United Arab Emirates Announces Exit from OPEC Effective May 1
The United Arab Emirates (UAE) has announced it will leave the Organization of the Petroleum Exporting Countries (OPEC) on May 1, 2026.This decision marks a significant shift in the UAE's energy policy and its role within the global oil market.The UAE's Ministry of Infrastructure stated that the withdrawal is driven by national interests and a commitment to meeting global market demand.The move is also linked to the Gulf nation's desire to expand its oil production capacity.The announcement follows disruptions caused by the ongoing war in Iran, which has affected shipping routes through the Strait of Hormuz, a critical passage for... [Continue Reading]
360LiveNews | 30 Apr 2026 00:01 LONDON
