The United Arab Emirates announced Tuesday that it will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the world’s largest oil producers.
The UAE’s shock announcement comes after the Gulf state was the target of missile and drone attacks for weeks by fellow OPEC member Iran. Tehran’s blockade of the Strait of Hormuz has also severely constrained the UAE’s ability to export oil, threatening the foundation of its economy.
The UAE was the third-largest oil producer in OPEC in February behind Saudi Arabia and Iraq. It joined OPEC in 1967, seven years after the organization was established.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” the UAE energy ministry said in a statement.
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