Amid Hormuz Oil Crisis, UAE to Leave OPEC

The United Arab Emirates (UAE) announced Tuesday that it would exit the Organization of the Petroleum Exporting Countries (OPEC), along with the wider group of partners known as OPEC+, effective May 1. This could be a blow to control prices by the group, long led in practice by Saudi Arabia.

"We thank OPEC and its member countries for decades of constructive cooperation," wrote UAE Energy Minister Suhail Al Mazrouei in a social media post.

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."

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