- The United Arab Emirates has announced its decision to withdraw from the Opec group of oil producers, effective from 1 May, after six decades of membership.
- The move, communicated via the state-run WAM news agency, is based on the UAE's national interest and a desire for greater flexibility in its production policy.
- The UAE has reportedly expressed frustration with Opec's production quotas and aims to contribute effectively to meeting global market needs.
- Its departure reduces Opec's membership to 11 countries and comes amidst a fraught period in the Middle East, with disruptions affecting oil and gas supplies.
- An economist suggested the UAE could increase its output by one million barrels per day and warned that its exit might prompt other members to leave the cartel.
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