United Arab Emirates to quit oil cartel Opec

The United Arab Emirates (UAE) announced its exit from the Opec and Opec+ groups after nearly 60 years of membership. This decision, reflecting its long-term strategic and economic vision, is seen as a significant blow to the cartel, losing about 15% of its production capacity. The UAE's Energy Minister emphasized that this exit would provide more flexibility for the country, which currently produces 2.9 million barrels of oil per year.