Overview
- State media in Abu Dhabi said Tuesday the UAE will quit OPEC and the wider OPEC+ group on May 1.
- Officials framed the step as a long-term energy strategy and pointed to attacks and shipping disruptions in the Persian Gulf and the Strait of Hormuz.
- Energy minister Suhail al-Mazrouei told Reuters the move followed an internal review and was not discussed with Saudi Arabia or any other member.
- The departure dents OPEC unity, which depends on common production quotas to influence prices, and any price effect now turns on whether the UAE raises exports.
- The UAE pumped about 3.4 million barrels a day in March and aims for 5 million by 2027, a scale that could reshape supply if pipelines and sea routes stay open.