The United Arab Emirates has said it will leave OPEC and OPEC+, dealing a major blow to the alliance and its de facto leader Saudi Arabia as the Iran conflict rattles global energy markets.⁣ ⁣ OPEC (the Organization of the Petroleum Exporting Countries) is a group of major oil-producing nations that coordinate output to influence prices and stabilise supply.⁣ ⁣ UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision followed a review of the country’s long-term strategy and was made independently. He added the move may have limited market impact due to disruptions in the Strait of Hormuz, where Iranian threats and attacks have hampered shipments.⁣ ⁣ The chokepoint, between Iran and Oman, typically handles about a fifth of the world’s crude oil and liquefied natural gas flows.⁣ ⁣ #UAE #OPEC #Oil #Energy #SaudiArabia #StraitOfHormuz #Iran #GlobalEconomy⁣ ⁣