The United Arab Emirates has announced it will leave OPEC, dealing a significant blow to the oil cartel and its leader Saudi Arabia amid the massive supply disruptions caused by the Iran war.
The UAE's departure, effective May 1 after six decades of membership, marks a major loss for the group that has long managed global oil markets and defended prices by controlling crude supplies. Before the war, the UAE was OPEC's third-largest producer, accounting for roughly 12% of the group's output.
This move further signals how the conflict in Iran will reshape energy markets for years. While the UAE has previously discussed leaving OPEC due to tensions with Saudi Arabia, Energy Minister Suhail Al Mazrouei stated in an interview that the war's disruption created an opportune moment for the exit.