The UAE says its decision is driven by “national interests” as Middle East tensions disrupt energy markets
The United Arab Emirates, one of the world’s biggest oil exporters, has announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ on May 1. The move is seen by analysts as a serious setback for the group and its informal leader, Saudi Arabia.
The decision comes amid a crisis in the Middle East triggered by the US-Israeli war against Iran, which has disrupted crude flows from the Persian Gulf. Shipments have been choked by the blockade of the Strait of Hormuz – a narrow waterway off the UAE’s…
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