The United Arab Emirates announced April 28 that it would be withdrawing from the Organization of the Petroleum Exporting Countries, commonly known as OPEC, effective May 1. Tensions with Saudi Arabia and the UAE's dissatisfaction over oil production quotas appear to be behind the decision.
A statement released by the UAE says, “This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets."
