UAE Quits OPEC and OPEC+ as Hormuz Crisis Drags On

The United Arab Emirates is leaving OPEC and OPEC+, effective May 1, the country's state news agency WAM confirmed Tuesday, ending nearly six decades of membership and stripping the cartel of its third-largest producer in one of the most consequential exits in OPEC's history. The announcement landed in the middle of an already fragile market. The Iran War is in its ninth week, the Strait of Hormuz remains effectively shut, and crude has been trading well above $110. [GooglePreferredSource] For Abu Dhabi, the move has been a long time coming. The…