2026 Energy Markets: Baghdad Declines to Follow Abu Dhabi’s Path, Reaffirming OPEC+ Membership Amid Hormuz Crisis

 Baghdad officially denied any intention to leave OPEC+ in April 2026, stressing that international cooperation is vital for maintaining acceptable price levels following the UAE's historic exit. Iraqi sources highlighted that organizational unity is a strategic necessity after losing its third-largest producer. Conversely, the UAE justified its departure as a move toward production flexibility necessitated by the 2026 energy crisis and maritime instability, a development experts consider the most significant structural shift since the alliance's inception.