United Arab Emirates leaving OPEC, effective May 1

Jonathan Raa | Nurphoto | Getty Images

The United Arab Emirates announced Tuesday that it will exit OPEC on May 1.

“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” the UAE energy ministry said in a statement.

The UAE was the third-largest producer in OPEC in February, behind Saudi Arabia and Iraq. It joined OPEC in 1967, seven years after the organization was established.

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