US-Iran war, May 2 -- Amid disruptions to the Strait of Hormuz route and a deadlock in US-Iran ceasefire talks, the UAE announced a surprise exit from the oil cartel OPEC on 1st May 2026. Even though the UAE's departure from OPEC won't have an immediate impact on crude oil prices, supply chain logistics have already created a demand-supply constraint. However, experts believe that in the long term, the UAE's exit from OPEC would allow it to produce oil in line with its potential, helping curb OPEC's dictate to lower production and raise crude oil prices.

On whether the UAE surprised the global observers by announcing to leave the oil cartel, Abhinav Tiwari, Research Analyst at Bonanza, said, "The UAE's decision to leave OPEC is not a sud...