UAE leaves OPEC in major blow to global oil producers' group
The United Arab Emirates announced it is leaving OPEC and OPEC+ effective May 1, citing a strategic shift in its energy policy and regional security concerns amid tensions with Iran. The move, made without prior consultation with other members including Saudi Arabia, could weaken the cohesion of the oil-producing alliance. The UAE argues the decision will allow it to better meet global energy demand and improve supply reliability. The exit comes at a time of tight global oil markets and disrupted shipments through the Strait of Hormuz.
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Khalid Al-Falih, President of the OPEC conference and Saudi Arabia's energy minister is seen behind a Opec logo during news conference at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, Austria, on Nov. 30, 2017 (re-issue Apr. 28). The United Arab Emirates (UAE) on Tuesday annouced it will be leaving the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ from May 1. EPA-YonhapDUBAI — The United Arab Emirates said on Tuesday it was quitting oil-producers' group OPEC, as an unprecedented energy crisis triggered by the Iran war exposes discord among Gulf nations.The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range…
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