United Arab Emirates announces withdrawal from OPEC oil cartel effective May 1

The United Arab Emirates has announced its withdrawal from the OPEC oil cartel, effective May 1. This move is expected to have significant implications for the global oil market and the balance of power within OPEC. The UAE's decision may lead to changes in oil production and pricing strategies, potentially impacting the global economy. The withdrawal is set to take effect on May 1, marking a significant shift in the UAE's energy policy.