The United Arab Emirates is officially separating from the OPEC alliance. They declared, “During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets. This is what we will focus on going forward.”
United Arab Emirates quits OPEC alliance– www.washingtonexaminer.com
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EXCERPT:
The United Arab Emirates on Tuesday said it is exiting OPEC and the broader OPEC+ as of May 1, marking a major loss for the oil producing bloc as global energy markets remain volatile in light of the Iran war.
The UAE said it has participated in the organization for the greater global benefit, but it is leaving the group to focus on internal interests.