Key Facts

• The UAE has been part of OPEC for six decades.
• The UAE plans to leave OPEC and OPEC+ on May 1.
• The departure is due to rivalry with Saudi Arabia and regional conflicts.
• The war in Iran has disrupted oil shipments through the Strait of Hormuz, a key oil passage.
• The UAE aims to focus on domestic energy production and a new economic strategy.
• OPEC is an organization of major oil-exporting countries controlling oil supply and prices.
• The UAE stated its decision supports its role as a reliable and forward-looking energy market participant.
• The change comes amid a global energy crisis with high uncertainty in oil markets.