New Delhi, April 28 -- At a time when global energy market is highly volatile because of Iran-US war, the United Arab Emirates (UAE) announced its decision on Tuesday to quit the Organisation of Petroleum Exporting Countries (OPEC) and OPEC (Plus) from May 1.
The decision, ending nearly 60 years of partnership, is a major blow to OPEC's influence on global oil market during the current energy crisis.
UAE's State-run WAM news agency reported that the decision reflects the UAE's long-term strategic and economic vision and evolving energy profile.
''This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitmen...