Nigeria, April 28 -- The United Arab Emirates has announced its withdrawal from the Organisation of Petroleum Exporting Countries (OPEC).

It is also withdrawing from the global oil bloc's wider alliance, OPEC+.

The UAE energy ministry announced this in a statement on Tuesday.

"This decision follows a comprehensive review of the UAE's production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs," it said.

This decision comes in the wake of the US-Israel war on Iran and the struggle over control of the Strait of Hormuz, which has caused a global energy shock.

The UAE's formal exit has been set for Friday, the 1st of May....