TheUnited Arab Emirateswill withdraw from theOPEC+and OPEC+ oil cartels to focus on "national interests", a statement said on Tuesday, a bombshell announcement asenergyprices soar over theMiddle Eastwar.
The UAE, one of the world's top oil producers, which has previously baulked at OPEC+ production quotas, will pull out on Friday, a statement carried by the official WAM news agency said.
Read moreSeveral OPEC+ members including Russia, Saudi Arabia extend oil output cuts
"This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile," the statement said.
"During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all.
"However, the time has come to focus our efforts on what our national interest dictates."
Gulf oil shipments are currently being strangled byIran's blockade of theStrait of Hormuz, which flows past the UAE and normally carries one-fifth of the world's oil.
The UAE, hard-hit by Iranian attacks, has also faced trouble in its relationship with powerful neighbourSaudi Arabia, the world's top oil exporter and a dominant force within OPEC+.
(FRANCE 24 with AP)
Originally published on France24
