The United Arab Emirates (UAE) has officially announced its withdrawal from OPEC. This decision is a major blow to the oil cartel, especially amid the war with Iran and challenges in shipping exports through the Persian Gulf.
UAE authorities explained the move as prioritizing national interests. Analysts believe the Emirates' exit could significantly weaken OPEC's influence on the global oil market.
The situation further escalates risks related to oil transportation through the Strait of Hormuz. Geopolitical tensions in the region due to military actions could lead to a rise in oil prices.
