India, April 28 -- The United Arab Emirates has decided to exit OPEC and the larger OPEC+ group next month, marking the end of nearly 60 years of membership and signaling a significant change in the global energy landscape.
The UAE believes this move will provide it with more freedom to increase oil production and cater to the growing global energy demand, especially after making substantial investments to raise its output capacity. The energy minister noted that stepping away from OPEC would eliminate production quotas, allowing the country to follow its long-term production goals.
This decision is seen as a major setback for OPEC, which was established in 1960 to manage oil output among leading producers. Analysts suggest that this exit...