UAE announces to quit oil production groups OPEC, OPEC+ amid global energy crisis due to Iran war

In a massive development, the United Arab Emirates (UAE) has announced to pull out of major oil producer groups OPEC and OPEC+, effective May 1. The announcement comes at a time when the ongoing conflict involving the United States, Israel and Iran has already triggered a massive energy shock which has pushed global markets into deeper uncertainty.  The UAE made the announcement via its state-run WAM news agency. "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," the UAE said.