New Delhi, April 28 -- After the United Arab Emirates announced on Tuesday that it was quitting the Organisation of the Petroleum Exporting Countries (OPEC), effective May 1, Energy Minister Suhail Mohamed al-Mazrouei clarified that the UAE chose to withdraw from OPEC at a time when the move would have minimal impact on other oil-producing members of the group, according to CNBC.

OPEC Gulf producers have faced difficulties in exporting oil through the Strait of Hormuz, a key shipping route between Iran and Oman that normally carries around one-fifth of the world's crude oil and liquefied natural gas. The disruption is due to threats and attacks on vessels linked to Iran.

"Our exit at this time is the right time for it, because it will h...