-- The UAE will withdraw from OPEC and OPEC + effective May 1, it announced on Tuesday, according to the multiple media outlets.
The country reached the decision to leave the group, heavily influential over oil prices through its monthly meeting that collectively sets output, after a review of its domestic production policies and current and future capacity, the Khaleej Times reported.
Other motives were national interests and the country's commitment to meeting the market's urgent needs amid geopolitical fluctuations, the report said.
The article said the UAE joined OPEC in 1967 and that it played a role in supporting the stability of the global oil markets and in promoting dialogue among producer nations.
The UAE will seek to gradually and thoughtfully increase production, in line with demand and market conditions, after it leaves the organization, according to the publications.
UAE Energy Minister Suhail Al Mazroui told Reuters that the government did not consult any other country before making the decision to leave the cartel. He said this decision will give UAE the flexibility to make changes to production, storage and shipping energy products.
has reached out to UAE energy ministry for comments.