The United Arab Emirates says it intends to quit the oil cartel OPEC effective May 1, announcing the decision Tuesday via its state media agency WAM, adding it reflected its strategic vision for “accelerated investment in domestic energy production”.
– “This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile,” the official WAM news agency said.
– 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.