UAE Energy Minister Suhail Al Mazrouei tells Becky Anderson that the UAE’s decision to leave OPEC and OPEC+ was made “after a very careful review of its policies.”

The United Arab Emirates has announced plans to leave the world’s leading oil exporters group, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, on May 1. The abrupt decision by the Gulf state – which has been a member of OPEC for six decades – reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gulf countries exporting oil.

Robin Mills, CEO of Qamar Energy explains the reasons behind the UAE’S unexpected announcement that it is leaving OPEC.

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement doesn’t change anything regarding the blockage of the Strait of Hormuz,

The United Arab Emirates will leave a decades-old cartel of the world’s top oil exporters, delivering a major blow to the group that will ripple through the global oil market at a time of unprecedented turmoil caused by the Iran war.

The Gulf state said the move would help it meet changing demand but analysts see as a heavy blow to the organization.

U.S. crude oil surpassed $100 per barrel for the first time since April 10 after Iran talks stumbled and the United Arab Emirates said it would leave OPEC.

The United Arab Emirates will leave a decades-old cartel of the world’s top oil exporters, delivering a major blow to the group and its de facto leader, Saudi Arabia, amid unprecedented turmoil in global energy markets caused by the Iran war.