UAE to withdraw from OPEC and OPEC+ oil producer groups

The United Arab Emirates has announced its withdrawal from OPEC and OPEC+, a move described as a major blow to the oil exporters’ group and its de facto leader, Saudi Arabia, according to Reuters.

The development comes at a time when the war in Iran has triggered a historic energy shock and destabilised the global economy.

The loss of the UAE, a long-standing OPEC member, could lead to significant disruption and weaken the organisation, which has typically sought to present a united front despite internal disagreements over a range of issues, from geopolitics to production quotas, the report added.

By Jeyhun Aghazada