UAE Quits OPEC as War Upends Oil Markets and Gulf Tensions Rise

The United Arab Emirates will leave OPEC next month, in a significant blow to the group that raises questions about its future at a time when the industry is grappling with the massive supply disruption caused by the Iran war. 
The UAE’s exit May 1 after six decades of membership is the culmination of years of tension with OPEC leader Saudi Arabia both over oil output policy and competition for regional political influence.

It’s also the latest indication of how the conflict is reshaping global energy markets: While the UAE has talked in the past about quitting OPEC, Energy Minister Suhail Al Mazrouei said in an interview that the disruption caused by the war created an opportune time for the move.

Mia Gindis, Bloomberg News Oil Markets Reporter joins to discuss on Bloomberg Businessweek Daily. (Source: Bloomberg)