Abu Dhabi, April 28 -- The UAE, in a startling announcement, said that it will withdraw from OPEC and the wider OPEC alliance, effectively ending nearly six decades of cooperation, in a move carrying potentially dramatic changes for global energy markets at a moment when geopolitical tensions are already at an all-time high.
Abu Dhabi said it would formally exit on Friday, May 1, framing the decision to quit the alliance as part of a broader shift towards prioritising "national interests" and long-term energy strategy.
In an official statement, carried by state media, Abu Dhabi said that its decision follows a comprehensive review of production policy and capacity expansion plans, with officials arguing that operating independently would ...