United Arab Emirates Announces Departure from OPEC and OPEC+ Effective May 1
The United Arab Emirates (UAE) has declared it will leave the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance starting May 1.This decision marks a significant shift in the dynamics of the global oil market.The UAE cited a desire to focus on its national interests as the primary reason for its departure.The country has expressed dissatisfaction with the production quotas imposed by OPEC and growing tensions with Saudi Arabia, the cartel's de facto leader.This move is expected to disrupt the cohesion of OPEC and OPEC+, which have coordinated oil production policies to influence global oil prices.The UAE's... [Continue Reading]
360LiveNews | 29 Apr 2026 00:30 LONDON
