World

UAE Leaves OPEC, Global Oil Stockpiles Concerns

Updated 2026-05-16 13:30 UTC 1 source Negative

The United Arab Emirates announced its departure from OPEC as a strategic economic move. This decision could lead to record-low global oil stockpiles if the Strait of Hormuz remains closed.

Coverage timeline — 2 articles

CNBC

UAE says its decision to leave OPEC was a strategic economic move, not a political one

The United Arab Emirates, which joined OPEC in 1967, announced last month it was leaving the oil producer group on May 1.

2026-05-16 13:13 UTC

CNBC

Global oil stockpiles could hit record lows if Strait of Hormuz remains closed

The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.

2026-05-16 13:25 UTC