April 28 (UPI) -- The United Arab Emirates announced Tuesday that it would leave the Organization of the Petroleum Exporting Countries on May 1.
The UAE has said in the past that it considered leaving OPEC because quotas had slowed its oil exports.
But attacks on the Emirates from fellow OPEC member Iran and the constraint of a closed Strait of Hormuz have threatened the UAE's economy.
Its government decided to leave after 50 years because of its "long-term strategy and economic vision," and because it plans to boost investment in domestic energy production, the country said in a statement published by WAM, the Emirati state news agency.
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