By Joke Kujenya
CEUDE OIL prices rose above $111 per barrel on Tuesday following the decision by the United Arab Emirates (UAE) to exit the Organization of the Petroleum Exporting Countries (OPEC).
JKNewsMedia.com reports that the UAE said the move will take effect from May 1, 2026, and stated that the decision was based on the country’s national interest.
The announcement was made in a statement issued on Tuesday, where authorities confirmed the outcome of a review of production policy and capacity.
“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” UAE authorities said.
The development has stirred uncertainty in the global crude oil market, which is already grappling with nearly two months of war between Iran and the United States Israel.
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