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1 hour ago

UAE exits OPEC and OPEC+, seeking output flexibility as global energy markets tighten

The United Arab Emirates said Tuesday it is pulling out of OPEC and OPEC+, a move that could reshape production strategy as global oil markets face supply constraints and rising demand expectations.The departure frees the UAE from group production quotas, giving it greater flexibility to increase output and expand its role across crude, petrochemicals and natural gas markets. Officials signaled the shift is aimed at positioning the country for long-term global energy demand growth.UAE Energy Minister Suhail al-Mazrouei told Reuters the decision followed a "careful look" at national energy stra...

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