United Arab Emirates leaves OPEC amid energy crisis fueled by Iran war

The United Arab Emirates announced on Tuesday its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, in a decision taking effect on May 1 that constitutes one of the most significant blows to the oil cartel in its more than six decades of existence. The announcement comes amid the largest energy crisis in years, triggered by the closure of the Strait of Hormuz during the war between the United States and Iran launched on February 28, and on the eve of the OPEC meeting scheduled for Wednesday in Vienna.

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