The United Arab Emirates announced that it will leave OPEC and OPEC+ on May 1. The Organisation of the Petroleum Exporting Countries (OPEC) is a bloc formed of oil-exporting nations, who coordinate their oil and gas policies as a means of managing the oil market. The UAE's decision to leave OPEC is a major blow as it is currently the third-largest producer behind Saudi Arabia and Iraq. It can produce nearly 4.9 million barrels of oil per day, though its actual output has remained below that level due to OPEC output quotas. The exit could add some pressure on oil prices in the future as OPEC will no longer have a say in how much oil the UAE produces. #opec #oil #uae #energy #news