The United Arab Emirates has announced it will leave OPEC, dealing a significant blow to the oil producers’ group and fundamentally reshaping global energy dynamics.
The decision marks a major development for the influential cartel, which has long relied on the UAE as one of its key members. The departure is expected to have wide-ranging consequences for how OPEC operates and its ability to influence global oil markets.
The announcement comes amid a backdrop of rising oil prices, with crude hitting $110 per barrel amid the ongoing Iran war. Markets reacted swiftly to the news of the UAE’s planned exit from the organization.