United Arab Emirates Leaving OPEC, Effective May 1

UAE – The United Arab Emirates is announcing it’s quitting OPEC and OPEC+ – dealing a heavy blow to the oil-exporting groups and their de facto leader, Saudi Arabia.

It came at a time when the Iran war has caused a historic energy shock and unsettled the global economy.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and weaken the group, which has usually sought to show a united front, despite internal disagreements over a range of issues from geopolitics to production quotas.

OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, because of Iranian threats and attacks against vessels.