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UAE SAYS IT WILL LEAVE OPEC AND OPEC+ AS OF MAY 1 - STATE NEWS AGENCY UAE TO BOOST OIL PRODUCTION GRADUALLY #OOTT UAE ENERGY MINISTER TELLS REUTERS THIS IS A DECISION TAKEN AFTER A CAREFUL LOOK AT OUR STRATEGIES RELATED TO ENERGY FIELD AND PETROLEUM SECTOR AND OTHERS FULL STATEMENT: UAE says it's leaving the OPEC oil cartel from May 1. "... Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions..." pic.twitter.com/LRq4yS4Gdw UAE announces it will leave Opec The UAE has announced it will withdraw from Opec after more than five decades. The decision will take effect on May 1. The statement was delivered as Opec prepared to meet in Vienna on Wednesday. It will also leave the broader Opec+. "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 state news agency Wam said. "While near-term volatility, including disruptions in the Arabian Gulf and the Strait of Hormuz, continues to affect supply dynamics, underlying trends point to sustained growth in global energy demand over the medium to long term."