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00:02The United Arab Emirates said it will exit OPEC on May 1st after a review of its production
00:08policy and capacity, ending nearly six decades in the group, according to CNBC.
00:14The decision follows weeks of missile and drone attacks by Iran and disruptions to shipping in
00:19the Strait of Hormuz that constrain UAE oil exports. The UAE was OPEC's third largest
00:26producer in February behind Saudi Arabia and Iraq. Energy Minister Suhail Al-Mazraway said the timing
00:32would have minimal impact on prices and other producers. The UAE aims to reach 5 million
00:38barrels per day of capacity by 2027 and seeks more flexibility to achieve that goal. The energy
00:45ministry said it remains committed to market stability and cooperation with producers and
00:49consumers. For all things money, visit Benzinga.com.
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