and economic priorities, as well as shifts in the global energy landscape. Analysts view the departure as a significant blow to the oil-exporting bloc and its de facto leader, Saudi Arabia.

Meanwhile, escalating tensions involving Iran—including reported U.S.-Israeli strikes—have led to the closure of the Strait of Hormuz. The disruption has created major challenges for Gulf oil exporters, as the narrow waterway between Iran and Oman handles roughly one-fifth of the world’s crude oil and liquefied natural gas shipments.

The UAE, a regional business hub and key ally of Washington, has also voiced concerns that other Arab nations have not done enough to protect it from repeated attacks during the ongoing conflict.

Founded in 1960, OPEC remains one of the most influential organizations in the global energy market, accounting for more than one-third of the world’s oil supply.