economy
United Arab Emirates quits OPEC alliance
The United Arab Emirates said on Tuesday it is exiting OPEC and the broader OPEC+ as of May 1, marking a major loss for the oil-producing bloc as global energy markets remain volatile in light of the Iran war.
TL;DR
- The UAE is exiting OPEC and OPEC+ effective May 1.
- The decision is based on a review of the UAE's production policy and national interest.
- The UAE aims to focus on its commitment to investors, customers, partners, and global energy markets.
- The UAE joined the OPEC alliance in 1967.
- After the UAE's exit, OPEC will have 11 member countries.