UAE to withdraw from OPEC and OPEC+

The United Arab Emirates (UAE) has announced its decision to withdraw from OPEC and OPEC+, the organizations formed by oil-producing countries.

In a statement carried by UAE state media, it was reported that the country will leave the aforementioned structures as of May 1.

The UAE Minister of Energy, drawing attention to restrictions in the Strait of Hormuz region, stated that the decision would not create a major fluctuation in the global oil market. The Minister assessed that "now is the right time for the decision."

Stating that the decision was taken in line with long-term strategic and economic goals, the Minister said, "Being free from our OPEC responsibilities will provide us with flexibility."

Experts, on the other hand, evaluate that this step could affect the balances between oil-producing countries and could have significant consequences for Saudi Arabia, which is seen as the de facto leader of the group.

News Source: 12punto