The United Arab Emirates announces its withdrawal from OPEC

BarcelonaThe United Arab Emirates (UAE) have announced that they will withdraw from both the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance (which includes more oil-exporting members) due to "disturbances in the Persian Gulf and the Strait of Hormuz," according to the country's official news agency.

The decision will take effect on May 1 and will allow the country to increase its crude oil production. Recently, the closure of the Strait of Hormuz has disrupted the country's export volumes, and it has been the victim of attacks on its energy facilities.