United Arab Emirates says it will leave OPEC effective May 1

The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC effective May 1. The UAE made the announcement via its state-run WAM news agency. This decision reflects the UAEs long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets, the UAE said.

The United Arab Emirates announced Tuesday that it will leave the oil cartel OPEC effective May 1. The UAE made the announcement via its state-run WAM news agency. ''This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,'' the UAE said. It also comes as the UAE has increasingly come into conflict with Saudi Arabia, particularly over economic issues and the war in Yemen against the Iran-backed Houthi rebels.