The United Arab Emirates has announced plans to leave the world’s leading oil exporters group, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, on May 1.
The abrupt decision by the Gulf state – which had been a member of OPEC for six decades – reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gulf countries exporting oil.
“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the UAE said, according to The Associated Press.
The decision comes at a time of crisis for the global energy market as the Iran war has hampered the flow of tankers through the critical Strait of Hormuz, through which around a fifth of the world’s oil passes
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