In a surprise move, the United Arab Emirates (UAE) has announced its intention to leave the Organization of the Petroleum Exporting Countries (OPEC), citing a need to prioritize its "national interests." The decision, which is expected to take effect in January 2025, marks a significant blow to the oil cartel, which has been a major player in global energy markets for over six decades. As one of the world's largest oil producers, the UAE's departure from OPEC is likely to have far-reaching implications for the global energy landscape, potentially leading to a shift in the balance of power within the cartel. The move is also seen as a bold statement by the UAE, which is seeking to assert its independence in a rapidly changing energy market.
The UAE’s decision to quit OPEC to prioritise its ‘national interests’ deals a blow to the oil group.
