UAE to leave Opec this week

United Arab Emirates' departure from Opec on Friday May 1 will deal a blow to the Saudi Arabia-led oil producers' group

The move is the latest indication of how the war in Iran will reshape global energy markets for years to come. 

The United Arab Emirates will leave Opec, dealing a blow to the group and its leader, Saudi Arabia, as the global oil industry grapples with the massive supply disruption caused by the Iran war.

The UAE’s exit on Friday, May 1, after six decades of membership is a significant loss for the group, which has spent years balancing global oil markets and defending prices by managing crude supplies. Before the conflict erupted, the country was Opec’s third-biggest producer, accounting for roughly 12% of the group’s overall supply.