❗️The UAE will withdraw from OPEC and OPEC+ on May 1.
They said the decision is based on their "national interest and commitment to contribute effectively to meeting the market's pressing needs."
The UAE was the third-largest producer in OPEC in February, behind Saudi Arabia and Iraq.
This decision will allow the UAE to increase their oil production. This, in turn, might lead to lowering global oil prices.
This move will greatly impact the OPEC's ability to influence global prices.
There are reports that the UAE have been pondering this decision since at least 2023.