The United Arab Emirates has announced its departure from OPEC, a move that underscores growing tensions within the oil cartel and the escalating economic impact of the ongoing blockade against Iran. In a related development, Exxon Mobil Corp. and Chevron Corp. reported stronger-than-expected first-quarter earnings, driven by higher oil and natural gas prices that offset production disruptions caused by the Iran war.
UAE Exits OPEC as Iran Blockade Strains Economy
AI
May 3, 2026 · 1:56 AM