The United Arab Emirates said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE's decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low — meaning it wasn't able to sell as much oil to the world as it had wanted.
United Arab Emirates will leave OPEC in a blow to the oil cartel
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Story Timeline
Tue 12:32 - Al-Monitor
UAE to leave OPEC on May 1
Tue 13:32 - The Hill
UAE announces plans to leave OPEC: State media
Tue 21:17 - France 24
UAE leaves OPEC in a blow to oil cartel
Wed 09:31 - France 24
United Arab Emirates will leave OPEC in a blow to the oil cartel