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.

It stated that the decision reflects its "long-term strategic and economic vision and evolving energy profile".

The decision, it said further, follows "a comprehensive review of the UAE's production policy and its current and future capacity."

It is also "based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs."

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

This decision comes in the...