The United Arab Emirates said on Tuesday it quit OPEC and OPEC+ groups of major oil producing nations after nearly 60 years. Its a heavy blow to the oil exporting groups at a time when the Iran war has caused a historic energy shock and unsettled the global economy. The UAE said the decision reflected its long-term strategic and economic vision and evolving energy profile.
The UAE joined Opec in 1967 and its departure will leave the oil cartel with 11 members. Opec was formed in 1960 by five countries – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. In addition to the five founding members it also includes Algeria, Equatorial Guinea, Gabon, Libya, Nigeria and the Republic of the Congo.
