Overview of the 13 oil-producing countries in OPEC

Equatorial Guinea, located in west-central Africa, borders the Atlantic Ocean to the west, Cameroon to the north, and Gabon to the east and south. It comprises the mainland Río Muni region and islands in the Gulf of Guinea—including Bioko, Annobón, and Corisco. Equatorial Guinea’s economy is primarily agricultural, with cocoa as its main export product, followed by coffee. The country has long been listed among the world’s least developed countries; however, the discovery of substantial offshore oil reserves in 1996 triggered rapid economic growth. Nevertheless, the vast majority of oil revenues have been controlled by government officials and the ruling elite, leaving the general population still mired in poverty. Equatorial Guinea is a member of the Organization of the Petroleum Exporting Countries (OPEC). 13. Gabon Gabon lies on the west coast of Central Africa, straddling the equator. It shares land borders with the Republic of the Congo to the east and south, Cameroon to the north, and Equatorial Guinea to the northwest; its western coastline along the Atlantic Ocean stretches 800 kilometers. Since gaining independence from France on August 17, 1960, the Gabonese Republic has been governed by three presidents. Gabon’s multi-party system and a new democratic constitution aim to enhance transparency in elections and reform numerous government institutions. Its low population density, abundant natural resources, and foreign private investment have helped make Gabon the most prosperous country in the region, with the highest Human Development Index among sub-Saharan African nations. Gabon’s primary export partners are the United States, China, and Russia, while its main import sources are France. Gabon holds proven oil reserves of 2 billion barrels and produces 210,000 barrels per day, making it one of Africa’s major oil producers. Gabon is a member of OPEC. III. Member Countries That Have Withdrawn in Recent Years 1. Qatar (Withdrawn) Qatar possesses abundant oil and natural gas resources. Its total natural gas reserves rank third globally, and its GDP per capita ranks first worldwide. Qatar is a hereditary monarchy led by the Al Thani family since the mid-19th century, later discovering oil and natural gas under British protection. Oil and natural gas constitute the pillars of Qatar’s economy. The government heavily invests in natural gas development, prioritizing it as central to national economic advancement. Qatar is the world’s largest producer and exporter of liquefied natural gas (LNG). Qatar’s conventional crude oil output is relatively modest—600,000 barrels per day—only 6% of Saudi Arabia’s production—and its share within OPEC is extremely small. In terms of scale, its impact on global oil markets is limited; however, politically, Qatar frequently clashes with mainstream Arab states such as Saudi Arabia (e.g., the 2017 diplomatic rift involving multiple Arab countries severing ties with Qatar), drawing significant market attention. 2. Ecuador Ecuador joined OPEC in 2007, making it the smallest OPEC member and one of only two OPEC members in the Western Hemisphere. By global standards, Ecuador is a relatively small oil producer and exporter. Yet the petroleum sector accounts for approximately 50% of Ecuador’s export earnings and one-third of its tax revenue, playing a vital role in the country’s political stability and economic welfare.

How should we evaluate the UAE’s announcement of its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC)?

Yesterday, another major development hit global energy markets: the United Arab Emirates (UAE) announced it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the 'OPEC+' alliance effective May 1, 2026. This marks the UAE’s sudden decision to leave the group after a decade of membership—a move that has drawn widespread attention. So why is the UAE choosing to exit? Reports indicate the UAE had long contemplated this step—but why act now, amid escalating Middle Eastern conflicts severely disrupting global energy supplies and the world economy? According to the UAE’s official statement, the decision followed a comprehensive review of the country’s production policies and current and future capacity, grounded in national interests and the UAE’s commitment to effectively meeting urgent market demands. The decision reflects the UAE’s long-term strategic vision and economic development goals, as well as evolving domestic energy structure requirements—including accelerated investment in domestic energy production. Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, stated in an interview with CNN on the 28th that the timing of the withdrawal would not significantly affect global oil prices, especially given disruptions to shipping through the Strait of Hormuz—which also affects the UAE. First, let’s briefly explain what 'OPEC' is. 'OPEC' is the English acronym for the Organization of the Petroleum Exporting Countries, founded in Baghdad, Iraq, in September 1960. The UAE joined OPEC in 1967—meaning it has been a core member for nearly six decades. OPEC’s mission is to coordinate and unify the petroleum policies of its member countries, ensure stability in international oil markets, secure stable income for oil-producing nations, provide oil-consuming countries with adequate, economical, and long-term oil supplies, and guarantee reasonable returns for investors in the petroleum industry. 'OPEC+' is an alliance comprising OPEC members plus ten non-OPEC oil-producing countries, including Russia and Kazakhstan. Together, OPEC and 'OPEC+' members control roughly 90% of the world’s proven crude oil reserves, and their production decisions significantly influence global oil supply-demand balance and pricing. The UAE cites 'national interests and more effective fulfillment of urgent international market demands' as its rationale. In reality, this signals the UAE’s desire to increase oil output. Prior to the recent Middle East conflict, the UAE ranked as the world’s seventh-largest oil producer and OPEC’s third-largest producer—accounting for about 14% of OPEC’s total output. Withdrawal means the UAE will no longer be bound by OPEC production quotas and can freely expand output. Under 'OPEC+' production cuts, the UAE’s actual crude oil output in March this year stood at only 2.37 million barrels per day. Meanwhile, the UAE currently possesses sustainable production capacity of up to 4.3 million barrels per day, with a target output of 5 million barrels per day by 2027—leaving nearly 2 million barrels per day of idle capacity sitting unused in its oil fields. The UAE exports oil via two main routes: one is shipping crude oil worldwide through the Strait of Hormuz; the other is the Abu Dhabi National Oil Company’s (ADNOC) 360-kilometer pipeline, which bypasses the Strait of Hormuz entirely and delivers oil directly to Fujairah Port. This pipeline has a daily throughput capacity of 1.8 million barrels and currently serves as the UAE’s primary method of crude oil export.

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