United Arab Emirates Leaves OPEC In Favor Of ‘National Interest’

The United Arab Emirates has announced it will no longer be a member of the Organization of the Petroleum Exporting Countries, OPEC, starting May 1 after reflecting on its "long-term strategic and economic vision," a move that could impact the group’s ability to control the supply of oil and prices around the world. The UAE made the announcement to leave the so-called oil cartel via the state-run WAM news agency, and cited “near-term volatility” in the market and a desire to ramp up investment in domestic energy production. The statement referred to the Iran war started by the U.S. and Israel in February, which has choked oil transport through the important Strait of Hormuz, and the government’s desire to meet what it thinks will be the “sustained growth” of energy demand in the medium to long term. Learn more about your ad choices. Visit megaphone.fm/adchoices