UAE announces exit from OPEC, OPEC+ amid Iran war tensions

The United Arab Emirates has announced its withdrawal from OPEC and OPEC+, marking a significant setback for the oil-producing bloc, particularly for Saudi Arabia. This decision, made after a strategic review of the country's energy direction, comes amid rising tensions in the Strait of Hormuz, where Gulf producers have struggled to export due to Iranian threats. Energy Minister Suhail Mohamed al-Mazrouei stated that the decision was not discussed with other nations, including Saudi Arabia.