UAE exits OPEC after nearly 60 years

The United Arab Emirates is set to depart from OPEC, ending its nearly six-decade-long membership. This strategic move, effective May 1st, will grant the UAE the autonomy to increase its oil production. The decision comes at a critical juncture, with global energy markets experiencing significant volatility. This exit could potentially reshape oil supply dynamics and influence international energy policies as the UAE seeks to pursue its own production strategies independent of the cartel's agreements.