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UAE LEAVES OPEC AND OPEC+ IN HUGE BLOW TO GLOBAL OIL PRODUCERS’ GROUP

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The exit of the United Arab Emirates from OPEC and OPEC+ will deal a heavy blow to the groups at a time when the war in Iran has caused a historic energy shock. DUBAI: The United Arab Emirates said on Tuesday (Apr 28) it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy. The country said it would leave the organisations effective May 1. The stunning loss of the UAE, a longstanding OPEC…