EMIRATES-GULF/OIL-OPEC

UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives at the OPEC headquarters in Vienna Dec. 6, 2019. 

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United Arab Emirates says it will leave OPEC, a blow to the oil cartel

United Arab Emirates says it will leave OPEC, a blow to the oil cartel

The United Arab Emirates announced that it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE's decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low. Regional politics are also likely at play. The UAE has had increasingly frosty relations with Saudi Arabia, OPEC's largest producer, over political and economic matters in the Mideast, even after both came under attack by fellow OPEC member Iran during the war.

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