The United Arab Emirates plans to leave OPEC, the oil producers’ cartel, next month, the government said on Tuesday.
Emirati officials had long floated the idea of quitting the cartel, complaining that its quotas had curtailed its oil exports in an unfair manner.
The decision to leave was made in light of the country’s “long-term economic vision” and its desire to speed up investment in its energy production sector, according to a statement published by the Emirati state news agency.
This is a developing story. Please check back for updates.
