The United Arab Emirates has decided to leave the Organization of the Petroleum Exporting Countries (OPEC), as well as OPEC+, the state Emirates News Agency (WAM) reports.
The withdrawal, which is set to come into force on May 1, is viewed as a serious blow to Saudi Arabia, the informal leader of OPEC . The news comes amid a crisis in the Middle East triggered by the US-Israeli war against Iran, which resulted in the suspension of crude exports from the Persian Gulf and damage to Arab nations that host US military bases.
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