Why UAE's decision to leave OPEC is major shift for cartel
The UAE accounts for 12% of OPEC's output, but tensions had been simmering over intragroup rivalries and the country wanting to export more oil.
The UAE’s decision to leave the Organization of the Petroleum Exporting Countries, effective May 1, is a significant blow to the oil cartel, as the Gulf country accounts for 12% of the group’s output.
The decision, announced on Tuesday, ends the Gulf country’s nearly six-decade tenure in OPEC.
The UAE’s Ministry of Energy & Infrastructure said in a statement that the country would also leave the wider OPEC+ group on May 1.
“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the ministry said.
