United Arab Emirates Energy Minister Suhail bin Mohamed al-Mazroui (C) attends an informal meeting between members of the Organization of Petroleum Exporting Countries (OPEC) in Algiers, Algeria, on Sept. 28, 2016. Ryad Kramdi/AFP via Getty Images
The United Arab Emirates (UAE) has 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.
