UAE to quit OPEC in blow to world’s leading oil exporters, as Iran war roils energy sector
The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) as the Iran war roils global energy markets. The UAE's energy minister said the timing is right because the closure of the Strait of Hormuz will limit the impact on the oil market.
The United Arab Emirates will withdraw from OPEC this week amid the Iran war, which is roiling global energy markets. UAE Energy Minister Suhail Al Mazrouei said the timing is right due to the closure of the Strait of Hormuz, limiting the impact on the oil market. The UAE has long pushed for higher OPEC production quotas to expand its capacity. The country's exit may prompt other OPEC members to follow suit. Meanwhile, mediators in Pakistan expect a revised peace proposal from Iran soon. The Israeli military has warned residents in Lebanese villages to evacuate after claiming Hezbollah violated the ceasefire.
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