UAE Leaves OPEC: The May 1 Move That Could Rewire Oil Prices and Saudi Influence
The United Arab Emirates will exit OPEC and OPEC+ on May 1, ending nearly 60 years of membership, according to the UAE Energy Ministry. The move comes amid a Middle East supply shock, with Brent crude rising to $112.16 a barrel as the Strait of Hormuz remains largely closed. Abu Dhabi plans to gradually increase production after the split. The decision was not coordinated with other countries.