World
UAE leaves OPEC after more than 50 years threatening global oil price meltdown
The UAE has left OPEC after more than 50 years, threatening further instability for the world’s oil markets. The UAE announced it will leave the oil cartel effective May 1.
Breaking a five-decade membership the UAE said the move reinforces their commitment to a “forward-looking role in global energy markets”. “This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the UAE said. The loss of a key producer could weaken OPEC’s control over oil market stability and could further divide the group.
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