The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) on May 1, the UAE’s state news agency WAM said.
“This decision is in line with the UAE’s long-term strategic and economic vision and the development of its energy sector, including accelerating investment in domestic energy production,” the statement said.
OPEC is a group of major oil-producing countries that coordinates production policies to influence global oil supply and prices, Buz Post reports.
The move marks a major blow to the world’s largest oil exporting group and its leading member, Saudi Arabia.
OPEC together accounts for 36% of global oil production and together controls almost 80% of the world’s total proven reserves.
The United Arab Emirates has long sought higher OPEC production quotas, reflecting its efforts to expand capacity beyond levels set by the cartel.
OPEC was formed in 1960 by Saudi Arabia, Iran, Iraq, Venezuela and Kuwait. The United Arab Emirates joined seven years later./BuzPost/
 on May 1, the UAE's state news agency WAM said.){kind=link}