Some experts have described the decision as the beginning of the end for the oil alliance, and BBC Mundo has published an extensive article on the matter.

The UAE will leave the group of major oil-exporting nations OPEC in May, after nearly 60 years of membership.

The country announced that its decision would help it meet the growing global demand for energy in the long term, following recent investments to increase its production capacity.

The Gulf nation’s Ministry of Energy stated that, by becoming a country without binding obligations to the group, it will enjoy greater flexibility.

OPEC was created in 1960 by five countries—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—to defend the interests of the major oil exporters by coordinating production, thus ensuring stable income for its members.

The number of member countries has fluctuated over the years. However, in addition to the five founding members, it currently also includes Algeria, Equatorial Guinea, Gabon, Libya, Nigeria, and the Republic of Congo.

The UAE joined in 1967 and by the beginning of this year had become the organization’s third-largest crude oil producer, with 3.4 million barrels per day.

Its departure will leave OPEC with 11 members. Furthermore, there are 10 other non-OPEC members within the broader alliance known as OPEC+, from which the UAE will also withdraw.

Saul Kavonic, head of energy research at MST Financial, stated that this marks the beginning of the end for the alliance.

With the UAE’s departure, OPEC loses approximately 15% of its capacity and one of its most disciplined members.

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