UAE to Leave OPEC and OPEC+ Oil Producer Groups

Bangla Press Desk:   The United Arab Emirates (UAE) has said it is quitting the OPEC and OPEC+ groups of major oil producing nations after nearly 60 years.

According to BBC and Reuters, the decision is being considered as a heavy blow to the oil exporting groups and their de ​facto leader, Saudi Arabia, at a time when the Iran war has caused ‌a historic energy shock and unsettled the global economy.

The UAE said the decision reflected its "long-term strategic and economic vision and evolving energy profile".

The decision is seen as a blow to the cartel with one analyst describing the exit as "the beginning of ther end of Opec".

The Gulf state's energy minister said being a country with no obligation under the groups would provide more flexibility.

The UAE joined Opec in 1967 and its departure will leave the oil cartel with 11 members.