CryptoWorld News reports that the United Arab Emirates has announced it will withdraw from OPEC on May 1, 2026. This decision is considered a significant blow to the oil and gas cartel that has endured for decades. The announcement comes during a period of war between the United States and Israel against Iran, leading to energy supply tensions, with oil prices rising to $119.50 per barrel since the start of the conflict. On the day of the announcement, prices increased by another 3%, reaching approximately $111. UAE's withdrawal causes OPEC to lose its third-largest producer, at a time when the organization needs it most. UAE Energy Minister Suhail Al Mazrouei confirmed that this decision was made unilaterally and stated that this policy choice is unrelated to internal politics. He pointed out that the timing of the withdrawal is right because it will have the least impact on oil prices and OPEC's friends.