The abrupt decision by the UAE—which has been a member of OPEC for six decades—reflects an intensified rivalry with Saudi Arabia and current pressures from the Iran war on Gul

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The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.

The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) this week, the UAE’s state news agency reports, as the Iran war roils global energy markets. Follow for live updates.

U.S. crude oil surpassed $100 per barrel for the first time since April 10 after Iran talks stumbled and the United Arab Emirates said it would leave OPEC.

The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to ​the oil exporting groups and their de facto leader, Saudi Arabia, at a time ‌when the Iran war has caused a historic energy shock and unsettled the global economy.

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1 — a shocking blow to the world’s largest oil cartel as the Iran war threatens global energy supplies. Though the Middle Eastern nation did not give a reason for its exit,