In shocking move, United Arab Emirates will withdraw from OPEC and OPEC+ oil cartels
The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels that are controlling global oil production, effective May 1, its Ministry of Energy and Infrastructure announced in a shocking move.
"This decision follows a comprehensive review of the UAE's production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs," the statement read.
"During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all. However, the time has come to focus our efforts on what our national interest dictates."
The UAE's Energy Minister told Reuters that the move gives the UAE more flexibility, and said the Emirates didn't not directly consult others, including Saudi Arabia, before the decision.
