Dubai: The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC effective May 1.
The UAE made the announcement via its state-run WAM news agency.
“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.
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It also comes as the UAE has increasingly come into conflict with Saudi Arabia, particularly over economic issues and the war in Yemen against the Iran-backed Houthi rebels.
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