00:00The United Arab Emirates has announced it will exit OPEC and the OPEC Plus group from May 1st in a
00:07major shift in global oil politics.
00:10Abu Dhabi says the decision follows a review of its production strategy and is aimed at meeting changing market demand
00:17in line with national interests.
00:19The move deals a significant blow to the oil cartel, which coordinates output among some of the world's largest producers.
00:26The decision comes amidst strain from the conflict in Iran, with disruptions in the Strait of Hormuz limiting the UAE's
00:34ability to export crude.
00:35The UAE is one of OPEC's top producers and has previously clashed with the group over output levels, though it
00:43had stopped short of withdrawing.
00:45The country joined OPEC in 1967 and was its third largest producer as of earlier this year.
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