UAE To Leave OPEC Amid Hormuz Oil Crisis

The United Arab Emirates announced Tuesday that it would exit the Organization of the Petroleum Exporting Countries (source paywalled; alternative source), or OPEC, along with the wider group of partners known as OPEC+, effective May 1, in what could be a blow to control over prices by the group, long led in practice by Saudi Arabia. The move “reflects the UAE’s long-term strategic and economic vision and evolving energy profile” read an official statement carried by a UAE state news agency, as disruptions “in the Strait of Hormuz continues to affect supply dynamics.”

[…] The UAE is the second Persian Gulf country to leave the group after Qatar terminated its membership in 2019. The UAE has been a member of OPEC since 1971. The latest departure leaves in place 11 core members: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and Venezuela.