UAE leaves OPEC and OPEC+ from May 1 seeking flexibility
Business
The United Arab Emirates is leaving OPEC and OPEC+ from May 1, aiming to manage its own oil output without group restrictions.
This move follows ongoing disagreements with Saudi Arabia about how much oil to produce.
With global energy markets already shaky due to the Iran war, the UAE says it wants flexibility to respond to changing times.
UAE exit cuts OPEC capacity 15%
By stepping out, the UAE cuts OPEC's total capacity by about 15%. The country produces around 2.9 million barrels of oil annually.
Experts think this could shake up both regional politics and global energy prices, as other countries watch what happens next.