# The United Arab Emirates will withdraw from OPEC and OPEC+ groups of major oil-producing nations next month, ending its membership of over 50 years. OPEC was formed in 1960 to defend the interests of major oil exporters by coordinating production to ensure steady revenue for its members. UAE Energy minister, Suhail Mohamed al-Mazrouei, says this decision would help it meet growing global energy demand in the long term. He adds that this will not have a huge impact on the market because of the constraints in the Strait of Hormuz.
UAE is quitting OPEC, a major blow to the oil producers’ group