United Arab Emirates quits OPEC in a blow to the oil cartel

The United Arab Emirates has announced it will exit the Organization of the Petroleum Exporting Countries - or OPEC - from May. Analysts say the decision reflects a growing rift with Saudi Arabia, and stronger ties with the United States. As XXX reports, any impact on oil prices is likely to be dampened by the continued closure of the Strait of Hormuz.

epa12918910 (FILE) - OPEC logo on the building prior to the 186th Ordinary Meeting of the Organization of Petroleum Exporting Countries (OPEC) at the OPEC headquarters in Vienna, Austria, 03 June 2023 (re-issue 28 April 2026). The United Arab Emirates (UAE) on 28 April 2026 annouced it will be leaving the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ from 01 May 2026 on. EPA/MAX BRUCKER Source: EPA / MAX BRUCKER/EPA