UAE to leave OPEC and OPEC+ oil producer groups

Reuters, April 28 - The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing 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 withdrawal marks a significant shift for OPEC. Alongside Saudi Arabia, ​it is one of the few members with meaningful spare capacity - the mechanism ​through which the group exerts market influence."