UAE to leave OPEC after nearly 60 years, a blow to the oil cartel

The United Arab Emirates has announced it will leave the Organization of the Petroleum Exporting Countries (OPEC), ending its nearly 60-year membership. The decision, reported by multiple news outlets, is seen as a major blow to the oil cartel, which has been facing internal tensions and geopolitical pressures, including the ongoing conflict with Iran and the Hormuz oil crisis.

The move allows the UAE to pursue an independent oil output policy, potentially increasing its production capacity. Analysts say this could weaken OPEC's influence over global oil prices and supply. The exit comes amid a broader Middle East oil squeeze and has already caused reactions in oil markets. The UAE's departure is one of the most significant defections from the cartel in decades.