InternationalNewsAPI
UAE to leave OPEC amid Hormuz oil crisis, a blow to Saudi Arabia - The Washington Post
Overview
The United Arab Emirates announced it will withdraw from OPEC and the wider OPEC+ partnership, effective May 1. The departure weakens formal unity among major oil exporters and is a political and strategic setback for Saudi Arabia’s influence within the group. Coming amid the Iran war and attacks on Gulf energy infrastructure that have disrupted shipments through the Strait of Hormuz, the move complicates coordinated production responses and raises the risk of greater market volatility.
Entities
ORGThe Washington PostORGOrganization of the Petroleum Exporting Countries (OPEC)OPEC+
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