United Arab Emirates will leave OPEC on May 1
Summary
The United Arab Emirates (UAE) announced it will leave OPEC and the larger OPEC+ group starting May 1. The UAE has been a member since 1967 but grew unhappy with limits on oil production and tensions with Saudi Arabia.Key Facts
- The UAE will officially leave OPEC and OPEC+ on May 1.
- The UAE joined OPEC first as Abu Dhabi in 1967, then as the UAE after 1971.
- The country disagreed with OPEC’s production limits.
- Relations between the UAE and Saudi Arabia have become strained.
- Saudi Arabia and the UAE are competing for foreign investments in the Middle East.
- Saudi Arabia’s Crown Prince Mohammed bin Salman has opened the kingdom more to business.
- The UAE has pursued its own foreign policies that sometimes differ from Saudi Arabia’s.
- This decision marks a major change in the UAE’s role in global oil politics.
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