The United Arab Emirates (UAE) has officially announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) effective May 1, reports Todayinfo.
The decision is linked to the Gulf nation's ambition to increase its production capacity. Additionally, military actions against Iran have disrupted shipping in the Strait of Hormuz, exacerbating instability in global oil markets.
Analysts believe the UAE's exit from OPEC could significantly impact oil prices. As Al Jazeera correspondent Marah Rayan explains, this move forces a search for a new balance in the global energy market.
