UAE leaves OPEC in blow to oil cartel during war on Iran

The United ‌Arab Emirates has announced its decision to quit OPEC and OPEC+ to focus on “national interests”, dealing ⁠a heavy ⁠blow to the oil-exporting groups at a time when the US-Israel war on Iran has caused ⁠a historic energy shock and rattled the global economy.

The move, which will take effect on Friday, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.