United Arab Emirates says it will leave OPEC effective May 1 - ABC News - Breaking News, Latest News and Videos
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- United Arab Emirates will leave OPEC on May 1, ending its membership in the oil‑producing cartel.
- India has 22 energy cargo ships delayed, exacerbating fuel import shortages amid regional tensions.
- Iran has shut the Strait of Hormuz, halting Indian vessels and triggering heightened market volatility.
- OPEC will have one fewer member after May 1 as the UAE exits the cartel.
- Strait of Hormuz closure has impacted Bitcoin markets, as investors react to the shipping disruption.
Why it matters: India’s fuel import costs rise as the UAE’s exit shrinks global supply, pushing Indian refiners to pay higher spot prices and increasing consumer fuel bills by an estimated 5%.
