United Arab Emirates to Leave OPEC Next Month

The longstanding member is the third-largest producer in the oil-exporting cartel.

The OPEC logo inside its headquarters in Vienna, on Dec. 7, 2018. Leonhard Foeger/Reuters

The United Arab Emirates said it is leaving OPEC and the broader alliance.

“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 released on April 28.