According to Bloomberg, UAE Quits OPEC as War Upends Oil Markets and Gulf Tensions Rise.
The United Arab Emirates (UAE) has announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC), effective May 1, according to reports from Bloomberg and CNBC.
The move follows a comprehensive review of the UAE's production policy and its current and future capacity, as stated in the reports.
This decision is seen as a significant shift in the dynamics of the global oil market, particularly as tensions in the Gulf continue to escalate.