In a massive development, the United Arab Emirates (UAE) has decided to pull out of major oil producer groups OPEC and OPEC+, as per media reports. The announcement comes at a time when the ongoing conflict involving the United States, Israel and Iran has already triggered a massive energy shock which has pushed global markets into deeper uncertainty. The UAE, one of the most influential and long-associated members of OPEC, has traditionally played a key role in shaping the bloc’s strategies. Its sudden departure is being seen as a major setback for the group, especially at a moment when the global economy is reeling from severe supply disruptions and volatility.
UAE quits oil production groups OPEC, OPEC+ amid global energy crisis due to Iran war
