UAE to leave OPEC on May 1st

After several decades of membership, the UAE has announced it will be leaving OPEC as of May 1st. This decision comes after years of open dissatisfaction with the organization, and the energy crisis triggered from the conflict with Iran. The country has invested billions in increasing its oil production capacity to 3 to 5 million barrels per day (bpd) by 2027. As its ability to produce grew, the UAE has demanded a larger production quota. Prior to the conflict, the production capacity was at 4.8 million bpd, but under its OPEC agreement, could only export 3.2 million bpd.