United Arab Emirates says it will leave OPEC
The United Arab Emirates on Tuesday said it would leave the Organization of the Petroleum Exporting Countries (OPEC) next month.
The move comes amid regional fallout in the Gulf amid the Iran war, which has triggered one of the worst oil shocks in history.
The decision reflects a "long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets," the UAE said.
U.S. oil prices climbed nearly 4% on Tuesday, topping $100 a barrel.
The group of oil-producing nations known as OPEC, led by Saudi Arabia, accounts for about 28 million barrels of oil each day, amounting to nearly 30% of the world's crude output, according to data issued by the U.S. Energy Information Administration in 2023. The UAE produces about 3 million barrels of oil each day.
