UAE Withdraws from OPEC Amid Production Quota Dispute

The United Arab Emirates (UAE) has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) due to escalating conflicts over production quotas and capacity. According to PANews, the decision comes as tensions rise over the allocation of production quotas, which have led to a significant reduction in daily output by 35% under the blockade of the Strait of Hormuz. The UAE's move to independently increase production is expected to reshape the global oil market landscape. The decision marks a significant shift in the UAE's approach to oil production and its role within the global energy sector.