UAE To Leave OPEC Amid Hormuz Oil Crisis
Source: Slashdot
Overview
The United Arab Emirates announced Tuesday that it would exit the Organization of the Petroleum Exporting Countries (OPEC) – along with the wider group of partners known as OPEC+ – effective May 1. The decision could be a blow to the group’s ability to control oil prices, a role long led in practice by Saudi Arabia.
“The move reflects the UAE’s long‑term strategic and economic vision and evolving energy profile,” read an official statement carried by a UAE state news agency, adding that disruptions “in the Strait of Hormuz continue to affect supply dynamics.”
The UAE is the second Persian Gulf country to leave the group after Qatar terminated its membership in 2019. The UAE has been a member of OPEC since 1971. With the latest departure, the remaining 11 core members are:
- Algeria
- Congo
- Equatorial Guinea
- Gabon
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Saudi Arabia
- Venezuela