United Arab Emirates to leave OPEC May 1, energy chief says still committed to oil price stability

the united arab emirates will leave opec on may 1, the energy ministry announced tuesday. the uae has been a member since 1967 and was the cartel's third-largest oil producer in february, behind saudi arabia and iraq. the exit follows weeks of iranian missile and drone attacks on the uae, plus tehran's actions in the strait of hormuz that have constrained oil exports. energy minister suhail al mazrouei told cnbc the uae chose this timing to be least disruptive to other producers. "our exit at this time is the right time for it, because it will have a minimum impact on the price and it will have a minimum impact on our friends at opec and opec+," he said. the uae aims to reach 5 million barrels per day of capacity by 2027 and wants more freedom to pursue that goal. al mazrouei said the decision is not a response to saudi-led production cuts. the energy ministry said the uae remains committed to oil price stability and will keep cooperating with producers and consumers. the departure gives the uae more flexibility to respond to market dynamics, the ministry added.