Source: International Business Times
The United Arab Emirates announced Tuesday it will leave both OPEC and the broader OPEC+ alliance effective May 1, delivering a major blow to the oil producers' group and its de facto leader Saudi Arabia amid the ongoing Iran conflict that has severely disrupted Gulf energy exports. UAE Quits OPEC Effective May 1: 10 Key Facts on Shocking Exit The surprise decision, confirmed by state news agency WAM, reflects the UAE's "long-term strategic and economic vision" and its desire to pursue independent production policies focused on national interests. As the world's seventh-largest oil producer and OPEC's third-biggest member, the UAE's exit marks one of the most significant departures in the cartel's history.
