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ConfirmedShipping, energy & marketsBackgroundAbu Dhabi, United Arab Emirates

UAE announces it will leave OPEC and OPEC+ from May 1

Mountain Time
Local time
4:32 PM in Dubai
Where
Abu Dhabi, United Arab Emirates

The United Arab Emirates said it will quit OPEC and the wider OPEC+ group on May 1, citing its long-term strategy and the need to meet 'urgent' market needs amid disruptions in the Gulf and the Strait of Hormuz. It said it would raise output gradually once free of the group's production limits.

Why it matters

The exit takes a major producer out of OPEC's quota system in the middle of the war's supply shock.

Sources (4)

Confidence: Corroborated by independent sources or direct evidence. About confidence labels