The 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 OPEC+ alliance, led by Saudi Arabia and Russia, agreed this Sunday to increase its oil production by 206,000 barrels per day starting May 1, despite the war in Iran. In fact, the agreement is little more than a symbolic gesture, because the implementation of the increase will not be possible while the war continues and the Strait of Hormuz remains blocked, through which much of the oil from the members of the oil cartel exits to the markets.