United Arab Emirates says it will leave OPEC effective May 1
Published 3 hours ago
United Arab Emirates says it will leave OPEC effective May 1
DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC and its wider OPEC+ group effective May 1, a move rumoured for some time as the Emirates chafed under production restrictions and had increasingly frosty relations with neighbouring Saudi Arabia. The UAE had been a longtime member of OPEC, first through its emirate of Abu Dhabi in 1967 and later when the UAE became its own country in 1971.