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Russian President Vladimir Putin, right, shakes hands with Iranian Foreign Minister Abbas Araghchi during their meeting at the Boris Yeltsin Presidential Library, in St. Petersburg, Russia, Monday, April 27, 2026.

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The Latest: United Arab Emirates says it will exit OPEC, while US-Iran negotiations stall

The Latest: United Arab Emirates says it will exit OPEC, while US-Iran negotiations stall

The United Arab Emirates has announced it will leave OPEC and the OPEC+ group, effective May 1. Analysts say this could lead to more volatility in the global oil market, as the UAE was one of the few OPEC members with the capacity to quickly increase production. The UAE's exit signals a shift in regional cooperation dynamics, and comes amid chilly relations between the UAE and Saudi Arabia. While the announcement won’t have an immediate impact on world oil supplies that are constrained by the war in Iran and the closure of the Strait of Hormuz, it could help lower oil prices after the war if the UAE boosts its production capacity.