The United Arab Emirates has announced its withdrawal from the OPEC and OPEC+ oil cartels, dealing a significant blow to the producer alliance amid a global energy shock triggered by the war with Iran.

State media reported that the move, effective May 1, reflects the UAE's long-term strategic and economic priorities as oil markets remain highly volatile due to the Iran conflict. The decision underscores the growing tensions within the cartel as member states prioritize national interests.

Analysts warn that the UAE's exit could undermine the future of OPEC+, as the country is one of the key producers within the group. The withdrawal is expected to impact global oil supply and could lead to further price spikes in already unstable markets.

The Iran war has caused historic energy disruptions, rattling the global economy. The UAE's departure from the cartel adds another layer of uncertainty, potentially exacerbating price volatility and supply shortages in the coming months.

Source: www.dw.com