United Arab Emirates leaving OPEC, effective May 1

Summary

Brian Sullivan reports breaking news that the United Arab Emirates will leave OPEC and OPEC+ effective May 1st. The UAE, a key member producing about 2 million barrels per day, made the decision after reviewing its strategies. Oil prices initially rose around 4% on the announcement.

• UAE announces exit from OPEC and OPEC+ effective May 1.
• UAE is one of the larger OPEC producers at about 2 million barrels per day.
• UAE played a key diplomatic role within OPEC.
• Oil prices jumped about 4% on the news.
• The decision was made after a careful look at UAE's strategies.
• UAE energy minister says the move won't hugely impact markets due to Strait of Hormuz constraints.