The United Arab Emirates has announced its withdrawal from the OPEC oil producers’ cartel after nearly six decades of membership, a move that is expected to reshape global energy dynamics and weaken the influence of the group led informally by Saudi Arabia. The decision comes amid a period of heightened global energy instability linked to the ongoing Iran war, which has already disrupted oil and gas flows through the Strait of Hormuz.

LONDON, April 28 : OPEC and its allies will lose some of their power over the oil market when the United Arab Emirates leaves the group on May 1, but the rest of the producer alliance is likely to stick together and continue to coordinate on oil supply policy, OPEC+ delegates and analysts said on Tuesday. The