UAE announces it is leaving OPEC and OPEC+ from 1 May

The United Arab Emirates announced on Tuesday it has quit OPEC and OPEC+. The decision will come into effect on 1 May, a statement said. “This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” UAE state news agency WAM reported.