The United Arab Emirates announced it will leave oil cartel OPEC and its wider OPEC+ group effective May 1, citing a long-term strategic and economic vision.
The UAE has been trying to leverage its foreign policy in the Middle East, contradicting some positions of Riyadh, particularly under Crown Prince Mohammed bin Salman.
Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions.
The move marks a significant shift in the region, as Saudi Arabia, a longtime OPEC heavyweight, faces increased competition from the UAE over economic issues and regional politics.
