UAE to Exit OPEC on May 1 — 60-Year Cartel Fracturing

The UAE announced on April 28 its departure from OPEC effective May 1. The exit of the third-largest oil producer, following Saudi Arabia and Iraq, decisively weakened the cartel's influence on day 60 of the Hormuz blockade. The UAE targets 5 million barrels per day production by 2027, viewed as a de facto break with Iran over its missile and drone attacks.