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Update: UAE to Exit OPEC, OPEC+ on May 1

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-- (Updates to add the UAE energy minister's statement)

The United Arab Emirates will exit the Organisation of the Petroleum Exporting Countries, with effect from May 1, the WAM news agency reported Tuesday.

The country decided to leave both OPEC and OPEC+, taking into account its national interest following a review of its production policy, as well as its existing and future capacity, according to the report.

Following the report, UAE Energy Minister Suhail Mohamed Al Mazrouei said in a post on social media platform X that the decision "reflects a policy-driven evolution aligned with long-term market fundamentals."

The move comes amid energy market volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz.

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